UK Bank Accounts

[hedge]

Im looking for a UK Bank account that I can open from Australia. I am a UK citizen and AU citizen. Any thoughts on the best account? Looking for low fees

 

[asterix]

Im looking for a UK Bank account that I can open from Australia. I am a UK citizen and AU citizen. Any thoughts on the best account? Looking for low fees

Have you looked at Transferwise? I have an Australian, UK and US bank account with them and debit card.

 

[CMA222]

Likewise I use Transferwise and hold their debit card to utilise my accounts on the move (when we can move !!) . I have accounts with them in US$, NZ$, Japanese Yen, Swiss francs and Philippines pesos. Their exchange rates and transfer costs are good and they allow you to have multiple accounts to receive, send and hold foreign currency. I also hold the QF Money (currency) card and there is no comparison. As soon as I can use the funds I have with QF they are gone.

The easy to use International Business Account from Wise

Open an online business multi-currency account with Wise in minutes. Get international bank details to pay invoices and get paid seamlessly.

transferwise.com

 

[Isochronous]

Im looking for a UK Bank account that I can open from Australia. I am a UK citizen and AU citizen. Any thoughts on the best account? Looking for low fees

Click the Monese link in my signature.

 

[VPS]

Plus one for Transferwise - let us know if you want a referral

 

[DC3]

Have you looked at Transferwise? I have an Australian, UK and US bank account with them and debit card.

Although the O/P has not mentioned the purpose of the account, other than it needs to have low fees, can Transferwise be used to pay a credit card balance?

Edited

 

[asterix]

I think you can only use the bank account to transfer to another bank account or use the debit card.

 

[hedge]

Looking for a means of accepting ad hoc transfers. Wont be used as a tx account.

 

[cove]

We used HSBC in Australia to get our HSBC London bank account opened. It has worked ok and funds transfers with exchange rates and fees are not too unreasonable.
If we need to transfer a larger amount we use Bell FX to get the pricing we need.

 

[asterix]

Looking for a means of accepting ad hoc transfers. Wont be used as a tx account.

That's what I use Transferwise for. There are no costs for accepting payments or using the debit Mastercard with the same currency. You pay if you transfer money out to another account, use an ATM to withdraw over AUD300 a month or use a different currency. Currency conversion costs are competitive.

 

[DeKa]

Another plus 1 for TransferWise. It’s totally seamless for what you’re after.

 

[VPS]

We used HSBC in Australia to get our HSBC London bank account opened. It has worked ok and funds transfers with exchange rates and fees are not too unreasonable.
If we need to transfer a larger amount we use Bell FX to get the pricing we need.

HSBC wouldn't open one for me because I wasn't a UK resident or citizen . A friend put her electricity bill in my name and that was enough to set one up while I was there.

 

[Duffa]

I think you will have trouble setting up a high street UK bank account.
A friend, UK-US dual citizen, resident in USA, tried to open UK account but was declined on non-residency. All to do with money laundering laws I believe

 

[P001P001]

Difficult to recommend anything specific based on your brief.

Have you considered the Citi Global Currency Account (Also called Smart Wallet)? You can hold various currencies which are all linked to one account, and withdraw local currency in each country.

Will also depend if you need a UK sort code and account number.

 

[Igreen]

I have used Transferwise and their rates are good. Furthermore, there is another product called Revolut. Seems to be an good product. Furthermore, their premium product (AUD 10) per month, you can get access to airport lounge. I am not sure how easy it is to toggle between standard and premium.

Revolut – One app, all things money

Open a free account in minutes right from your phone, and make your money go further

www.revolut.com

Check a guy on youtube who has analaysed various products

 

[MartinMemo]

It was very hard for me to open a high street account when I lived there. Took well over a month, and required face to face interview. I was then only able to open a specific non-resident Lloyds account. After that, I opened a Citibank which required a letter from Citibank AU proving I was a customer, and another face to face interview. This took approx 2 months.

 

[Bomberdale]

Im looking for a UK Bank account that I can open from Australia. I am a UK citizen and AU citizen. Any thoughts on the best account? Looking for low fees

Try the revolut app. It is based in the UK and now has an Australian arm as well. Fantastic for transferring, plus has real and virtual debit cards. I use it all the time.

 

[Jack_OC]

There is a difference between an account denominated in GBP and a UK bank account. Most of the replies here relate to accounts denominated in GBP (and/or other currencies). Another option of that nature is a HSBC Global Everyday account (which I use). The problem with these options (as far as I understand it), is that these accounts can't accept standard domestic transfers from overseas accounts - they are really just a means of converting Aussie $ into another currency and then spending it/withdrawing it while overseas or shopping online.

I gather the OP is looking to open an account in the UK, which is quite different. I agree with Duffa and MartinMemo that it's difficult if not impossible to do that if you don't actually live in the UK. Even if you are a UK citizen, I believe you need a UK address in most cases.

HSBC might be an option. One of the advertised HSBC Premier benefits is "Fee-free International account opening and HSBC credit history transfer available in over 35 countries for Premier customers." However, I don't know if this is aimed at customers who are moving overseas, as opposed to Australian resident customers who just want to open an account overseas. Also, HSBC Premier is only available if you meet certain criteria, for example having a home loan with them over a certain amount.

 

[fn0]

I live in Canada and wanted a UK bank account so that the UK Dept of Work and Pensions could deposit my UK pension in GBP rather than converting it to C$ at an unfavourable rate, and so that I could easily send money to relatives or companies in the UK. While visiting the UK I tried to open an account at Lloyds Bank etc. and was refused, however by using a relative's valid local address the same as the one on my old UK DL, I got a "Basic Bank Account" from HSBC, with no fees. Met my needs better than a HSBC account for high net worth folks that would have cost a lot. After returning home I changed the address to Canada without a problem. To move GBP to other currencies I found Forex to work well for me. I now have no-fee bank accounts in Canada, US and the UK. It would be nice to have an Australian account, e.g. for use on visits. I have a TFN and my brother is Australian, but that's as far as it goes. Any ideas on if I can get an Australian bank account? The regulations that are in place to stop money laundering and comply with the US IRS rules create real problems for middle class folks with roots in more than one country.

 

[Ekka]

We used HSBC in Australia to get our HSBC London bank account opened. It has worked ok and funds transfers with exchange rates and fees are not too unreasonable.
If we need to transfer a larger amount we use Bell FX to get the pricing we need.

As did I, long before TransferWise. It was extremely easy opening an account with HSBC UK.
As regards transfers to this account, I use OFX, previosly known as OzForex.
Small fees or none and excellent rates.
Personally I'd rather have a real bank account, - as I do - , but would not use HSBC for transfers.