Why is it difficult for foreigners to open a bank account in the UK?

As one of the world’s biggest economies, the UK has always been a popular destination for emigration, given its high quality of living, strong cultural background and diversified community. If you are planning to move to the UK, whether to emigrate, to work or to study abroad, you need a UK bank account to handle your expenses and to receive an income. You can open a bank account after arriving in the UK. Alternatively, you can save yourself the fuss of bringing stacks of cash by opening a bank account before leaving for the UK so you can immediately use the ATM services once you arrive there. However, the documents required and the complex procedures make it hard for foreigners to open a UK bank account. 

Normally, regardless of your nationality, you can open a UK bank account by providing proof of identity and proof of address in the UK. UK banks accept passports, UK driver's licenses and identity cards as proof. A recent utility bill, council tax bill and a bank statement could serve as address proof. The real obstacle lies in the provision of a UK address proof for foreigners. Some UK banks even require a UK phone number to register, making it even harder for those who plan to move to the UK. 

It is equally troublesome to open an account at a UK branch. First, you need to make an appointment by phone, on the web or in person at the branch. The time it takes to complete the process varies for different banks. You will also need to bring your identity card and documentation for the account opening process. You will be asked the purpose and the type of account you want. It usually takes 20-60 minutes to finish the whole process. The ATM card and password will be mailed to you separately in a week. 

Foreigners often experience obstacles and feel frustrated when they try to open a UK bank account, as it is complicated, time-consuming and hard to achieve when they are asked to provide a UK address proof. iFAST Global Bank is the solution to it. Being a fully regulated and licensed UK bank, iFAST Global Bank is authorised by the Prudential Regulation Authority (PRA) and regulated by both the PRA and Financial Conduct Authority (FCA) in the UK. All eligible deposits are covered by the Financial Services Compensation Scheme (FSCS) up to a total sum of £85,000. It takes only 20 minutes to open an iFAST Global Bank account online, either on your laptop or your phone. Most importantly, the threshold is low since it does not require address proof in the UK and there is no minimum deposit or annual fee, which is very friendly to those who wish to move to the UK.