How To Open A UK Bank Account In Nigeria

Are you planning to relocate to the United Kingdom anytime soon? Whether you want to work or study, you will need a UK bank account to help you settle as an immigrant. However, a UK bank account is essential if you plan to spend time in the country. Can you open a UK bank account from Nigeria? How can you open a bank account online without proof of residence in the United Kingdom?

 Pay4Me will take you through a guide that will answer these questions and help you with the best way to open a United Kingdom bank account. 

Steps to Open a UK Bank Account In Nigeria

We understand that you need proof of residence before opening a bank account. The United Kingdom is no exception to this requirement, and since you don't live in the UK, we have a simple solution for you.

 Wise Account: You need proof of UK residence to open this account, which offers you an account number, IBAN, a sort code, and a credit card. With a credit card, you can spend in more than fifty currencies. 

Starling Bank: You need proof of UK residence before you can open this account. In addition, Starling Bank provides you with a fully-fledged online current account.

Since most banks require proof of address before you open a UK bank account, many Nigerians find it challenging when they relocate abroad to transact some businesses. 

You can open a UK bank account online  in the following ways:

High-street banks

You can open this bank account from Nigeria, but it has a clause. You should have made a significant investment or want to relocate to the United Kingdom. Therefore, the bank account is for people who don't mind the bank charges and want to conduct extensive banking services in the UK.

Online banks

Online banks offer you a more straightforward application than high-street banks, but it needs you to provide your proof of UK residence. The route works best for those who want to conduct low-cost online banking. You can consider using Monzo, Monese, and Revolut when setting up your local account without residency. 

Wise Account

The Wise Account does not need your proof of residence and is excellent for Nigerians who want to open a UK bank account.

Why You Should Open a UK Bank Account in Nigeria

1.    If you want to relocate to the UK, you need a bank account to receive your salary.

2.    You can easily rent an apartment with a UK bank account.

3.    When you have a UK bank account, you save more on currency conversion fees on your debit card. In addition, since the currency exchange rate fluctuates, it can save you money to use pounds instead of naira.

4.    A local bank account makes it easier to have a mobile phone, receive energy bills, have a gym membership, and lots more.

5.    Your local bank may lock your account when you make some transactions or you get yourself locked out. You don't have to worry about being stuck without cash with a local bank.

Hire a Third Party to Sort Out Your Paperwork

You can hire a third party like Sable International to help you with a paper loan if you want a UK bank account. These companies work with Metro Bank, HSBC, Barclays, Lloyds, and other banks.

With their support, you don’t have to show your proof of residency documents like a utility bill. As a result, they offer you the following:

·        Bank account: 

You can open a local account without proof of residence. However, you must provide your valid passport,  a residential address( school hostel, friend or family's home address), and proof that you are relocating to the UK for work or studies.

·        Relocation:

With this option, you can receive a UK bank account and a National Insurance (NI) number. In addition, you receive a pay-as-you-go UK SIM card, one free international money transfer, and a UK guidebook. 

Bank Alternatives

If you don’t want to open a UK traditional bank account in the UK, you can consider the following:

·         National Savings and Investment accounts (formerly Post Office Savings accounts)

·         Building societies

·         Credit unions

Things to Consider Before You Open a UK Bank Account

Before you open a UK bank account, you can manage your money from your Nigerian bank account. You should consider the following before you relocate to the UK:

·         Check with a Nigerian bank if your debit can be used in the UK.

·         Learn about the extra costs associated with your  transaction fees and currency exchange fees

·         Meet your bank and double-check if it can help open a bank account in the UK. For example, some Nigerian banks have branches in the UK.

Types of UK Bank Accounts

1.     Current account 

The current account offers you debit cards and may allow you to go overdrawn up to a set limit. 

2.    Basic banking accounts 

The bank account is for people who earn low amounts or have poor credit ratings. As the name suggests, they only offer the basics. 

3.     Savings accounts 

Saving accounts come in different types like a regular savings account that allows current account customers to get a preferential rate, and ISAs( interest earned is protected from tax)

Most high street banks offer international student bank accounts with cashback and gift cards.

UK Banks' Requirements for Opening an Account

UK banks require you to provide your proof of address to ensure you don’t open an account under a false identity. Some of the documents you may be requested to provide include any of two of these:

·         HMRC self-assessment letters

·         Current UK driving license

·         Utility bills

·         Local authority council tax bill for the current council tax year

·         Electoral Register entry

·         NHS Medical card

·         Mortgage statement

·         Bank, Building Society, or Credit Union statement

·         Council or housing association rent card or tenancy agreement for the current year

·         Solicitors letter within the last three months confirming the property purchase (or the land registry confirmation of address)

How do You Select a UK Bank Account? 

·         Potential costs: You should check the charges for withdrawing or exchanging currency.

·         Products and services: These include credit and borrowing options, mortgages, insurance in the UK, and investments. 

·         Flexibility: You should consider the ease of access, banking system, and digital and mobile accounts.

·         International scope:  Check international and multi-currency account options, including international money transfers.

·         Incentives:  Look at the cash deposits or interest-free periods.

What is the easiest UK bank account to open for Nigerians?

·         HSBC Expat Premier Account:  You need a salary of £100,000 or £50,000 in an HSBC bank account sterling. In addition, it offers USD and euro multi-currency accounts and exclusive foreign exchange rates. 

·         HSBC Currency Account:  The account is an easy-to-manage currency holding account with no monthly account fee. It offers at least 14 major currencies.

·         Lloyds International Account: You require an annual income of £50,000, a choice of sterling, USD, or euro, and free international money transfers. 

·         Barclays International Account: The account provides services in 70 countries, but you need to deposit at least £100,000 (or currency equivalent) across your accounts with Barclays.

·         NatWest International Select account: You need a minimum salary of £40,000 on the mobile app.

Final Thoughts

Talking to your Nigerian bank before opening a UK account would be best. We believe this guide can help you open an account in the UK. On the other hand, Pay4Me offers you seamless cross-border payment. In addition, you can pay for your visa fee, tuition, application, WES, or SEVIS fees on the app.