Here at UK Postbox, a common question that we receive from our customer base concerns the issue of how your address plays a factor in the setting up of a UK bank account. Many people in a variety of different circumstances, especially those that are not currently residents of the UK, are looking to set up UK bank accounts, but are wondering whether you can do so with a remote or virtual address. Be it for business reasons or personal ones - with UK Postbox, you can do this very easily! In the following blog we will outline some of the reasons you might be looking to set up a UK bank account remotely and how we can help.
Virtual Addresses & UK bank accounts
When applying for banking in the UK, one of the requirements is that you provide a UK based address. If you’re not a resident of the UK, then you have the option to sign up to a virtual address service and use this address during your application. The circumstances from which you would be setting up an account like this can vary, but common instances include expats; those that have left the country they were living in but still require a bank account in the UK, any immigrants coming in to live in a new country and requiring a bank account, and myriad business reasons, too. We will explore these reasons in greater detail in the paragraphs below:
Opening a Bank Account in the UK for non-residents
As we just alluded to, one of the more common reasons that a person might be looking to set up a bank account in the UK for non-residents, is when a person is leaving the UK to live in a different country - but still requires a UK bank account. For example, a person might be leaving the UK to retire in a different country, but will still need access to a UK bank account to receive their pension payments - this is where you would need to have a UK correspondence address. Despite no longer living in the country, the pension scheme they will have been a part of requires a UK address, so a remote, virtual UK address can be set up using a service like ours in order to receive these funds.
An expat might also be looking to set up a remote address bank account if they still own property in the UK, and are looking to rent it out to make some money. Like with the pension funds, a UK bank account will be needed in order to receive this money, so you can use our service to give yourself a virtual address from anywhere in the world to do just that.
Opening a Bank Account in the UK for Immigrants
When looking at the reasons behind setting up a UK bank account for non-residents, the reverse is also true- a lot of people migrating over to live in the UK may wish to have their bank accounts set up and ready before they arrive in the country. This is another instance where a service that provides a correspondence address for the UK can be so vital in this process; immigrants can use UK Postbox before they arrive in the UK to sort out all of their accounts, without having to worry about it when they get there.
Opening a UK Business Account for non-residents
The final reason we’ll cover as to why a non-resident might be looking to open a UK based account, is to compliment and aid the running of a business or company. An important misconception to cover on forming a new company online, is that you need to have a UK based bank account to operate. A lot of countries have it as a requirement that you must open an account in order to trade, but this isn’t the case for the UK. The main benefits to having a UK-based business bank account are that it makes it far easier to trade while operating within the UK market, while removing the hassle of having to constantly make overseas trades- getting a UK correspondence address negates this issue.
How UK Postbox can help
UK Postbox can help you to set up a UK bank account as a non-resident, through the ability to provide you with a UK correspondence address through our Business Address Service, to be used as evidence of UK residency. Our Business Address Service is suited to a wide range of different company and business structures, whether you’re a sole trader, a partnership, a limited company or a Private Limited Company (PLC). You can learn more about our virtual UK postal addresses here, and you can learn more about UK Postbox’s plans and pricing here.
When it comes to the best banks to use in tandem with a virtual address, you should check with them directly that they accept correspondence addresses when signing up to their services. If they require residential addresses, then unfortunately no virtual address could be used.
That concludes this blog on how our virtual address services can be used, as part of the process to help people to set up their UK bank accounts for non-residents. Whether you’re an expat looking to continue to receive funds from a UK based venture, or someone looking to move into the country and set up all of your banking ahead of time, the ability to create a virtual address with UK Postbox can be a massive helping hand in setting up your UK based bank account. You can click below for some more information on the services we offer: