BANKING

Banking

Unless you're happy to carry large bundles of cash in the West End on a Saturday night out, a bank account is a must. However, be prepared. Opening a bank account can be a time-consuming and exasperating experience. In particular, it’s hard to open a bank account without having a permanent address but it is also virtually impossible to find accommodation without a bank account!

The whole process will seem archaic to you and you might be left wondering why UK banks don't seem to want your hard-earned dosh. However, like with everything else, a little preparation can save you a lot of time.

	Best of all open an account before you arrive. Ask your own bank if they have a reciprocal arrangement with a UK bank and request them to make an introduction.
	If you arrive in Britain without an account it is essential you have a letter from your bank at home stating how long you have banked with them, what accounts you operated and your credit rating.
	Visit the bank in person to open the account and take along two types of ID (eg: passport and driving license) together with proof of your UK address .
	Be prepared to shop around. Just because one bank has turned you down, it doesn't mean the next bank (or even branch!) will do the same.

Once your application is approved you should receive a chequebook and an ATM card within a few days. If the bank is happy with your status you'll also receive a cheque guarantee card. Otherwise you'll have to wait for a few months while you build up a credit record and the bank sees a regular income. Don't wait for them to call you, however. Once you've received a few pay slips give them a prod. To see you through the first few months make sure your ATM card also has a “switch” facility. This will allow you to use it as a debit card to pay for goods and services. Switch is accepted widely both in the UK and Europe.

Remember:

	Cheques take at least three working days to clear, and sometimes longer.
	If you're going to be temping you will almost certainly be paid direct to your bank account, or by cheque. If you don't yet have a bank account let the agency know before you start.
	If you're changing money, shop around. Rates and commission charges can vary widely.
	When opening an account don't just consider the high street banks. Also try the many Building Societies and Telephone Banks.

PROOF OF ID TIPS

To actually open the account you will need:

	To go down to the bank in person.
	Proof of employment.
	Proof of identification (passport or drivers licence).
	Proof of residence (a gas/electricity bill with your name on it, a rent receipt or letter from your Landlord should be cool). This can turn into a Catch 22 situation, where you need a bank account to get a place to live, and you need proof of residence to get a bank account. This is where Recruitment Agencies can come in handy. If you are registering with an agency to look for work, ask them to please give you a reference. You can then take this to the bank in place of a utilty bill, and it should assure the bank of your credibility.
	A letter from your bank at home, telling them what a good customer you were over there.

You'll need - 1 form of 'signed identification', e.g. a drivers license or passport (shouldn't be too difficult if you've managed to get into the country!) and you'll also need the slightly more trying document of 'proof of address' . Utility bills etc. in your name are readily accepted but if you are dossing and/or haven't received any official mail yet than you can try the following.....

either a letter from the landlord stating that you are a tenant (this may require whomever holds the tenancy agreement on your flat to call the landlord and greeeease), or if you've managed to secure a job ask your agency/ employer to write you a letter confirming employment, or if you have access to an address before you arrive in London you could request your previous bank to send you a reference/ introductory letter which is probably a good thing to bring with you as well.

Another option is to find a friend who has held an account for over a year and ask to them to write a letter of introduction for you (Barclays allows this method of reference).

It can often feel like a bit of a viscous circle when first attempting to set up life in London, no flat without a bank account, no bank account without an address, no job if they can't contact you etc. etc. but a bit of resourcefulness, organisation and some good old fashioned manners can get you a long way.

Cash Tips

	Load your visa card from home with money or enough cash to help tide you over until the account is activated.
	Ask for Switch access on your ATM card - this allows you to use it as a debit card to pay for many goods and services.
	It takes between three to seven working days to clear cheques.
	Britain's largest banks include Barclays, National Westminster, HSBC, Lloyds and the Bank of Scotland.
	Some building societies offer full banking services.
	You may not get an overdraft on your account until you build up a credit history in the UK.
	Remember that computer systems in UK banks are generally less sophisticated than at home.

Email Login

Password

New users
sign up!

FREE advertising for all agencies and companies. Please e-mail us at Kiwi Kingdom NOW!!!

[ Home ] [ Up ] [ FINANCE ]