How to Open a Virtual Bank Account in the UK?
Admin 19 November, 2021

How to Open a Virtual Bank Account in the UK?

Planning to move to the UK anytime soon? Or, have you arrived there already, then at some point in time, you’re going to need a bank account.

In past years, opening a bank account in the UK was a tedious process, especially when you were new to the country. Thankfully, with the evolution of technology and mobile apps – it has become slightly easier.

Having a virtual bank account in the UK is convenient. Online bank accounts are helpful if you need to have an account in Pound Sterling with a UK account number. Online banks such as Revolut, Monzo, Starling Bank, and Tide helps you to open a bank-like UK account even without address proof. These online services help you set up a UK account without residency.

Each of these services has different rules. You need to know about the rules well in advance before you find the best service for your needs. Though you do not have to submit address proof, you will still be required to supply a UK address. This would be the place where your debit card would be delivered.

Opening a Virtual Bank Account in the UK

Of course, if you were new to the UK – you probably would not have any proof documents. Luckily, in recent years, banks of made their terms and conditions a little flexible in order to help non-residents.

  • If you have just arrived in the UK to study, then it would be a bit easy for you as most of the banks accept a letter from your University’s admissions office confirming your address.
  • If you are an employee, you can provide a letter from Jobcentre Plus confirming your National Insurance number or even a letter from your employer. The letter should be less than three months old.
  • There is an alternative option available. Before leaving for the UK, go to your bank and request for change of address to your UK address. You might be able to do the same via internet banking. Once this process is done, you can request your bank to send a bank statement to your UK address. This document will serve as your UK address.

You may wonder if it would be possible to open an account in the UK even before you arrive. Yes, it is completely possible! You can seek the assistance of your banker.

Your home bank would be able to set up a new account for you if it has a correspondent banking relationship with a British Bank. The majority of the UK banks also have international accounts. These are accounts are specifically designed for non-residents of the UK. Choosing this option would be a great choice if you don’t have any address proof in the UK.

Best Online Bank in the UK

New to Uk? No worries. Choose online banking apps to have a better experience with more control over your cards and expenses. Some of the best virtual banks in the UK include

  • Monese
  • Revolut
  • Monzo
  • Starling Bank

Monese: A well-known UK virtual bank account where you can open an online bank account in no time. It would be a great option if you are a frequent traveller. You can easily open a bank account virtually whether you are in the UK or within the Eurozone.

Revolut: It is one of the leading virtual European banks, with headquarters located in London. It is ideal for holidays. The bank offers services to customers in the EEA region, Australia, Switzerland, and United States.

Monzo: It is a UK-based virtual bank with its headquarters located in London. This bank is a perfect choice for budgeting and offers personal, joint, and even business accounts. You can start accessing the bank’s service through an app or a debit card.

Starling Bank: – It is also a UK-based online bank that offers three different account options including, personal, joint, and business accounts. It was voted and was chosen as the best current account in 2020.

Benefits of Choosing Virtual Bank in the UK

Opening a virtual bank account in the UK comes with several benefits:

  • Accessible worldwide
  • Easy to maintain
  • Simple to create an account
  • Insured funds
  • Discounts
  • Managing the spending using budgeting tools
About Baaz Money Exchange

Baaz Money Exchange Limited has incorporated a licensed money transfer service in the UK since 2018. We are one of the leading and authentic International Financial Service brands to offer low-cost money transfers. Our mission is to expand and grow to become a global money transfer business.

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