Where should I setup a bank account in UK?
We asked expats in UK what banks they use and there advice about banking. They advised...
"Before retiring in England, expats should be aware that the country is part of a larger "superpower" group, which includes other nations such as the United States, France, and Germany. Additionally, one should be aware of UK laws and regulations as they may differ from those in other countries. To gain a full understanding of the legal system in England, it is recommended that expats study English law to become acquainted with the process and documents that must be filed before properly retiring in the country. Healthcare is another important factor for expats to consider when retiring in England. All residents of the UK are entitled to use the National Health Service (NHS), however, those from countries outside of the European Union may need to pay for medical care, though certain expats may be eligible for free healthcare. Additionally, it is highly recommended that expats purchase an appropriate insurance plan to cover any trips they may take outside of the country. The cost of living in England is generally high compared to many other countries, so budgeting is essential for expats retiring to the country. Furthermore, expats should be aware that the UK has a different tax structure than many other countries, and filing returns can often be a challenging process. However, there are many services that can help expats with preparing and submitting their taxes. Finally, it is important to remember that England is a multi-cultural country filled with diverse people from across the globe. Expats should make an effort to fit in, learn about the local culture, customs, and language, in order to make the most of living in England as retirees," wrote a member who made the move to UK.
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"I moved all bank accounts to foreign-based banks. Citibank offers dual currency--this is very convenient to receive cheques from the US and pay the one remaining US-based bill," explained one expat living in London, UK.
Other Questions:
- What do I need to know before retiring in England?
- How do I meet people in England?
- What is life like in England?
- Is there a lot of crime in England?
- Is there a lot of diversity? Are people in England accepting of differences?
- What are the schools in England like?
- Is the cost of living in England high?
- What advice do you have for expats having a baby in England?
- What are healthcare services like in England?
- Is the cost of living in England high?
- What type of recreational facilities are in England?
- What is the weather like in England?
- Are there good restaurants in England?
- Where will I buy groceries and do other shopping in England?
- What are the visa & residency requirements in England?
- Are healthcare and health insurance expensive in England?
- What do I need to know when buying property in England?
- Are foreigners allowed to own property in England?
- What appliances are typically included in a rental?
Where should I setup a bank account in UK?
If you live in England, newcomers to England would love to hear your answer to this question.
About the Author
Joshua Wood, LPC is one of the Founders of Digital Nomad Exchange and serves as Co-President of Expat Exchange. Prior to Expat Exchange and Digital Nomad Exchange, Joshua worked for NBC Cable (MSNBC and CNBC Primetime). Joshua has a BA from Syracuse and a Master's in Clinical and Counseling Psychology from Fairleigh Dickinson University. Mr. Wood is also a licensed counselor and psychotherapist.
Some of Joshua's articles include Pros and Cons of Living in Portugal, 10 Best Places to Live in Ireland and Pros and Cons of Living in Uruguay. Connect with Joshua on LinkedIn.