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how to open a bank account asap

Only for UK Tier 1 (Entrepreneur) points system. This route is now closed to new applicants.

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mig2015
Member
Posts: 144
Joined: Tue Feb 03, 2015 6:13 pm

how to open a bank account asap

Post by mig2015 » Sun Feb 08, 2015 9:34 pm

Hi all,

I have got entrepreneurial visa (initial) just a few days ago. I have searched topics, but I didnt find any answer to my question: When I arrive in Londen (It's next week), what is the best way to open a bank account ? I want to open the account in minimum time, to enable transferring 200K from my country. I will appreciate any relevant answer.

Cheers,
Amin

Jaggers
Newbie
Posts: 30
Joined: Mon Dec 30, 2013 11:07 pm

Re: how to open a bank account asap

Post by Jaggers » Sun Feb 08, 2015 9:38 pm

contact your existing bank at different branches to book an appointment asap, its very easy, less paper work.
Llyods, santander and barclays quite good.

Good luck

Hope145
Junior Member
Posts: 89
Joined: Thu Aug 14, 2014 7:42 am

Re: how to open a bank account asap

Post by Hope145 » Mon Feb 09, 2015 3:52 pm

mig2015 wrote:Hi all,

I have got entrepreneurial visa (initial) just a few days ago. I have searched topics, but I didnt find any answer to my question: When I arrive in Londen (It's next week), what is the best way to open a bank account ? I want to open the account in minimum time, to enable transferring 200K from my country. I will appreciate any relevant answer.

Cheers,
Amin
I don't know about other banks but I use barclays and they offer 12months free banking for start up businesses which is useful and I found the process straight forward. You may want to carry your local bank statement which shows your address, and not more than 3months old, particularly if you donot have a UK proof of address.

The top banks are HSBC, Barclays, Lloyds, Santander. Basically Google their telephone number or walk into a branch to make enquiries to discuss your needs(documents required/transfer of funds) and the earliest you can get an appointment with a business manager to open an account. You can then decide which bank is faster and easier. Barclays telephone is 0800 515 4621.

Goodluck with your business

mig2015
Member
Posts: 144
Joined: Tue Feb 03, 2015 6:13 pm

Re: how to open a bank account asap

Post by mig2015 » Sat Feb 14, 2015 7:15 pm

Jaggers wrote:contact your existing bank at different branches to book an appointment asap, its very easy, less paper work.
Llyods, santander and barclays quite good.

Good luck
dear Jaggers,

thanks for your reply. The problem is, my personal bank account is an Iranian one. I don't have access to British Banks inside the country. I mean, having this type of visa, how can I open an account immediately after my arrival. As I have not registered any company in UK yet, it has to be a personal account, is it not true?

regards

mig2015
Member
Posts: 144
Joined: Tue Feb 03, 2015 6:13 pm

Re: how to open a bank account asap

Post by mig2015 » Sat Feb 14, 2015 8:28 pm

Hope145 wrote:
mig2015 wrote:Hi all,

I have got entrepreneurial visa (initial) just a few days ago. I have searched topics, but I didnt find any answer to my question: When I arrive in Londen (It's next week), what is the best way to open a bank account ? I want to open the account in minimum time, to enable transferring 200K from my country. I will appreciate any relevant answer.

Cheers,
Amin
I don't know about other banks but I use barclays and they offer 12months free banking for start up businesses which is useful and I found the process straight forward. You may want to carry your local bank statement which shows your address, and not more than 3months old, particularly if you donot have a UK proof of address.

The top banks are HSBC, Barclays, Lloyds, Santander. Basically Google their telephone number or walk into a branch to make enquiries to discuss your needs(documents required/transfer of funds) and the earliest you can get an appointment with a business manager to open an account. You can then decide which bank is faster and easier. Barclays telephone is 0800 515 4621.

Goodluck with your business

dear Hope145,

I find free-12-months-banking for start-ups fascinating. Thanks for sharing this idea.

Let me focus on the second issue. You mean my Bank statement (Bank is in Iran), by which I applied for this visa outside the UK? Does it play the same role as a UK proof of address? I had heard before that I need something like a driver's licence or something similar.

Thanks in advance for your help

siavashes
Junior Member
Posts: 95
Joined: Wed May 09, 2012 8:51 pm
Location: london
Contact:
Iran

Re: how to open a bank account asap

Post by siavashes » Sun Feb 15, 2015 12:54 am

mig2015 wrote:
Jaggers wrote:contact your existing bank at different branches to book an appointment asap, its very easy, less paper work.
Llyods, santander and barclays quite good.

Good luck
dear Jaggers,

thanks for your reply. The problem is, my personal bank account is an Iranian one. I don't have access to British Banks inside the country. I mean, having this type of visa, how can I open an account immediately after my arrival. As I have not registered any company in UK yet, it has to be a personal account, is it not true?

regards
hi amin

pm me I'll explain the whole procedure for u .
thank you :)

mig2015
Member
Posts: 144
Joined: Tue Feb 03, 2015 6:13 pm

Re: how to open a bank account asap

Post by mig2015 » Sun Feb 15, 2015 4:49 am

siavashes wrote:
mig2015 wrote:
Jaggers wrote:contact your existing bank at different branches to book an appointment asap, its very easy, less paper work.
Llyods, santander and barclays quite good.

Good luck
dear Jaggers,

thanks for your reply. The problem is, my personal bank account is an Iranian one. I don't have access to British Banks inside the country. I mean, having this type of visa, how can I open an account immediately after my arrival. As I have not registered any company in UK yet, it has to be a personal account, is it not true?

regards
hi amin

pm me I'll explain the whole procedure for u .


hi siavash,

I'm new user to this site and I'm not authorized to access privates. Cool, huh? Anyways, amin.arabbagheri is my username at gmail. Glad to see you there.

bests

attahaas
Member
Posts: 236
Joined: Tue Jul 01, 2014 3:33 am
Location: LONDON, UK
India

Re: how to open a bank account asap

Post by attahaas » Sun Feb 15, 2015 5:23 am

mig2015 wrote:
hi siavash,

I'm new user to this site and I'm not authorized to access privates. Cool, huh?
bests
Once your post count surpasses 10 (now it's just 4), you can access and send PMs.
•12-Feb-2015: Applied online (Team), 200K, India
•13-Feb-2015: Submitted documents and biometrics
•25-Feb-2015: Received email saying that they need more time
•03-Mar-2015: Interviewed separately
•05-Mar-2105: Received docs and passport with visa stamped!

toghraee
Newbie
Posts: 31
Joined: Fri Jan 16, 2015 8:15 pm
Iran

Re: how to open a bank account asap

Post by toghraee » Sun Feb 15, 2015 11:21 am

Hi Amin

I have similar case, I just got my T1E and need to travel to Uk to register the company and open bank account.
please keep me also updated if you got the procedure.
my gmail id is toghraee

thanks
Reza

mig2015
Member
Posts: 144
Joined: Tue Feb 03, 2015 6:13 pm

Re: how to open a bank account asap

Post by mig2015 » Sun Feb 15, 2015 11:29 am

toghraee wrote:Hi Amin

I have similar case, I just got my T1E and need to travel to Uk to register the company and open bank account.
please keep me also updated if you got the procedure.
my gmail id is toghraee

thanks
Reza


hi Reza,

sure.

bests

attahaas
Member
Posts: 236
Joined: Tue Jul 01, 2014 3:33 am
Location: LONDON, UK
India

Re: how to open a bank account asap

Post by attahaas » Sun Feb 15, 2015 11:52 am

I am not sure what to do if you are already in the UK, but if you are outside UK try HSBC. They have a Premier Account service with which you can open account in a different country than your home country. I did this a few years ago. I am not sure if they changed their rules, but you should first check with your nearest HSBC branch for this.

OR

If you are in the UK already, just walk into your nearest HSBC branch and tell them you want to open a Premier Account or a higher level account. See if they budge.
•12-Feb-2015: Applied online (Team), 200K, India
•13-Feb-2015: Submitted documents and biometrics
•25-Feb-2015: Received email saying that they need more time
•03-Mar-2015: Interviewed separately
•05-Mar-2105: Received docs and passport with visa stamped!

toghraee
Newbie
Posts: 31
Joined: Fri Jan 16, 2015 8:15 pm
Iran

Re: how to open a bank account asap

Post by toghraee » Sun Feb 15, 2015 12:01 pm

Hi

is it necessary to book an appointment for opening an account ?
I'm in Dubai and have account with Standard Chartered, they told me that they have no idea about UK SC bank, and I need to go to UK only to open an account.

attahaas
Member
Posts: 236
Joined: Tue Jul 01, 2014 3:33 am
Location: LONDON, UK
India

Re: how to open a bank account asap

Post by attahaas » Sun Feb 15, 2015 12:11 pm

toghraee wrote:Hi

is it necessary to book an appointment for opening an account ?
I'm in Dubai and have account with Standard Chartered, they told me that they have no idea about UK SC bank, and I need to go to UK only to open an account.
I don't think you need to book an appointment, but just try calling HSBC and see if they need an appointment.

I have no idea about SC, but with HSBC Premier Account I opened account in India from a US branch, and opened accounts in HK and SG from a Shanghai branch. This was almost 5 years ago.
•12-Feb-2015: Applied online (Team), 200K, India
•13-Feb-2015: Submitted documents and biometrics
•25-Feb-2015: Received email saying that they need more time
•03-Mar-2015: Interviewed separately
•05-Mar-2105: Received docs and passport with visa stamped!

Hope145
Junior Member
Posts: 89
Joined: Thu Aug 14, 2014 7:42 am

Re: how to open a bank account asap

Post by Hope145 » Sun Feb 15, 2015 7:44 pm

mig2015 wrote:
Hope145 wrote:
mig2015 wrote:Hi all,

I have got entrepreneurial visa (initial) just a few days ago. I have searched topics, but I didnt find any answer to my question: When I arrive in Londen (It's next week), what is the best way to open a bank account ? I want to open the account in minimum time, to enable transferring 200K from my country. I will appreciate any relevant answer.

Cheers,
Amin
I don't know about other banks but I use barclays and they offer 12months free banking for start up businesses which is useful and I found the process straight forward. You may want to carry your local bank statement which shows your address, and not more than 3months old, particularly if you donot have a UK proof of address.

The top banks are HSBC, Barclays, Lloyds, Santander. Basically Google their telephone number or walk into a branch to make enquiries to discuss your needs(documents required/transfer of funds) and the earliest you can get an appointment with a business manager to open an account. You can then decide which bank is faster and easier. Barclays telephone is 0800 515 4621.

Goodluck with your business

dear Hope145,

I find free-12-months-banking for start-ups fascinating. Thanks for sharing this idea.

Let me focus on the second issue. You mean my Bank statement (Bank is in Iran), by which I applied for this visa outside the UK? Does it play the same role as a UK proof of address? I had heard before that I need something like a driver's licence or something similar.

Thanks in advance for your help
You need a proof of identity and a proof of address. You can use your intl passport as proof of identity or a full UK drivers licence, the bank usually has a list of acceptable document that you could choose from but if you have any of the above it should be fine.

Secondly it is unlikely that you will have a proof of UK address when you are fairly new. Again banks have lists of acceptable documents for proof of address which includes recent bank statements. If you have moved to the UK recently and have no proof of UK address yet, some if not all UK banks will accept your recent Iranian bank statement( not more than 3mths pripr is best)as proof of address as you recently relocated to the UK( if you have difficulties, go to a city branch)

You cannot open a business account without business address and other documents. I suggest you open a personal account first, then register your company with companies house and then use the certificate of incorporation etc to open a business account later.

P.s Becareful transferring huge sum of money into the personal account you open, as the bank can block your account for fraud prevention reasons, you will then have serious explanation to do afterwards before they release the money. Discuss your needs with your bank. That you are an entrepreneur(with funds) makes you an asset to the bank. HSBC premier will charge you monthly to use the personal account, which is ridiculous,I don't recommend that account. Any stress opening account, go to a central London branch, city branches deal with entrepreneurs/investors regularly than local branches and therefore understand their needs better.

siavashes
Junior Member
Posts: 95
Joined: Wed May 09, 2012 8:51 pm
Location: london
Contact:
Iran

Re: how to open a bank account asap

Post by siavashes » Mon Feb 16, 2015 12:38 am

@Amin

I will email you and you can reply to me if you need any help, i'll happy to assist you .

@reza
I sent you pm, email me if you need any help .
thank you :)

attahaas
Member
Posts: 236
Joined: Tue Jul 01, 2014 3:33 am
Location: LONDON, UK
India

Re: how to open a bank account asap

Post by attahaas » Mon Feb 16, 2015 4:02 am

Hope145 wrote:HSBC premier will charge you monthly to use the personal account, which is ridiculous,I don't recommend that account.
Yes, HSBC does have high fees if you don't maintain a minimum balance pertaining to that account type. However, I will share here my personal experience with HSBC so far, since 2008.

I had bad experience with HSBC business bank account, so I closed that account after a year. But, with personal account, it was entirely different.

HSBC Premier Account has a minimum quarterly average balance requirement, if your balance falls below that they will charge a quarterly fee. Different countries have different minimum balance limits. In India it is Rs.2,500,000 (about £25K), but in UK it is £50K. However, even the monthly fee vary from country to country. In India it is just Rs.2500 (about £25) + taxes per quarter if the minimum balance is not maintained (not sure about UK).

Also, you don't have to maintain minimum balance in all the countries, only the country in which you want your PRIMARY account be maintained. If you have Premier accounts in different countries, then they will ask you which country's account you want to make your PRIMARY account. I made India account my primary, so even if I maintain ZERO balance in all other countries and just maintain my India account there is NO FEE. In my other 4 different country accounts, I only have about £50-100 in each account. In case my balance in India falls below minimum limit, all I have to pay is £25 and get away with it.

I have been maintaining HSBC Premier Account since 2008 and NEVER paid a single penny in bank fees for account maintenance. Also, with Premier Account they give you Global Banking, which is ONLY available with HSBC. Global Banking service was the most important reason for me when I opened this bank account, because I was planning to move between different countries for work and business. You can transfer balances from one country account to another from your online banking even without going to the bank (this depends on the local country regulations). If you don't consider that important for you, you may check other banks. Also, with HSBC Global Banking service you don't have to worry about UK bank closing your account suspecting fraud when you transfer huge money. Because they will have your trail of funds from your home country HSBC account.

If I start a business in UK, I am sure I can't maintain the minimum balance in India. But, I will be happy to pay £25+taxes per quarter in India in exchange to the services I get in all the countries for having a Premier Account.

So, first go talk to your HSBC branch in your home country if you are still there. If you are in the UK, you may first look at their fees and charges, or ask them if they can open your primary Premier account in your home country (if the fees are low there).

This has been my experience with HSBC and experiences vary from customer to customer. Your decision to open a bank account is your risk alone! I have MOSTLY had good experiences with HSBC, so I recommend this bank from a personal perspective.
•12-Feb-2015: Applied online (Team), 200K, India
•13-Feb-2015: Submitted documents and biometrics
•25-Feb-2015: Received email saying that they need more time
•03-Mar-2015: Interviewed separately
•05-Mar-2105: Received docs and passport with visa stamped!

MTZ510
Member of Standing
Posts: 312
Joined: Wed Feb 27, 2013 11:24 am
Location: Leeds, United Kingdom

Re: how to open a bank account asap

Post by MTZ510 » Mon Feb 16, 2015 6:35 pm

Always help others..... it always come back to you.
Even if i know the answer ... i have this habit of confirming from others..

tier1visaanil
Newly Registered
Posts: 29
Joined: Sat Jan 03, 2015 6:31 pm

Re: how to open a bank account asap

Post by tier1visaanil » Mon Feb 16, 2015 9:16 pm

hi ,
i opened my account last month in Barclay Bank. they required your passport copy and any utility bill like TV licence or electric bill gas bill , sky connection bill or NI no.

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