Banking in the UK and Europe Setting up a bank account in a new country Opening a bank account in a foreign country can be a complete nightmare. Compared to North American banks, British banks are incredibly slow and have many policies that are quite different. There are several things you can do, however, to help expedite the process. The best option is to check if your current bank in Canada has an agreement with a British bank. If they do, your Canadian bank can write you a letter of introduction, which will make it much easier to open an account.

Alternatively, it may be worth opening an account with a bank that has branches in both countries before you arrive in Britain. The Hong Kong-Shanghai Bank of Commerce (HSBC) is a very popular bank in the UK and also has branches in over 60 Canadian cities, so it is a convenient choice. Your local HSBC branch should be able to help you make arrangements for your new UK account. You may even be able to set it up before you leave for Britain.

If you are planning to transfer money between Canada and the UK on a fairly regular basis, it will likely be more convenient and perhaps even cheaper if you can keep everything within the same institution. Wire transfers can get very expensive.

Secure employment BEFORE you arrive in the UK . Whichever bank you choose will be much happier if you are able to supply a letter of employment along with your passport and a copy of your rental agreement when you turn up to open an account.

Decide which bank you would like to use before you arrive. Do a bit of research on the web to find out each bank's policy on foreign account holders. Some banks, like The Royal Bank of Scotland and Lloyds, are notoriously difficult to deal with if you are international. Others, like HSBC, are very accommodating and make the process as easy as possible.

When researching the different banks, it is important to investigate the overdraft and credit card policy for each company. Many banks do not allow international customers to access these facilities. Others require a hefty account balance, up to £10,000 in some cases, before you are eligible to use these features.

Whatever bank you decide to go with, it is vitally important that you plan on things taking twice as long as you expect. Even relatively simple things like getting a money order take at least one business day. Cheques take at least five business days to clear, so you do not have instant access to the funds like you are used to in Canada. The upside is that you don't have to pay a fee to use a bank machine. Even machines from other banks are free. Another important thing to remember is that British machines only allow deposits from ATM's located inside the bank itself and these are rarely available after hours. Also, branches also tend to close for the day as early as three o'clock and are only now beginning to be open on Saturday.

It is very easy to access your Canadian accounts from British ATM's so it is wise to count on surviving on dollars for at least three weeks after you arrive as it may take that long to get everything set up. Even if you already have a job lined up before you go, your employer can't pay you until you have a bank account so a Canadian contingency fund is quite handy.

Expatriate Advice

Moving abroad? Start your planning with some helpful advice from people who have been there.

Dealing with Culture Shock After awhile we all start to miss the familar.	Shipping Your Stuff How to move your furniture / car / pets abroad.	Opening a Bank Account International banking is rarely as easy as it is in Canada.
Family Considerations Some things to consider when bringing your family.	Saying Goodbye Advice on what to do before you leave.	Taxes Abroad Dealing with foreign taxation, and how to get your tax back.
Expatriate Groups Meet up with other expats around the world.	Expatriate Health Insurance How and why to buy expat health insurance.

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