How to open a UK bank account from Singapore
- •Requirements for opening a UK bank account from Singapore
- •Can I open a UK bank account online?
- •Helpful tips on banking between the UK and Singapore
- •What costs and fees should I expect?
- •Roadblocks to opening a UK bank account as a non-resident
- •Lloyds Bank
- •An Airwallex GBP Global Account was made for international business
- •How to open a UK business bank account online with Airwallex
Whether you’re moving to a new country, preparing for relocation or planning for extended travel, you might find it helpful to open a bank 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 Singapore.
Requirements for opening a UK bank account from Singapore
Despite our ever-changing world, legislation and regional differences, banking remains a reasonably similar experience, whether you’re in Singapore 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 Singapore.
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 Singapore.
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 UEN.
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 Singapore 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 Singapore
If you need to open a UK bank account from Singapore, here are some helpful tips to avoid the troubles of not yet being a resident:
Before departing from Singapore, 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.
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.
If you’re relocating professionally, you can have your employer share a verification letter or the contract with your new location included.
Similar to a Singaporean 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?
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 Singaporean 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
We’re putting this one here to demonstrate to you that it’s not always easy.
To open an 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 Singapore.
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 income of SGD$233,000, or assets worth SGD$2.3 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 Singapore with Barclays.
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 make things a bit easier to open a UK bank account from Singapore.
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 Singapore.
Luckily, Fintech like Airwallex is an alternative.
An Airwallex GBP Global Account was made for international business
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.
There are no monthly account fees, no signup fees, and no annual card fees. 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.
Sign up for a free GBP Global Account, and get your business set up to head back to blighty.
Related article: CHAPS vs. BACS payments: What’s the difference?
How to open a UK business bank account online with Airwallex
Sign up for a free Airwallex account here.
Submit business verification documents. This can be done online, and this process typically takes 1-7 business days. For the details of the documents required, check out the page here.
After your account is activated, create an Airwallex Global Account. A Global Account is equivalent to a multi-currency business account. You can store up to 11 currencies (GBP, USD, EUR, AUD, CAD, JPY, SGD, HKD, CNY, CHF, NZD). Top up this account by transferring any of the above 11 currencies to your Airwallex Global Account.
Joe Romeo is responsible for scaling our Airwallex's product adoption in the UK and the world. An all-around growth enthusiast, Joe's speciality lies in SEO, organic acquisition and making lasagna.
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