How to Open a Bank Account After Moving Abroad
Opening a bank account after you move is a check of what that bank asks for, what the account costs, and whether money in it is protected if the firm fails. Banks in the same city can ask for different papers. A student offer letter is not the same file as a work contract. There is no best bank for every newcomer, and this article does not rank banks.
Where an account sits in the move is in the moving-abroad checklist. The cost of sending money into or out of the account is in international money transfer fees and the real cost.
What to ask before you apply
Ask which identity document is accepted, whether a local address is required, whether a tax number is required, and whether the account can be opened before you arrive. Immigration or residence papers are sometimes required and sometimes not. Write down the answer for the account you are considering. Do not assume the next bank uses the same list.
One current example is HSBC UK’s Bank Account page, checked on 25 September 2026. It says you can apply if you are 18 or older, you can provide ID, proof of address, and proof of your immigration status if needed, and you accept a credit check if you are applying for a joint account and live in the UK. The same page says you may not be eligible for some account features if you remain resident outside the UK. That is one bank’s eligibility list. It is not a rule for every bank, and it is not a recommendation to open that account. The page also says that product has no monthly account fee. Fees change. Read the current charges sheet before you apply.
What to compare after you are eligible
Compare the monthly fee, what you pay to use an ATM, and what you pay to receive an international transfer. A free account that charges for cash withdrawals, or for money arriving from abroad, can cost more than an account with a stated monthly fee. Ask whether you can open the account before you have a local address, and what happens to access if your immigration permission is still pending.
Availability, eligibility, rates, fees, and terms can change. Verify them with the provider.
Deposit protection in the United Kingdom
The Financial Services Compensation Scheme, checked on 25 September 2026, says that if a UK-authorised bank, building society, or credit union failed after 30 November 2025, FSCS compensates eligible deposits up to £120,000 per eligible person, per bank, building society, or credit union. The limit rose to £120,000 on 1 December 2025. Accounts with banks that share one banking licence are added together for that limit. A joint account is protected up to £120,000 per eligible person. Certain temporary high balances are protected up to £1.4 million for six months from when the money was first deposited. The firm must be authorised by the Prudential Regulation Authority. Check that on the Financial Services Register.
This limit is the UK scheme’s figure. It is not a worldwide deposit guarantee. If the firm is not a PRA-authorised bank, building society, or credit union, the FSCS page does not describe protection for that firm. Read the firm’s regulatory status before you treat an app as a bank.
