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Different countries have different policies regarding allowing a foreigner to open a bank account. UK is not an exception. Before a person decides to move to UK and open a bank account, he needs to be aware about the laws of the country.
To open a bank account in UK a foreigner needs to arrive in person. A person who wants to open an account in a bank of UK needs to decide certain things first of all. It is ideal to select a bank that is suitable for the needs of a person. If a bank offers incentives for opening an account, that should be chosen. A number of banks offer free gifts to the new customers.
If someone has come to UK for educational purposes he needs to see if a bank offers these incentives for the international students. The facilities like cheque book, cash card are always welcome for a person who is new to the country. One needs to consider the interest rate offered by the bank as well. If a bank offers telephone banking it would be advisable to opt for its service.
The majority of the banks in UK offer two types of accounts- a deposit account and a current account. The current accounts are best suited for those people who avail the account regularly for small amounts of cash for buying clothes and food. A lot of banks offer the current accounts. While the Deposit accounts have a higher rate of interest an account holder requires giving two weeks notice for withdrawal of money.
These accounts are better suited for bigger amounts of cash and the students requiring tuition fees and accommodation are likely to be benefited from this account. There are certain documents that are required by the banks of UK for opening an account. A foreign resident needs a passport first of all. The Offer letter given by the university or the organisation where you have taken up a job is another prerequisite for opening a bank account.
A student also needs to give the address of his residence in his native country. Besides, an official document bearing his residence address such as identity card, driving licence is required. In some cases it is possible to open an account in UK from another nation. But in that case the amount of the primary deposit needs to be higher.
Mike Novik provides how-to advice on small business and home-based work issues. He helps small businesses reach their fullest potential. His recommendation for to-day is to visit UK bank account
Article Source: http://EzineArticles.com/?expert=Michael_Novik
