Setting Up a Bank Account Before You Move Abroad

Banking is one of the most immediately practical challenges of an international relocation — and one of the most poorly planned. Many expats discover too late that their UK bank has quietly closed their account on learning they have moved abroad, or that they cannot open a local bank account in their new country without a local address they do not yet have. Getting banking right before you leave saves significant stress and expense. This guide walks you through the steps.

Step 1: Secure Your UK Bank Account Before You Leave

Your UK bank account is the financial anchor of your expat life. You need it for:

• Receiving UK rental income (if you retain UK property)
• Maintaining UK pension and investment contributions
• Paying UK-based bills (phone, credit cards, mortgage, utilities if temporarily retained)
• Receiving salary if your employer pays in GBP
• Sending money internationally to your new country

The risk: banks quietly close accounts of non-residents.

Many UK high-street banks — including HSBC, Barclays, Lloyds, NatWest, and Santander — restrict or close accounts for non-UK residents. Some do this proactively on learning of your move; others only act when they detect you are no longer in the UK. This can happen unexpectedly.

Before you leave:

1. Call your bank and notify them of your move. Ask explicitly whether they will continue to serve you as a non-resident and under what conditions.
2. Upgrade to an international or premier tier if your bank offers one. HSBC Premier (UK) requires a minimum of £100,000 in savings/investments with HSBC or a UK annual income of at least £100,000 (thresholds raised in 2025) — but it provides a globally portable banking relationship.
3. If your bank will not serve you as a non-resident, open a new account now while you are still in the UK. The best options are:

International bank accounts designed for non-residents:

• HSBC International/Expat — HSBC's dedicated international banking arm; based in Jersey; accepts non-UK residents; requires £25,000 minimum balance or qualifying relationship.
• Lloyds International (based in Isle of Man) — good for those with a prior Lloyds relationship.
• Barclays Premier International — Isle of Man based; minimum balance requirements apply.
• Starling Bank — has so far maintained a more flexible approach to non-residents but this can change; check current policy.

Do not close your UK account on departure. The admin headache of reopening one from abroad (requiring UK address proof, in-branch visit etc.) is enormous.

Step 2: Sort a UK Address for Banking

A key problem for departing expats: most UK banks require a UK address. If you sell your home, you lose this. Solutions:

• Use a family member's UK address (with their knowledge and permission — this is for correspondence, not fraud).
• Use a UK mail forwarding service (these are legal and widely used; forwarding services provide a real UK address and scan/forward your post digitally).
• If you have a letting agent managing a UK rental property, they can sometimes receive correspondence.

Step 3: International Transfer Accounts — Set These Up Before You Leave

International money transfers are a recurring need for expats. Your high-street bank will charge high exchange rates and often flat transfer fees. Set up at least one of the following before you move:

Wise (formerly TransferWise). The most widely used international transfer service. Converts at the mid-market exchange rate with a small transparent fee (typically 0.3–1.5% depending on currency pair). Offers multi-currency accounts; you can hold GBP, USD, EUR, AUD, THB, and many others in one account. Widely available to UK residents. Apply from the UK before departure.

Revolut. A multi-currency account with debit card; excellent exchange rates within plan allowances (free tiers have limits; paid plans — Standard, Plus, Premium, Metal — offer higher limits). Good for day-to-day spending internationally and for holding multiple currencies.

OFX / Currencies Direct / Moneycorp. Specialist FX brokers offering competitive rates and, crucially, the ability to forward buy currency (fixing today's exchange rate for a transfer in the future). If you are buying property abroad or sending large regular amounts, forward contracts can protect against adverse exchange rate movements.

Open these accounts while you are in the UK — some require UK residency for the initial application.

Step 4: Credit Cards for International Use

Check which of your UK credit cards work abroad with minimal fees. Two to consider before departure:

• Chase UK credit card (if available) — no foreign transaction fees; good cashback.
• Barclaycard Rewards — no foreign transaction fees on spending or ATM withdrawals abroad.
• Halifax Clarity — long-standing travellers' card; no foreign transaction fees; competitive exchange rates.

Credit history does not transfer internationally. You will start from scratch in your new country, which can make obtaining local credit (car finance, mortgage) difficult in the early years. Maintaining active UK credit cards (keeping some activity on them) helps preserve your UK credit history for when you return.

Step 5: Opening a Local Bank Account Abroad

Every country has its own rules and processes. Common patterns:

What you typically need:

• Valid passport
• Proof of local address (rental agreement, utility bill — the classic chicken-and-egg problem for new arrivals)
• Local tax identification number (NIF in Portugal, NIE in Spain, NIF in Italy, etc.)
• Valid residency visa or residence permit
• Proof of income or employment (especially for higher-tier accounts)
• In some countries: proof of source of wealth for larger initial deposits

The address problem. Many banks require proof of local address before they open an account. But you need a bank account to pay rent, and you need a local address for the bank. Solutions:

• Open a temporary account with a digital bank (Wise, Revolut) on arrival for immediate spending needs.
• Use your accommodation booking confirmation as interim proof of address for basic accounts.
• Some banks will accept a letter from your employer confirming your address.
• Use the address of a local lawyer or tax adviser engaged for your relocation as a temporary registered address (not always possible, but worth asking).

Timing: Budget two to six weeks to have a fully functional local bank account from the date of arrival. In some countries (Japan, Indonesia) it can take longer. Bring USD 2,000–5,000 in cash or a functioning international debit card (Wise, Revolut) to cover immediate expenses.

Step 6: Offshore and International Banking for HNW Expats

For high-net-worth individuals with significant assets, offshore banking at a private bank level provides services that go beyond basic banking:

• Multi-currency accounts in a stable, low-risk jurisdiction (Crown Dependencies like Jersey, Guernsey, Isle of Man; Switzerland; Singapore; Luxembourg)
• Investment and custody services
• Lending against assets
• Private banking relationship management

Key providers in the offshore and private banking space for expats:

• HSBC Expat (Jersey) — accessible at lower asset levels; good for international professionals
• Coutts International (Jersey) — prestigious; high minimum asset requirements
• Lloyds Bank International (Isle of Man)
• Standard Bank International (Jersey/Isle of Man) — popular with Southern Africa expats
• Julius Baer, Pictet, Lombard Odier (Switzerland) — for those with CHF 500,000+ to invest

Offshore accounts in reputable, regulated jurisdictions are legal and widely used by internationally mobile individuals. They are subject to Automatic Exchange of Information (AEOI/CRS) — your offshore bank will report account information to HMRC and other tax authorities. This is transparent and legitimate; there is nothing to hide, and disclosing your offshore accounts on your UK tax return is your legal obligation.

Step 7: Ongoing Banking Administration

Once you are abroad, keep on top of:

• Notify UK bank of address changes — communication gaps cause card blocks and missed correspondence.
• Check for account maintenance fees — non-resident accounts often have fee structures different from standard current accounts.
• FBAR / FATCA (if you become US resident) — US residents must report all foreign financial accounts annually. This is a legal obligation with severe penalties for non-compliance.
• Notify HMRC — you must tell HMRC about foreign bank accounts if you complete a self-assessment return.

How Global Investments Can Help

Banking and cash flow management are integral to international financial planning. Global Investments advises clients on banking structure — how many accounts to hold, where to hold them, and how to integrate banking with investment management and tax planning. For HNW clients, we can introduce appropriate private banking contacts in the jurisdictions relevant to your situation. Speak to our team as part of your pre-departure planning.

This guide is for general information only. Banking regulations, account requirements, and FX rules change frequently. Always seek professional financial and tax advice tailored to your circumstances before making decisions about international banking. Investments can fall as well as rise in value.