Open bank account in the UK for South Africans

Over 52,000 British visas were issued to South Africans between 2018-2022⁶, with many more South Africans holding British passports. The diverse culture, bustling city life, renowned educational institutions, and job opportunities drive this move. But while the overall immigration process is a challenge there are several other processes you need to be aware of after reaching the UK. This guide helps you understand all that entails opening your first bank account in the UK as a South African.

We also explore international transfers which have been made simpler with Wise - an international money transfer services provider. It’s a travel-friendly, international payment account that lets you send and spend in multiple currencies worldwide (depending on the region you are located in and Wise’s product availability in that region) that too at the mid-market rate.

Learn more about Wise

What documents are needed to open a bank account in the UK for South Africans?

If you’ve recently moved to the UK, opening a bank account is one of the first things you will do. It is a pretty straightforward process, and you primarily need two documents – a proof of identity and a proof of address. Your identity document is usually either your passport or driving licence.

To prove your address, you must submit any of the following⁷:

• A rent agreement or mortgage statement if you've purchased the house you're living in

• Gas or electricity bill (not older than 3 months)

• An HMRC letter

• Council tax bill

• Bank statements (not older than 3 months)

Can I open a bank account in the UK without a proof of address?

With the increase in immigration, banks in the UK have become quite flexible with this document. For South Africans moving to the UK for studies, you can simply submit a letter from your college that can serve as address proof⁸. This is usually an automated process and is available on the university portal. For those moving for work, submitting a letter from your employer (less than 4 months old) or even a letter from JobCentre Plus that confirms your NI (National Insurance) number⁸.

Send money to South Africa from the UK using the mid-market rate

If you’re a South African expat living in the UK, Wise can help you save money¹ when making international money transfers back to South Africa.

Although the majority of UK banks will allow expats to make international transactions, they normally add a markup onto the mid-market exchange rate, meaning you end up paying more for your transfer.

The mid-market exchange rate is the rate that banks use to transfer money between them and is considered the fairest rate in the market. Find out what you would pay for an international money transfer with Wise:

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Wise customers don’t have to pay an additional markup fee but only a small transparent fee to make an international transaction¹. That’s because Wise uses the mid-market rate for overseas payments!

With Wise, South African expats can save money¹ when making international payments from the UK to South Africa.

Join Wise!

Can I open a bank account before I arrive in the UK?

Yes, it is possible to open an account even before you arrive in the UK.

Opening a fully-fledged UK bank account from South Africa is generally only possible if you plan to relocate to the country (although there are some exceptions)¹⁰. This is because UK banks tend to be stringent about account opening for non-residents. Fortunately, if you're planning to live in the UK, then the following high-street British banks offer provisions for new applicants, before even arriving in the UK:

Barclays

Through Barclays, it is possible to open a UK bank account from South Africa within 90 days of moving⁹. But you will need to complete the process of application almost immediately after getting to the UK. Doing this makes you eligible for the following accounts:

Barclays Bank Account: The basic, everyday UK current account that comes with online banking and a debit card at no monthly cost.

Premier Current Account: A high barrier entry account which requires you to have £75,000 gross annual income or £100,000 saved or invested with Barclays¹⁵. The account also gets you a lucrative rewards program. This account also has no monthly fee attached.

HSBC

The bank’s website doesn’t necessarily confirm if opening an account from South Africa is possible. But it offers standard Current Accounts to UK and EU residents, it is best to call the bank and ask them about the process and eligibility.

Lloyds Bank

Lloyds gives the option to open an International Current Account in GBP to customers before they come to the UK. To initiate the process from South Africa, you can apply online, though you must have a £50,000 gross annual income or £25,000 saved or invested with Lloyds (which is a lower barrier to entry than Barclays)¹⁴.

The fastest, cheapest, and most flexible option to open a UK bank account from South Africa is without a doubt the Wise Multi-Currency Account. It is a totally free online multi-currency account that gives you bank details in the UK and eight other countries around the globe, as well as the option to hold over 50 other currencies and switch between them when you want and make and receive payments across the globe.

Can I open a bank account online?

Opening a bank account in the UK is now almost exclusively an online process, however, the option to open an account by visiting a branch is also possible. High street banks such as HSBC, NatWest, Lloyds, and Barclays have a simple online application process and it takes around 3 - 5 working days for you to receive your card¹⁷.

There are also several digital banks such as Monzo, Revolut, Chase, Starling, and Monese that allow you to open an account easily at no cost for the basic accounts.

There is also the Wise account which helps you simply send and spend money not just in the UK but overseas as well! With an online application needing just a few clicks, and you can start managing your money in 40+ currencies. Ideal for frequent travellers and immigrants to send money home at the mid-market rate, you can also receive money for free in 9 different currencies!

Which bank is best for my needs?

The banking industry in the UK is highly competitive with several exciting products offered to customers, so a straightforward answer to this question is difficult. To find the best bank it is important to clearly define your needs and then look for a bank that best meets them. Fortunately, with the number of options available in the market you are guaranteed to find something that fits your requirements.

The Top Four UK banks

The Big 4 or Top 4 banks in England and Wales include HSBC, Lloyds, Barclays and NatWest. They each have their pros and cons but offer similar value in terms of basic product. Let’s take a quick look at each of their offerings:

- HSBC:

HSBC operates in about 62 countries globally and if you bank with HSBC back home, they can help you set up an account in the UK before you get here.

One of their popular accounts is the HSBC Basic Bank Account which is best for everyday banking when you are new to the UK. It has no monthly fees, and it comes with a contactless Visa debit card. However, it’s important to note that the basic account doesn’t offer an arranged overdraft⁸.

The HSBC student account offers a free overdraft of £1000 in the first year, which you can request to increase to £3,000 by the third year¹⁶.

- Lloyds:

A major player in the British banking scene, Lloyds has a pretty simple account opening process for those new to the country. .

They offer a Classic Account which requires just your passport and your UK address or the alternatives discussed above for documentation. You pay no fees and get a contactless debit card upon account opening¹⁰.

The bank also offers the Lloyds Student Current Account which offers a free overdraft of up to £1,500 for years 1-3, and you can open a business account with Lloyds too.

- Barclays:

This is one of the easiest banks to start your UK banking journey with. It is possible to open an account with them even before you land as we discussed in the section above.

The account is free of monthly charges and you get the standard contactless debit card¹¹. However, you won’t be able to use your account immediately if you’ve opened the account from South Africa. Once you’re in the UK, be sure to visit a branch with your reference number, passport and proof of address to get the account activated. Barclays also has special accounts for students and businesses.

- NatWest:

NatWest offers a free-fee basic everyday current account called the Select account. With this you get a contactless visa debit card and you could also be eligible for a short-term overdraft.

Their student account comes with a fee-free overdraft of up to £2,000 from the first year⁷. It has no monthly fee, gives you a contactless debit card, and an exciting Housemate app that helps you manage bills between several people.

Other banks to consider:

Apart from the Big 4 there are also several other banks in the UK that allow foreigners to bank in the UK. You can consider Halifax, Starling, Revolut, and Monzo for a seamless banking experience!

Wise: An alternative way to send money from the UK to South Africa

If you want a truly international account that works pretty much anywhere⁴, check out Wise. Wise is a money services provider, offering a multi-currency account, international money transfer services and a debit card.

Open a Wise account online and you can manage your money in multiple major currencies, including GBP, EUR, USD and many more⁴. When sending money internationally or converting currency, you’ll only pay a low, transparent fee¹ while also getting the mid-market exchange rate every time.

And, you can spend just like a local in multiple countries worldwide⁴ with your Wise card. It automatically converts currency whenever you spend, so there’s no need to change money or carry cash around with you.

Sign up with Wise today 🚀

Please see the Terms of Use for your region or visit Wise fees & pricing for the most up-to-date information on pricing and fees.

What are the fees to open a bank account in the UK?

You can get started banking in the UK with a basic account from any of the high street banks for free. Banks do offer premium accounts with added benefits like cashback on bills, overdrafts, etc. The premium accounts often have an attached monthly fee as well as additional eligibility requirements, which you may not meet if you’re new in the country. Other fees typically include ATM fees and international transfer fees which we discuss in the sections below.

ATM fees:

Like many other countries, withdrawing money from an ATM is free if you use one of your bank’s ATMs. Several banks also offer free withdrawals even if you’re not a customer. However, some ATMs in the UK aren’t free; and independently operated machines can charge you between £3 and £5 per transaction.

International transfer fees:

An important aspect to consider is the international transfer fee charged by these banks. We discuss charges from top four banks in the UK in the table below¹³:

Bank	Receiving	Sending
Barclays	Up to £6	Up to £25
HSBC	Up to £5	£0 with a global money account
Lloyds	Up to £7	Up to £9.50
NatWest	Up to £7.50	Up to £15

In wrapping up, opening a UK bank account is a crucial step in your journey from South Africa. Don't sweat it though; the process is pretty straightforward with the right paperwork. And for all your international transactions you have Wise.

It's a game-changer for managing your money internationally. With Wise, you can send money back home to South Africa or spend locally in the UK, all while getting the mid-market exchange rates. So, as you settle into your new life in the UK, why not give Wise a try?

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Sources:

1. Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.
2. Transaction speed claimed depends on funds availability, approval by Wise’s proprietary verification system and systems availability of our partners’ banking system, and may not be available for all transactions.
3. Eligibility is subject to verification of customers identity. Wise may request additional documents to verify a customer's identity.
4. Please note that certain products or features may not be available
5. in all regions. Please visitwww.wise.com to check for availability and learn more about our offerings.
6. South Africans in the UK
7. Documents needed to open an account
8. Alternatives to proof of address
9. Opening a UK account from South Africa
10. Lloyds Account
11. Barclays Account
12. ATM Fees
13. International Transfer Fees
14. International Current Account
15. Premier Current Account
16. HSBC Student Account
17. Debit card delivery