Published on : 05 March 20205 min reading time
Opening a bank account is generally perceived as the safest way to secure one’s assets. No matter what country you live in, it is important to have a bank account, and England is no exception. If you decide to move to England for any reason, you need to know how valuable it is to have a bank account. It offers you countless benefits that we invite you to discover through our Top 5 advantages of having an account in England.
Possibility of financial translations between 35 countries of the European Union
Whether you choose Barclays, LIoyds, HSBC, RBS/Natwest or other banks, you can expect to gain many benefits by opening an account in the UK. As far as you know, the UK is an integral part of the SEPA zone. This simply means that all banks in this country are integrated into a single Euro payment area. It is even possible to make free bank transfers between 35 countries, i.e. throughout the Euro zone. With this same system (SEPA), companies can open virtual bank accounts to make transactions easier.
Taking advantage of accounts for business abroad
Maybe you are an economic operator, an auto-entrepreneur or a trader! In this case, a bank account offer that can allow you to run your business outside the territory is undoubtedly beneficial. You can therefore count on most British banks. They offer dedicated banking services to those who travel for the purpose of doing business abroad. This can make it easy for you to transfer money in a variety of currencies. This is the case with HSBC, which offers special multi-currency current account packages in GBP, USD or EUR.
This is a better alternative for expatriates or even newcomers who are in good standing with regard to eligibility requirements. With this multi-currency account, you are even allowed to choose many investment formulas in all the currencies offered. You can even switch to taking out a home loan to get settled. Visit bank4pro.co.uk/ and find more about opening a business account.
Benefit from low taxation
We do not talk about the advantages of having an account in England without specifying that it is primarily a tax matter. It should be remembered that the British tax system is a little low, so one can hope to take advantage of it to open a bank account. However, we must point out that in reality the tax optimisation formula is only valid for companies. As for individuals, an account in England has a major advantage when you are an expatriate in the UK while being a tax resident in France for example. Indeed, having an account is crucial for receiving income earned in England. It also allows you to transfer money to and from your French account.
In addition to the above-mentioned advantages, having a bank account in the UK can allow you to bypass a banking ban in your home country. As mentioned here, some UK banking structures do not respect French banking prohibitions. This is why it is more interesting to choose an online bank for faster and simpler procedures in terms of opening an account.
Many banking services are free in England
From basic accounts to business accounts, virtual and traditional bank accounts, free banking is the norm in English banking. In fact, you can obtain bank accounts in England without any monthly fees. This is a great advantage when it comes to saving money. The majority of the major English banks offer premium accounts with discounts on household bills, interest on loans, insurance, etc.
However, we would like to make it clear that these discounts require eligibility requirements that cannot be met without travelling to England. On the other hand, basic current accounts, ATM cash withdrawals and the use of ATMs are all free services. However, there are ATMs that are fee-based, although the fees are very attractive.
Save money on the go with the virtual bank account option
The virtual account operates on the same principles as traditional bank accounts. However, all transactions associated with this type of bank are carried out online. The main advantage here is that it allows you to limit your trips to the banks in case of money withdrawals. You can even make your payments and purchases on e-commerce platforms while saving on transport costs. Remember that non-residents can also have a virtual account. This is even a better solution in a world revolutionized by the advent of Smartphones and tablets.
It should be remembered that all UK bank accounts, both virtual and traditional, have an IBAN. This is one of the major advantages of having an account in England. But, better still, non-residents are allowed to have a business account except that the documents requested are mostly difficult to provide. It will be a matter of providing evidence that your business translations are legal or regulatory.
Open a bank account in England