{"id":1346,"date":"2021-01-07T12:33:06","date_gmt":"2021-01-07T11:33:06","guid":{"rendered":"https:\/\/kabayanremit.com\/blog\/?p=1346"},"modified":"2021-11-04T16:17:49","modified_gmt":"2021-11-04T16:17:49","slug":"need-to-open-a-bank-account","status":"publish","type":"post","link":"https:\/\/kabayanremit.com\/blog\/finance\/need-to-open-a-bank-account\/","title":{"rendered":"What do I need to open a bank account in the UK?"},"content":{"rendered":"
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If you’re planning to move to the UK or are new in the country, one of the things you need to sort out first is opening a bank account. It is essential to have a bank account, as it helps you efficiently manage your finances and expenses. Hence you may wonder “what do I need to open a bank account in the UK?”<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t

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Thankfully, opening a bank account in the UK has become much easier over the years. They are now more flexible to people new to the country, so different providers offer competitive services and promotions to get new customers on board.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t

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Here’s some information to help you understand how and what do I need to open a bank account.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

Why open a local bank account in the UK?<\/h2>\n\t
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Though you can use your foreign bank account when you first move into the UK, it’s not advisable to do it for a long time. You would lose money from the hefty fees and low exchange rates banks charge.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t

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Banks usually have hidden fees on international transfers and payments, so you would end up paying more than you expected. To give you a better understanding, two factors affect the total payout amount from international bank transfers:<\/p>\n\n\t\t<\/div>\n\t<\/div>\n\n\t

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  1. Service fee – the upfront fee banks charge for the service they provide when sending your money overseas<\/span><\/li>\n
  2. Exchange rate markup – the additional cost they add to the exchange rate when they convert the money<\/span><\/li>\n<\/ol>\n\n\t\t<\/div>\n\t<\/div>\n\n\t
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    The best way to avoid paying for these charges is by opening a local bank account.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

    What do I need to open a bank account?<\/h2>\n\t
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    It’s relatively easy to open a bank account in the UK. You will only need two documents.<\/p>\n\n\t\t<\/div>\n\t<\/div>\n

    1. Proof of identification - any document that will prove your identity, such as:<\/h4>\n\t
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