How to open a bank account in the United Kingdom from Australia

Whether you’re moving to a new country, preparing for relocation or planning for extended travel, you might find it helpful to incorporate an international travel account into your agenda.

Will you be attending college in the UK? Perhaps you’re transitioning your business to international status. The option of having an account to manage local currency is priceless when it comes to international business affairs.

Being able to handle your business internationally makes travelling and dealing with local currencies simple. 

Whatever your reason, here are a few tips and requirements for how to open a UK bank account from Australia.

Requirements for opening a UK bank account from Australia

Despite our ever-changing world, legislation and regional differences, banking remains a reasonably similar experience, whether you’re in Melbourne or Manchester. According to general international banking standards, you’ll need to have a few standard items when you are ready to open a UK bank account from Australia.

To get started, you’ll need the following:

• Proof of ID for all business directors. This can be your passport, driver’s licence or a government-issued ID.

• Proof of your address. A recent bank statement or a utility bill will suffice in helping you open a UK bank account from Australia. 

You’ll also need to provide important company-specific details:

• Full business address and contact details.

• Companies House registration number. This is the equivalent of your ACN.

Optimistically, as a non-resident, the process to open a UK account is much easier than in other countries. ln the UK, there are no legal restrictions that stop you from opening a UK bank account as a non-resident. Well-known UK banks, like Lloyds, HSBC and Barclays, all offer international business bank accounts and incentives. 

However, British anti-money-laundering policies can make it difficult but not impossible to open an account in the UK. The process of opening a bank account as a non-resident entails rather strict requirements.

Can I open a UK bank account online?

In theory, yes, you should be able to open a UK bank account from Australia online with one of the more prominent UK banks.

Unfortunately, it’s not that simple. Opening international accounts online can be challenging in terms of verifying account details and personal information. 

Helpful tips on banking between the UK and Australia

If you need to open a UK bank account from Australia, here are some helpful tips to avoid the troubles of not yet being a resident: 

1. Before departing from Australia, you can ask your bank for a change in address to your new address so you can use your bank statement as proof of identity. 

2. If you’re a student, obtain a confirmation letter from the university of your new address change.” with “ask your university for a letter confirming your changed address. 

3. If you’re relocating professionally, you can have your employer share a verification letter or the contract with your new location included. 

4. Similar to an Australian Tax File Number, you can use a National Insurance number if applicable. 

Although it may be less challenging to open a UK account as a resident, it doesn’t mean it’s impossible. 

Before beginning the process, speaking with an expert directly might be most helpful. In addition to a large initial deposit amount, you can expect to encounter strict bank balances that you must maintain. Similar to most banks, you should also expect monthly account fees and minimum monthly deposit amounts.

What costs and fees should I expect?

Monthly fees

Some banks charge monthly fees, and others charge annual fees. You can expect to pay anywhere from £0—£6.50 a month, or up to an average £60—£78 annually. Some banks offer fee-free banking for the first year with them, which is a bonus.

ATM and bank teller fees

Some banks will offer free transactions, but these usually come with a limit of 50 or so until you start paying per transaction. And as a busy business, this can happen quite quickly. You can typically expect to pay between £0.30—£0.60 or so per transaction outside of this limit.

International transfer fees

Banks in the UK aren’t much better than Australian banks when it comes to international transfer fees. Expect to pay around 3-4% of your transfer sum in fees.

Account closure fees

While it’s not likely that the bank will charge you an account closure fee, you can never be sure, so make sure to check your Product Disclosure prior to doing so.

Poor FX rates when transferring money

Banks traditionally offer poor FX rates when transferring money. After all, it’s part of how they make a profit. It pays to shop around when making a foreign exchange.

Annual card fees

These days, many banks provide low- or fee-free card options, even for businesses. However, as a business, you’re like to be charged a fee per card used by your business. These can start as low as £28 and go up from there.

That all sounds like business as usual—so let’s look at some of the restrictions around opening a UK international bank account as a non-resident. We’ve broken these down into the main offerings from the UK’s big banks.

Roadblocks to opening a UK bank account as a non-resident

HSBC

We’re putting this one here to demonstrate to you that it’s not always easy.

To open a business account with HSBC you must already be a customer with them, be based in the UK, and be available to open your account in person. So this means that you’re not able to open a UK bank account from Australia.

Barclays Bank

Barclays Bank does have the option to open a bank account from outside the UK.

However, strap yourself in. The drawback of this is that you need to deposit quite a high sum to get your account started. 

To apply for your UK bank account, you’ll need:

• Primary ID, like your passport

• Secondary ID that contains proof of your address, signed by a notary

• To open your account, you have to make an initial deposit of £100,000 within the first three months, which you’ll then need to maintain

• You have to have an Australian income of AU$250,000, or assets worth AU$2.5 million

To open your account, you need to give them a call on their international number.

These high minimums make it quite prohibitive to open a UK bank account from Australia with Barclays.

NatWest

NatWest are somewhat more forgiving when it comes to opening a UK bank account as a non-resident.

• You’re still required to have a minimum balance of £100,000

• You need to demonstrate an annual salary of £75,000

However, to actually open the account you can only do this once you’re in the UK.

Lloyds Bank

Lloyds make things a bit easier to open a UK bank account from Australia.

• You still need to make an initial deposit of £100,000

• But you only need to demonstrate an income of £50,000 or more

• You’ll pay a monthly fee of £7.50

So with these high deposit amounts, it’s still quite prohibitive for some businesses.

All round, it’s not particularly easy, or viable, to open a UK bank account in Australia.

Luckily, Airwallex has an alternative.

An Airwallex GBP Global Account was made for international business

An Airwallex GBP Global Account lets you open a business account in GBP without leaving the country. Without leaving your seat, even.

There’s no need to visit a branch in person or jump through hoops. You don’t need proof of a UK address.

You can open your Airwallex GBP Foreign Currency Account online, from your very own home. It’s a quick, painless process, designed to get your business online faster, as well as being able to send money in AUD, Airwallex Global Accounts supports the following international business accounts and currencies:

• USD Business Account

• Canadian Business Account

• Euro Business Account

• Swiss Business Account

• Chinese Business Account

• Hong Kong Business Account

• Singapore Business Account

• UK GBP Business Account

• Japanese Business Account

You can send and receive GBP directly to and from your account, without any FX required, all via a local sort code and account number.

Related articles about banking:

• Compare the Best Business Bank Accounts for Australian Businesses

• How to Open a Business Bank Account

• Do I Need a Business Bank Account

• Payment Methods Guide for Australia

• CHAPS vs. BACS payments: What’s the difference?

Last updated as of September, 2024

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This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Airwallex Pty Ltd or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.