Banking

Setting up a bank account when you move to another country is a Catch 22 – to get a bank account you need to have proof of address, yet to have proof of address you need to be paying bills regularly from a bank account.  Confused?  That proves you’re normal then.  It didn’t occur to me ’til a few weeks before I moved to the UK that I should start organising my bank account in advance.

On the advice of my cousin, I went through an agency, and purchased a start-up package which helped me set up a bank account and gave me a SIM card specially designed for people on working holidays.  An agency will usually give you a choice of a few banks, and you’ll need to sign up for a group meeting where some bank representatives will come in and explain the terms and conditions, get you to fill in the paperwork, and compare the different accounts they offer.  BEWARE, the bank reps will avoid telling you about the accounts with no fees, so be sure to specify if that’s the one you want.  The agency I went with also gave each of us an umbrella as a gift – a fitting choice when you’ve just moved from the Sunshine State in Australia to dreary London.

Whether you go through an agency, or open a bank account on your own, it’s important you’ve brought the right ID and supporting documents with you. Yes, you’ll have your passport, but make sure to bring some recent bank statements with you from your home country.  One complicated thing can be giving them your new residential address – if you’ve only been in the country for a couple of days/weeks, you may not have found a permanent place to live, but the bank will need somewhere to send your bankcards, PIN and statements.

Agencies can also help you do your tax return, get a tax number, conduct international money transfers, find accommodation, find a job, and quite often offer perks and discounts on affiliated products and services.

Here’s a list of agencies that cater for people moving to the UK, and once you understand how it works, you might also be able to agencies that fulfill the same role in other countries:

1st Contact

BritBound

Fastrack UK

i4

Overseas Working Holidays

STA Travel

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Do more with Your Money (not the bank’s)