How Non-British Nationals Can Have Hassle-Free Banking

When relocating to another country, one of the most common headaches is opening a local savings account. Although expat sites may feature woeful stories of bureaucratic hassles, long delays, and a vicious cycle of bank officials wanting to see documents of rental agreements, experts say that setting up one need not be as complicated as it seems.

During credit-crunch days like this, the natural inclination is to blame everything on the bankers. However, it is not entirely their fault that many are encountering problems with their documents. At a time when financial crimes—such as money laundering—are even more sophisticated, institutions are also more careful in verifying the identity of their customers.

With the increasing number of people moving to the United Kingdom to work, banks are also doing their best to help new arrivals through the hoops. Unknown to some people, you can seek the help of your employer to avoid problems when relocating to a have a stable job. Specifically, a representative from the company can step in to confirm the account applicant’s circumstances. However, this might not be enough in certain cases. If the bank would wish to verify the company’s credentials, this would delay the application process even longer.

What HR departments usually do is to establish ongoing relationships with banking institutions. This kind of arrangement also helps newcomers take advantage of products such as mortgages and credit cards despite the lack of financial history in the UK. For instance, HSBC’s passport account is intended for the less affluent arrivals, particularly students and migrant workers, and has been carefully studied to meet the needs of expatriates—a field in which the bank can claim a considerable level of expertise.

The passport service is very beneficial because it provides relocation advice, preferential rates, and a current account. It can also help you explore the best ISAs that will give you the most savings and a more favourable tax status. Also, their brochures come is relevant languages, making it easy for customers to understand their relationship with the banking institution.

Put simply, HSBC helps make the move to the UK an easy and hassle-free experience.

For more savings advice visit www.savings.co.uk.