Opening a UK bank account

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nivek

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Hey guys,

Given the way the things have been going in our country as of late, and the unpredictability of these knobs running the show, i'd like some security overseas

If you have an EU passport what documentation is required to open a bank account in England?

Do they have RICA requirements similiar to ours, where you need a valid local residential address? Is there any way to get around that living in JHB?

Any advice would be appreciated :)
 
You will need a proof of address at least not more than 3 months old, normally a utility (GAS/Electric) etc.

They are fairly strict of late opening it up so unless you are going there in person I would expect to be very difficult if not impossible. (Thanks to all the lovely South Africans who end up leaving getting new credit cards/ increasing their overdraft taking all the money and leaving, then coming to SA to say how much money they saved over there, blergh, shame on you, good luck to them when that little trick catches up with them) Sorry for the rant.

Good luck
 
aekritzinger said:
You will need a proof of address at least not more than 3 months old, normally a utility (GAS/Electric) etc.

They are fairly strict of late opening it up so unless you are going there in person I would expect to be very difficult if not impossible. (Thanks to all the lovely South Africans who end up leaving getting new credit cards/ increasing their overdraft taking all the money and leaving, then coming to SA to say how much money they saved over there, blergh, shame on you, good luck to them when that little trick catches up with them) Sorry for the rant.

Good luck
Click to expand...

I'll go there in person if I have to, but would they accept a utility bill from another country?
I dont want an overdraft or any credit facility what so ever, just a savings account or the equivalent of our money market accounts

Thanks for the reply
 
nivek said:
Hey guys,


If you have an EU passport what documentation is required to open a bank account in England?

Any advice would be appreciated :)
Click to expand...

To get a bank account in the UK or any other EU country is very difficult. Even when one is living there, almost impossible task.
Having an EU passport won't help you either.
You will need two pieces of proof of address: An utility bill with your name and address on it, a council tax bill with your name (and or your partner/wife/girlfriend/friend) name on it.
In other words, solid proof of address.
Forget about the little NHS doctor's regsitration card. That's not worth ****.

I was already living in Uk 5 years, had a bank account many years. Then got married in SA, my wife moved to Uk with me. We tried to get a joint account. I showed birth cirtificates, marriage cirtificates, dependant visas etc. It didn't mean nothing. Worst of all, I lived in a house share where the bills was paid by the house owner and not even on our name ! After 10 years in UK we've moved back to SA (Does this sound crayzeee?).

I don't know of another way. But here is what you can try.
If you have any friends/family over there, i advise you to ask them to have your name put on the bill for the gas/electricity/council tax. Get the application forms from your bank, sign it with your certified passport/ID. Send it off to your friend to hand in at bank. Pray that all gets accepted.


Once you have the bank account, how do plan to get the money out ? The SA Reserve bank has strict currency controls. If you are loaded with millions you can always contact a speciality broker that can di a currency swap/trade for you.

A sure and easy way is to buy gold coins (krugerrands) as they are easily transportable, very valuable and can be sold at any bullion dealer in most civilized countries. Gold is accepted everywhere and is the only real money thorugh 1000's of years.
I'm not sure about this, because you (and I) have a EU passport, You may be able to exchange ZAR for GBP/EUR/USD without showing an airline ticket.

Just a reminder, the UK GBP is in serious trouble. They have HUGE deficit and Uk faces a currency crises. If you don't know what that is. Go and read "US Dollar currency crises". Anyways, expect the GBP to drop in value against most currencies including the ZAR. Beware of currency fluctuations and devalutaions.
 
nivek said:
I'll go there in person if I have to, but would they accept a utility bill from another country?
I dont want an overdraft or any credit facility what so ever, just a savings account or the equivalent of our money market accounts

Thanks for the reply
Click to expand...

Utility bills from another country would not be acceptable. Ten years ago I was still able to open an account with a letter from my bank in S-Africa. That is no longer the case. I guess FSA (Financial Services Authority) regulations require UK registered adresses only as acceptable.
Going there yourself might help, be sure to read my previous post. Before departing, organise that your name gets put on the utility bill together with the current person paying the bill. It might also help to have a NI (national Insurance) number before you apply for bank account. Waiting times for appointments can be up to 6 months and you have to attend in person.
 
gerasmus said:
To get a bank account in the UK or any other EU country is very difficult. Even when one is living there, almost impossible task.
Having an EU passport won't help you either.
You will need two pieces of proof of address: An utility bill with your name and address on it, a council tax bill with your name (and or your partner/wife/girlfriend/friend) name on it.
In other words, solid proof of address.
Forget about the little NHS doctor's regsitration card. That's not worth ****.

I was already living in Uk 5 years, had a bank account many years. Then got married in SA, my wife moved to Uk with me. We tried to get a joint account. I showed birth cirtificates, marriage cirtificates, dependant visas etc. It didn't mean nothing. Worst of all, I lived in a house share where the bills was paid by the house owner and not even on our name ! After 10 years in UK we've moved back to SA (Does this sound crayzeee?).

I don't know of another way. But here is what you can try.
If you have any friends/family over there, i advise you to ask them to have your name put on the bill for the gas/electricity/council tax. Get the application forms from your bank, sign it with your certified passport/ID. Send it off to your friend to hand in at bank. Pray that all gets accepted.


Once you have the bank account, how do plan to get the money out ? The SA Reserve bank has strict currency controls. If you are loaded with millions you can always contact a speciality broker that can di a currency swap/trade for you.

A sure and easy way is to buy gold coins (krugerrands) as they are easily transportable, very valuable and can be sold at any bullion dealer in most civilized countries. Gold is accepted everywhere and is the only real money thorugh 1000's of years.
I'm not sure about this, because you (and I) have a EU passport, You may be able to exchange ZAR for GBP/EUR/USD without showing an airline ticket.

Just a reminder, the UK GBP is in serious trouble. They have HUGE deficit and Uk faces a currency crises. If you don't know what that is. Go and read "US Dollar currency crises". Anyways, expect the GBP to drop in value against most currencies including the ZAR. Beware of currency fluctuations and devalutaions.
Click to expand...

Wow, thx, very informative reply and has all the info I needed, yeah I understand the GBP is in trouble (for the short term), but the future of the rand is no more certain.. :(

So it seems like the UK is out of the question

I'm not loaded with millions, I wish, I just want to get some form of savings account going, off local territory, and I figure if I were to emigrate anywhere, it would be the UK, hence the destination I chose for the foreign account, anywhere in Europe would do though, euros probably would be a better option anyway
 
Yip it's very tough to get one.
I got one at HSBC even though I always have lived in SA, with a UK passport. They do post statements here.
My trick was this.
I had a current uk professional vouch for me in the uk, and he opened the account on my behalf.
It was a stock standard no frills account, no overdraft etc etc. he new exactly what to ask for, there are no monthly fees even! It's a plain jane account they do not advertise this account, it's real basic with internet access and debit card.
I had to mail them proof of address and council bill to prove my residence address.
The trick really is to have a friend who is considered a professional. It helped that my friend was in the financial game, but was not crucial as most people with a degree are viewed upon as a "professional" Engineers , etc.Ask your friends in the uk if they have someone working in the banking industry and I'm sure you're only six degrees of separation away :)
It took me a very long time to organize this, but key is having someone on that side to do all the work:)
 
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Speak with the consultants at one of the OVC branches hear in SA. OVC London has some close ties with Barclays and HSBC, though you have to be in London to do this.
 
I was working in Germany for six months a year ago and I found it pretty easy to open a bank account there. You will need a proof of address, doubt they will accept a SA address, but apart from that and your EU passport, you wont need anything else. I just walked in, asked if someone spoke English, told them I wanted to open an account and about 30min later I walked out having opened an account which costs me nothing every year and I get internet banking as well.

Hope this helps.
 
nivek said:
....anywhere in Europe would do though, euros probably would be a better option anyway
Click to expand...

In the long run all paper currencies are doomed.
Anyway, why don't you go and speak with your bank manager here in S-Africa about opening up an off-shore account ? I'm with nedbank and my bank manager offered me to open an offshore account. In our personal situation that was not needed as wel already have an UK bank account as well as a Standard Bank Offshore account in Jersey.

That may be another thing to explore. Go and google Standard Bank Offshore and see what the requirements are for opening an Standard Bank Offshore account in Jersey. Accounts can be held in EUR/GBP/USD.
 
Techrat said:
I found this company that supposedly can help open an account, http://www.1stcontactsa.co.za/UK/uk-bank-account.aspx, I know nothing about it really though, anyone else? May be worth a try.
Click to expand...

Many years ago when I tried to open an joint account for me and wife, while both living in UK, 1st contact was unable to help. They have the same jibe about proof of address, in other words utility bill and council tax bill.
 
BTW, an easy way to get money (legally) out of the country in person (for your foreign account) is to buy gold coins. Current value around R8500 each (if you can find them that cheap).
Yes, I know traveller's cheques are the safest.
Customs won't give you any trouble as gold is considered currency. I have experience of transporting bullion coins between different EU and non EU (UK, Russian, Swiss, South African) airports without being hassled. Some customs officers would stop you, wave you off with a smile and let you go on your way. They might neever have see bullion coins: an extremely curious oddity.
 
Bump.

Anyone done this recently. Can you do it before getting there and having proof of residence?
 
FNB global account probably the easiest route can be loaded at any time up to R1m a year. With GBP/EURO/USD etc
 
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