Can A Tourist Open a Bank Account?
 

My husband and I are thinking of spending up to 6 months a year in the UK when he retires. Can we open a bank account if we aren't residents? Thanks.

With difficultly as you need proof of ID and proof of residency - but why do you need a UK bank account, you won't have any British income so you'd have to move money into it from a US account which could be expensive.

Follow the advice for ATM usage and find a bank that has minimal charges for foreign usage

I agree - When I lived in the UK I did have a bank account through American Express that allowed me to deposit $ or £ and write $ or £ cheques. But it was not a program that was available to the general public. This was years ago, before ATMs were common.

I would just keep a NA bank account w/ a bank that has minimal fees. Now, writing checks would be a problem but using ATM and credit cards should work.

We opened a bank account with HSBC before arriving in the country from Australia (we live in the UK now). This was much easier than waiting until we arrived. We had to show certain documents when requesting the account,such as passports and there was a minimum opening balance that was fairly hefty. We paid the money through Travelex.

Kay

A question for Mr. Row.

I had some friends who were ex-pats in the UK for as couple of years, and opened an account in/on Jersey(some tax benefits). Would your comments also to this (and Guernsey) also?

Oodles of bank accounts in Switzerland, Luxembourg, and Leichtenstein are held by non-residents. Non-resident banking is one of their biggest industries.

Off shore accounts generally have fees associated with them just for running the account - and may not even offer an ATM card.

I can't see how they would be preferable to finding a decent US bank that has low charges for foreign withdrawals

I've tried to open a bank account in the UK - not possible unless you're a resident.

You can definitely open a bank account in London provided you bring your visa documentation. I think you'll also need a social security card. I'm moving to London in about three weeks for a six month expat assignment and I've already initiated the process with Barclays.

lissiea06: A tourist will not have a work/residency visa. I don't think someone just arriving for a 6 month stay on their passport (a "non-visa" visit) can open a UK bank account.

non-resident accounts exist most places.

The problem isn't that you need to be a resident in Britain: of course London's banks have thousands of non-resident customers.

The problem is that Britain's money laundering laws, a history of fraud by VERY temporary residents and the inability of big organisations to implement sensible rules without creating a bureaucratic mess make opening a conventional bank account very difficult: usually, you need at the very least a UK utility bill in your name. And many non-conventional accounts are really aimed at the very rich, or at Britons with regular jobs abroad, and can carry high fees.

For many infrequent visitors here, using debit and credit cards associated with their account at home may well be a great deal cheaper than setting up an account here and trasnsferring money across accounts.

Your best bet is to talk to your local office of HSBC, if you've got one, or in a few financial centres, Barclays, NatWest/Royal Bank of Scotland or Lloyds (though pay VERY close attention to thge real cost of heir services, which they're less than upfront about). Last time I looked, Citibank (who, with HSBC, are the closest thing there is to a bank with an international retail operation) didn't really offer what you're probably loking for: indeed Citibank used to tell its UK employees I knew to get an account with one of the four major UK banks. If you haven't got a branch of a UK major handy, look at their websites: they all have products aimed at non-residents, but they may not be what you're looking for.

You should also investigate on the web products from Nationwide and Alliance&Leicester, who have a few services that might meet your needs.

A couple of thoughts (these assume you are US-based):

1) Strongly consider what you need this for. Are you just looking to cut down on ATM fees? If so, I would think you might be served just as well by scouring the web for the US bank account with the lowest fees. For example, my bank account charges me no monthly fees, no ATM fees, no fx fees, provides competitive fx rates, and even refunds charges from host ATMs. While this is a membership-limited bank (USAA), I would think you might be able to find others with similar benefits.

The only reason I would think you would <b>need</b> a UK bank account is if you are expecting to earn UK income and need a convenient place to deposit those funds.

2) Have you talked with a good tax professional about your plans? Living abroad, even for only part of the year, can really complicate your tax situation. And this would go double if you earned any interest or investment income from a bank account in the UK. No offense to the many very smart, very knowledgable people on this board, but I wouldn't have made this my first stop for advice.

Have you already sorted out being able to stay for up to 6 months a year ?

Perhaps rules have tightened but i had a Barclays account some years ago for several years when i was conducting business in England but was not a resident and the account had nothing to do with the business

just went into the bank and opened it - a regular savings account

laws apparently have changed?

My eldest son went back to the UK to study. He wanted to open an account there reasnably enough. He is a British citizen. He couldn't open an account until he had a utilities bill to prove his address, and he couldn't rent somewhere until he had a British bank account. Talk about Catch 22!
He ended up going into uni accomodation, and with a letter from the uni was finally able to open an account, and being a student instantly gor showered with goodies and an enormous overdraught!
Next month my husband is 60 and he gets a small pension from his days as a civil servant. We looked into opening a bank account in the UK to pay it into, (whilst paying tax on it in Holland) so we didn't suffer from currency fluctuations, but it proved impossible to do.
He's deferred the pension now until he is 65 when he finally retires.

Sorry, I haven't replied to your questions. I was unexpectedly called out of town.

Thank you for your advice. I should have added that we are trying to work it so we will travel 6 months in England and 6 in Canada for the next 5 or so years and thought having an account in England would make things easier. Rather than continuing to draw on our Cdn. account, we would feel 'safer' knowing that we could manage bills, rent, etc. from England while we are there. It can't hurt to talk to the banks flanneruk recommends.

Unfortunately, we do not have a bank in Canada that offers such attractive waiving of ATM fees, etc. as some of the posters have noted US banks have. Credit unions are the best bet and they aren't even that great.

Yes, we have talked with our investment advisor and lawyer and the British consul's office in Ottawa and there are no problems. We are well aware that this is a big step. We have been told that the amount of money we would deposit isn't significant enough to influence our tax situation and as it would be a chequing account we aren't worred about making very much money. (Unless UK banks are much more generous than Cdn. banks!)

Thanks, once again, for your assistance. After 30+ years of travelling, we have found that receiving advice from smart, experienced, helpful people often beats the stuff and nonsense you get from the stuffed-shirt types who have either never travelled nor carry their own luggage.

Ahh... If you are Canadian, then much of my previous advice may be moot. I would give HSBC a long look.

http://www.hsbc.ca/1/2/en/home/home

They are literally everywhere and would be your best bet for a truly global banking presence.

I can't see why there would be a problem. I have accounts with both Barclays International branch and HSBC. The HSBC is a savings account and at Barclays I have both a savings and a current (chequing) account. On the Barclays current account I have a cheque book and a debit card (no credit card). When they opened these accounts they accepted a utility bill from my country of residence. Since the accounts are lodged offshore (Channel Islands) there are no problems with UK tax, but I do pay income tax in my home country on the interest.

Thanks travelgourmet and yelpir. Your information is very helpful.