Did you ever give a thought to different ways to send money to Pakistan from the UK? This piece will walk you through the process of opening a bank account in the United Kingdom. People go to the UK for better opportunities for employment and for higher studies since the UK is home to some of the world’s best universities and colleges. The expatriates who go there for work find jobs and then transfer money online to their families and loved ones to ensure they lead financially viable lives. Many of the expatriates still feel comfortable with the traditional bank transfers, which are called wire transfers. At the same time, others transfer their funds and money through online money transfer companies with reputation and credibility, such as ACE Money Transfer.
People, however, who prefer to use banks to transfer money from the UK to their countries of origin, must open a bank account. Otherwise, they will not be able to use banks for a money transfer to Pakistan and other countries worldwide. For this reason, we guide our customers about opening a bank account in this piece.
Let’s see what it takes to open a bank account in the UK. But before that, we will slightly touch upon a few types of bank accounts.
Current account:- This account type gives you ready access to your account and funds and is used for routine financial transactions.
Savings account:- This type of bank account generates interest which depends on how long you have deposited your money and the size of funds.
Term deposits:- In this type, you will not be able to access your funds for a specified time which is agreed upon by the bank and you through different schemes. It is used for interests and profits.
Multi-currency:- People who deal in multiple currencies use this type of account. It is offered by banks with huge market and customer base. Mostly expatriates open multi-currency account because they need online money transfer to Pakistan and other parts of the world.
Joint accounts:- Businesses normally use this type of account. The account holders can have equal access to the account.
These are some of the account types. People mostly prefer to use a current account which is also known as the transaction account because it enables you to use an online transaction facility through banking apps. Expatriates and students mostly prefer to open a current account.
Following are the requirements to open a current account in any bank in the UK.
Eligibility:- Mostly banks have set 18 years of age as a minimum standard to open an account. But for people younger than 18 years of age there is a facility to open a children’s bank account. For such an account age must be between 7 to 17 years. Normally, you need to be a UK national to open an account but non-residents can also open an account by providing their visa and/ or permit of residence.
What you need: Basically, banks require two types of documents to open an account. One is the identity document which includes passport, driver’s license, and EU identity card. The other type of document is the proof of address which includes utility bill, telephone bill, council tax bill, statement of mortgage, and copy of rent agreement. It is important to note that these documents are commonly required. Different banks have different requirements but these documents are universal.
Other documents:- Apart from these documents, a bank may ask you to provide your payslips, bank statements, P60 form, a letter from a known employer, and tax returns. Tax returns are normally required if you are self-employed. A bank can either ask for one, or some or all of these documents.
Credit rating:- Almost all the banks in the UK have set a rule of checking the credit ratings of whoever comes to open a current account. TransUnion, Equifax, and Experian are some of the most popular credit reference agencies whose services all the banks in the UK avail for this purpose.
Four big UK banks:- Barclays, Lloyds, HSBC, and NatWest are four of the UK’s biggest banks whose branches are dotted all across the UK.
Conclusion: This piece has, hopefully, guided us about opening a bank account anywhere in the UK. If you have all the documents listed above, you can simply go to any bank and apply for a current account. Not only that, but you can also have the option to open one such account virtually without physically visiting a bank. You can send money to Pakistan online from your bank account through ACE money transfer.