The chicken-and-egg problem
UK banks usually want proof of a UK address and your ID and visa. Landlords often want a UK bank account. That’s why the first weeks can feel stuck.
What helps:
- A multi-currency account you can open before you leave, to hold pounds and pay a deposit.
- Banks with new-arrival accounts. Some UK banks open basic accounts with your visa and a letter from your employer or university.
- Your employer. Some have arrangements with a bank for new staff.
Being a US person
Because of US reporting rules (FATCA), UK banks report accounts held by US citizens. Most current accounts (the UK name for checking accounts) are fine. UK investment platforms are pickier, and some don’t accept US citizens at all. That’s another reason to plan investments before you move.
Keep your US accounts working
Tell your US bank and brokerage you’re moving abroad. Some restrict or close accounts for overseas customers, and it’s much easier to sort out before you leave.
Building a UK credit file
Your US credit score doesn’t transfer, so start a UK credit history early. See how to build a UK credit history.
What to do next
Build your move plan to see banking in the right order with housing and everything else.
General information, not personal advice. Spotted something out of date? Tell us.