Foreign exchange & banking
Foreign exchange & banking
Foreign exchange & banking
There are several financial services you need to set up when you’re moving home. Find everything you need to know from what services you need, how to find a good service provider, to financial services you need to notify when moving home.
There are several financial services you need to set up when you’re moving home. Find everything you need to know from what services you need, how to find a good service provider, to financial services you need to notify when moving home.
What this guide is for
Set up financial services when moving
Set up financial services when moving
Set up financial services when moving
When you move to a new home, especially if you’re relocating to the UK for the first time, there are several financial services you’ll need to set up.
From banking, foreign exchange to credit score building, here’s everything you need to know to get your finances in order after a move.
Preparation
Your finance to do list
Your finance to do list
Banking
Setting up a bank account
Setting up a bank account
Setting up a bank account
If you’re living in the UK, having a local current account is essential.
Bank accounts are mainly divided into current accounts for daily spending, bills, and overdrafts, and savings accounts designed to accumulate interest. Common types include basic, student, expat, joint, and specialised savings accounts.
A current account is where your salary and pensions are usually paid. You can set up direct debits or scheduled payments to make purchases or pay bills.
More than 97% of the UK’s adult population holds a bank account. Without one, you may face difficulties setting up direct debits for utilities, receiving your salary, and establishing a credit history.
Most banks offer new current accounts without charge. Some banks may offer you perks like cash back, free gifts or higher interest rates.
If you’re living in the UK, having a local current account is essential.
Bank accounts are mainly divided into current accounts for daily spending, bills, and overdrafts, and savings accounts designed to accumulate interest. Common types include basic, student, expat, joint, and specialised savings accounts.
A current account is where your salary and pensions are usually paid. You can set up direct debits or scheduled payments to make purchases or pay bills.
More than 97% of the UK’s adult population holds a bank account. Without one, you may face difficulties setting up direct debits for utilities, receiving your salary, and establishing a credit history.
Most banks offer new current accounts without charge. Some banks may offer you perks like cash back, free gifts or higher interest rates.
Information you need to set up a bank account
Information you need to set up a bank account
To set up a bank account in the UK, you generally need to provide proof of identity and proof of address. You will also need personal details, contact information, and occasionally details about your income or employment.
To set up a bank account in the UK, you generally need to provide proof of identity and proof of address. You will also need personal details, contact information, and occasionally details about your income or employment.
Foreign exchange
Sending money into and out of UK
Sending money into and out of UK
Sending money into and out of UK
If you’re moving to the UK from another country, you may need to transfer money between currencies.
Standard banks often charge high fees and offer poor exchange rates, so dedicated foreign exchange services can save you money.
If you’re moving to the UK from another country, you may need to transfer money between currencies.
Standard banks often charge high fees and offer poor exchange rates, so dedicated foreign exchange services can save you money.
How much does it cost to send money abroad?
How much does it cost to send money abroad?
Costs vary widely depending on currency, destination country and amount transferred. Transaction fees can be charged in a fixed fee, or a percentage (may be capped).
Your bank’s exchange rates may not be the most competitive. Research and compare rates and fees from different foreign exchange providers, including brokers and specialised currency transfer services.
Fees tend to increase the amount of money being transferred – it’s best to check with your banking provider or FX service provider. For example, HSBC charges £5 for international transfers outside the EEA, and Halifax charges £9.50 for international transfers other than euros.
Costs vary widely depending on currency, destination country and amount transferred. Transaction fees can be charged in a fixed fee, or a percentage (may be capped).
Your bank’s exchange rates may not be the most competitive. Research and compare rates and fees from different foreign exchange providers, including brokers and specialised currency transfer services.
Fees tend to increase the amount of money being transferred – it’s best to check with your banking provider or FX service provider. For example, HSBC charges £5 for international transfers outside the EEA, and Halifax charges £9.50 for international transfers other than euros.
Set up all your utilities with up to £532 savings
Sign up and we will find the best options for your home – all set up in minutes.
Set up all your utilities with up to £532 savings
Set up all your utilities with up to £532 savings
Sign up and we will find the best options for your home – all set up in minutes.
Questions about our service
Is this service free?
Yes! Our service is completely free for movers.
How much can I save?
What services are included?
Can I choose my suppliers?
How can I track my setup?
Questions about our service
Is this service free?
Yes! Our service is completely free for movers.
How much can I save?
What services are included?
Can I choose my suppliers?
How can I track my setup?
Questions about our service
Is this service free?
Yes! Our service is completely free for movers.