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UK Bank Account for Non-Residents

When it comes to banking, the United Kingdom has one of the most progressive systems. The economy is dynamic and the scope of availing the banking services is open to all. This makes the UK Bank account for non-residents an appealing option.

For ages, the UK has maintained a steady economic growth along with a strong currency. And, this makes the UK a more desirable location for setting up a Bank Account. Now the flexibility of the banking laws allows non-residents to set up a bank account in the UK. However, the procedure might seem a little confusing or overwhelming to some.

In this regard, we, Activate Global Limited, introduced the basics of UK Bank Account for non-residents in this write-up. Therefore, if you are interested in setting up a bank account in the UK, just read along. And, in case you need professional assistance, then we are always available at your service.

What is the UK Bank Account for Non-Residents?

Before going deeper into the details, let us first describe what’s UK Bank account for non-residents means. Basically, you are a non-resident of any country where you don’t live or you don’t have citizenship. If you do not have citizenship in a country, but you have some kind of visa (permit) to live there, then you are a non-citizen in that country.

And, if you do not have a permit for living and are not a citizen either, then you are a non-resident. Now, a UK Bank account for non-residents simply refers to using the banking facilities in the UK while living outside the nation.

In the UK, even citizens of other countries are allowed to enjoy banking facilities. And, the banking service is simply over the top. So, many people choose a UK Bank account for non-residents.

Who is Eligible to Open a Bank Account in the UK?

The first thing you need to know while going for a UK Bank account for non-residents is the eligibility criteria. To put it simply, any human being can open a bank account in the UK. However, there are a few exceptions. The first criteria are the age of the person who is opening the bank account.

In order to open a bank account in the UK as a non-resident, you need to be an adult as per UK regulations. A minor cannot set up a bank account as a non-resident.

The next criteria are the applicant’s financial records. If a person has been arrested or convicted due to any case of money laundering or tax forgery, then that person cannot own a bank account in the UK. Otherwise, any person who is an adult and has a clean record can open a bank account in the UK.

However, being eligible to open a bank account and getting one is not the same. The UK banks can deny you service as there are no legal obligations that every application has to be accepted. And, here lies the complications of the UK Bank account for non-residents.

The entire procedure becomes much easier if you have a bank account setup agency at your resort. And this is where Activate Global Limited comes in. With us, you can set up a UK Bank account for non-residents easily without any hassles.

The Two Types of UK Bank Account for Non-Residents

Like any other country, there are different types of bank accounts available in the UK. However, non-residents are not eligible to apply for all of those. There are certain exceptions as well. But mostly non-residents must choose from an international savings account or business bank account.

Now, the eligibility criteria of both these types of bank accounts are different. If you are a non-resident only interested in enjoying the UK Bank facilities, then you should go for an international savings account. In this case, you will be able to avail the banking facilities that come with the savings account. This means there will be certain limitations on the money transfer amount or in currency exchange.

On the other hand, if you own a company in the UK, then you should go for a business bank account. This one certainly comes with a few more facilities. For example, it will be a multi-currency account and you will never have to pay any currency exchange fees. Also, there will be no upper limit on money transfers or account receivables. However, you can’t enjoy the facility of a business bank account without having a company first.

How to Open a UK Bank Account for Non-Residents?

As we mentioned before, UK banks offer services to everyone. However, not every single application gets accepted. That is why the procedure of forming a UK Bank account for non-residents is something you need to pay attention to.

And, the entire procedure must begin by choosing a UK Bank account set up agency. Here, we have described the steps you need to take to form a UK Bank account for non-residents. And, we will talk about the agency in the end.

Choose a Bank

There are many major banks in the UK that offer services to non-residents. Some of them have some extra facilities while some banks go for a much lenient criteria for selecting an application.

The best banks are Barclays Bank, Lloyds Bank, HDFC, Yorkshire bank, TSB, Revolut, etc. If you choose one of these banks then your chances of getting accepted will definitely increase. Also, these banks require no minimum deposit amount for non-residents. Therefore, you can open a bank account by depositing as little as 100 euros.

Legalize your Company

This particular step is only for those who go for a business bank account. In order to open a business bank account, you will have to provide documents related to your UK registered company. For that, you need to legalize your company documents first.

You can begin by registering your company in the UK and acquiring the certificate of incorporation. This is another thing that requires professional services. For that, get in touch with Activate Global Limited.

Arrange the Documents

There are certain documents you need to submit in order to get a UK Bank account for non-residents. The documents include proof of Identity. For this, you can show your passport, driving license, or any document issued by the government of your country that has your name and photo on it.

And, the second document did you need to provide this as proof of address. The most common documents for submitting as address proof are utility bills, driving license, bank statement, mortgage statement, etc.

There are some additional documents that you might need. For example a letter from your employer, the last tax bill, and such. These all depend on certain conditions. For more details, you can give us a call and talk to our executive.

Submit the Application

After arranging the documents, you need to fill in the application form for bank account opening. Look into the details of the bank you picked and download the application form. Then, fill it in and submit it.

Application submission with the bank usually requires your presence. Accordingly, this step can be done if you have a representative who can visit the bank on your behalf. And, this is where the bank account formation and setup agencies come into the scenario.

Importance of Bank Account Setup Service – UK Bank Account for Non Residents

In order to form a UK Bank account for non-residents, you need a person to represent you in the bank. Whether it is the application submission or the reference letter, there are certain things that only a professional can handle.

The bank account setup agency basically visits the bank on your behalf and submits your request. Also, the agency works as your reference so that your chances of getting accepted by the bank increase. While without an agency your chances of getting accepted are 50%, with a professional to back you up the chances are 95%.

Also, the bank account setup agency arranges your documents so that the identity verification can go smoothly. Furthermore, the agency makes sure that the application form is being filled up properly. And, one of the reputed bank account set up agencies in the UK is Activate Global Limited. With us, you can set up a bank account and get all the additional services that you might require at an affordable price.

Take a look at how you can book our services.

Get in Touch with Activate Global Limited and Set up UK Bank Account for Non-Residents

We can simply make a UK Bank account setup easier and faster for you. All you have to do is give us a call to avail of our services. Otherwise, you can contact us using the live chat option on our website.

Also, you can choose to send us your requirements using the inquiry form. Lastly, you can simply add the bank account setup service you are looking for in your cart and make the payment. Upon receiving your order, we will get in touch with you within 6 hours. We are 24/7 available to serve you better.