Despite London's prominent position in the international banking arena, opening a bank account can be extremely difficult. Most banks require the following :

- Rreference letter from your bank in your home country
- Proof of your UK address (rent receipt or gas bill in your name)

The latter is particularly difficult if you have just arrived in London and are staying with friends. One way around this is to set-up a limited company (similar to a South African Close Corporation) that you will work through when in the UK. First Contact Financial has a very good relationship with a number of high street banks and can just about guarantee a bank account for your company when you open a limited company through them (subject to you not being a total reprobate). Problem solved. Refer to the tax section to find out more about the advantages of owning your own limited company. It could mean a whole lot more pounds to blow on your travels.

The services which British banks offer may be different from your home bank e.g. a number of banks do not have on-line facilities between branches which means that when drawing cash over the counter at a branch other than your own, your branch may have to be contacted to authorise the withdrawal. Also make sure you find out what cash point withdrawal charges are and what it costs to use a competitor bank's cash point machine.

The best advice when using the British banking system is to accept the rules and norms. They are there for a reason and no Johnny Foreigner is going to change them. Sercient can organise your Bank Account before you get to the UK, click here for more information.

Once you are a resident in the UK it is often easier to open an Bank Account, click on the banner below to apply for the best Current Account available on the High Street with Lloyds TSB.