If you are an Indian and want to set up a UK bank account, you may easily feel drowned in the number of steps required. But to your surprise, creating the UK account for non-residents to send money to India isn’t that hard of a process.
A few UK banks that include Halifax don’t let non-residents create a bank account, but there are a few that do. The banks that let you create an account include Lloyds and Natwest. So what do you need to do to set up your account? First, let us go through all of the steps needed.
Pick the account
When it comes to picking the account, your options are based on a business or personal account. Or whether you live in the UK for a few years, for example, while studying.
So if you are studying or occasionally living in the UK and your main address is abroad, then it is worth seeing if you may get proof of the UK address. The proof of address is one of the important documents needed to open up a bank account in the UK to allow you to have a far greater choice of accounts.
Many common forms of proof of address documents are:
- Utility bills
- Mortgage statements
- Bank statement
- Driving license
Doing business in the UK
If you are a freelancer working remotely from outside of the UK, your banking options will be similar to opening a personal UK bank account for non-residents. For example, the international bank account with Barclays or Lloyds.
If you are running a company and need a UK business bank account for the non-residents, then HSBC will offer international business accounts. Tide offers internet banking using the mobile phone app.
You may open the business account online without being a UK resident as long as you are directing a company registered in the UK Companies House.
Trying alternative to banks:
To transfer money to India, you may want to try out all options you have. So with the high deposits needed for an international bank account and the limited options for people without UL proof of address, it is still worth looking at other financial services offers.
If you need to make or take any business payment from outside of UK, the ACE Money Transfer is an ideal option for the bank account. In addition, you may open one or many local currency accounts online, and you won’t need a local address as well.
Opening the account is easy and free, and you won’t have to pay the monthly fees and no annual transfer limits. However, if you require to transfer money from the UK bank account to the main account in another country, fees may quickly pile up.
You can use proof of identity such as a passport, driving license, or national identity card to send money using bank accounts. But to perform money transfer to India, you won’t necessarily need to have a bank account in the UK.
Hence, you can simply use the online money transfer methods to send money, which will be super easy and feasible. Online money transfer has helped people shorten their distances and improve their quality of life. The more you use technological help to do your daily tasks, the more you will feel that everything is possible. For example, now you can send money to India online without using the bank alternative and let your family enjoy back home with instant money transfer.