So you’ve just arrived in the UK and your new employer needs you to open a bank account in the UK to receive your salary. Great!
While this might seem like a troublesome or time-consuming process, a UK bank account can be helpful in your move to London in many more ways than just receiving your salary every month.
For instance, we collect all of our rents via direct debit. This helps our clients have a more hassle-free experience after moving to London and not have to worry about missing payment dates or damaging your payment history.
Another reason to open a UK bank account may be that your home country’s bank charges you high exchange rates and fees for every transaction you make abroad. These extra charges can quickly add up to a significant amount.
Having a UK debit card (which banks here usually provide you with once you open an account with them) will allow you to spend your money without having to suffer from high exchange rates or extra charges.
One other option that some of our clients have had in the past are the new digital, mobile-only banks, such as Monzo. These types of bank accounts can be quicker to set up, while also sometimes benefiting from European-wide use with no extra fees and more favourable exchange rates.
While these banks can be a good solution for some people, we’ve experienced many issues with payments either being made or received using these banks. This is why we’ve often had to make alternative arrangements for our clients who had these types of accounts. It is also the reason why we recommend everyone to open a traditional UK bank account instead.