Five reasons why it's easier to open an overseas account before you leave the UK
If you are moving abroad, you may be planning to wait until you arrive in your new home country to open a bank account, but this is not always as straightforward as you might think. Here are five reasons to open your overseas bank account before you leave the UK.
1. One less thing to worry about when you get there
When you move to a new country, it’s likely you’ll have an extensive list of tasks that you have to complete in order to settle into your new home. By using HSBC’s International Banking Centre to open your overseas bank account before you leave the UK, you can cross this off your to-do list.
Provided you give about three weeks’ notice of your move, we can open accounts in 45 countries. Having your account up and running as soon as you arrive means you can avoid wasting precious time queuing in banks and get on with enjoying your new life.
Every country has different rules and procedures for opening bank accounts that may catch you unprepared if you leave it until you get there
2. Reduce the paperwork
Every country has different rules and procedures for opening bank accounts that may catch you unprepared if you leave it until you get there. For example, in the US you will normally have to show a reference from your existing bank, your employment contract or letters from your place of study, copies of visas, two forms of ID and proof of address. In France, regulations require anyone who has changed their surname – through marriage, divorce or deed poll – to produce paperwork documenting each change of name. And in Australia, your signature on the application form must appear exactly as it does on your passport, even if your passport is many years old. If there is any variation, no matter how minor, the signature has to be verified separately, which can cause delays.
Gathering this information can take some time. You may find that documents such as an employment contract and proof of address are not immediately available on your arrival and you may struggle to obtain everything that is required. If you use our International Banking Centre to open an overseas account before you leave the UK, it’s more likely that the information you need will be at your fingertips and you won’t have to take this documentation with you or attempt to obtain it when you get there.
3. Have all your bankcards and PINs ready to use on arrival
Another benefit of using the International Banking Centre service in the UK is that, as long as there’s enough time, we’ll send your new debit and credit cards, along with your PIN numbers, to you before you move. Or if it’s too close to your departure date, we may be able to arrange for everything to be sent to your new local branch to be picked up when you get there.
If you don’t have bankcards for your overseas account that you can use as soon as you arrive, you’ll have to ensure you have enough money to be able to survive in the interim. Carrying lots of cash on you is not always advisable and you may not feel comfortable about doing it, particularly when you are in unfamiliar surroundings. An alternative might be to withdraw money using your UK bankcards, but you may incur charges for using these while abroad.
Using the International Banking Centre to open an overseas account before you leave the UK so that you have your bankcards ready to use on arrival means you can reduce the risk of carrying lots of cash and incurring charges.
4. Transfer your credit history
If you are an existing HSBC customer, or if you use the International Banking Centre to open an overseas bank account before you move, you may be able to transfer your credit history from the UK. This may not be possible if you waited until you arrived in your new country to open an account. Using the International Banking Centre not only means you’ll be able to continue your banking relationship with us when you move, it may also make it easier to apply for credit, should you need to, in your new home country.
5. Get around the language barrier
If you don't speak the language of your new country, the task of ordering a cup of coffee – let alone opening a bank account – can be a daunting one. There may not be any English-speaking advisers working in the bank you go to, in which case getting guidance on the best account to suit your needs and understanding what you’ll need to provide could prove difficult.
At the International Banking Centre, we can guide you through the account-opening process from the UK and explain any important differences in the way banking is run in your new home country. As well as English, our specialist advisers speak a variety of other languages, so we can take you through all the necessary requirements in a way that is most familiar to you. Then, when you’ve arrived, we can arrange an appointment with your local HSBC branch to discuss any additional needs you might have. We can also refer you to our offshore mortgage team if you are thinking of buying property abroad.
More information
A charge of £100 applies for this service. This is free for HSBC Premier and reduced to £50 for Advance customers, UK students and children under 18 years of age.
You can call the International Banking Centre on 0845 607 6706, Monday to Friday 8am to 8pm and Saturdays 10am to 3pm (excluding bank holidays).
If you are a Premier customer, contact your relationship manager, who will be happy to introduce you to the International Banking Centre.
Related links:
Meet our International Banking Centre team. Watch the video.
To find out more about buying a home abroad, visit the HSBC overseas property page.
