Opening a GBP bank account

Explore your options for opening a GBP bank account, whether for personal or business use.

Rachel Wait's headshot

By

Rachel Wait

Updated

Fact checked

If you’ve recently moved to the UK or you’re setting up a business here, you might be looking to open a bank account to manage your expenses and/or receive your wages in GBP.

If so, there are various options to explore, as this guide explains.

How to open a consumer bank account where you can deposit GBP

If you’ve recently arrived, or are soon to arrive in the UK, it can be worth opening a GBP bank account as soon as possible. Doing so means you can provide your employer with your bank account details straight away, so there are no delays receiving your salary. Opening a GBP account also means you’ll pay lower fees when withdrawing cash in the UK, and when making payments to local accounts.

Depending on the provider, you may be able to open a bank account online before or after you come over to the UK, or on the phone or in branch once you’ve arrived.

If you open an account in branch, you’ll need to bring with you a valid form of ID, such as a passport or national ID card. Many high street banks will also ask for proof of your address in the UK, such as a utility bill or tenancy agreement.

If you’ll struggle to provide proof of address, some of the high street banks, such as Lloyds, HSBC and Barclays, have international arms which means you can open selected accounts as a non-UK resident. You can often start your application online in your home country and then complete your application in branch once you arrive in the UK.

The downside is many of these accounts have strict qualifying criteria. This can include having several thousand pounds saved or invested with the bank or meeting a minimum income requirement.

Another option is to open your account online with a digital provider. You can usually do this via their app and you will need to provide a few personal details, as well as take a photo of your ID and upload this along with a selfie video.

Not all digital providers require proof of address – though you may still be asked for a UK address so that you can receive your bank card. In some cases, you may need to provide your visa details or proof of employment in the UK, or a letter from the university you’re attending if you’re a student.

Setting up your account with a digital provider is usually quick and easy and your account could be up and running the same day.

Revolut Standard

Revolut Standard

8.9 Great
Minimum opening balance£0
Account fees£0
Interest (AER)0% AER
Go to site Read review

To open an account with Revolut, download the app from the App Store or Google Play Store and then enter your phone number and create a 6-digit passcode. You'll be sent a text with a pin to enter into the app when prompted, and you'll then need to provide some personal details to set up your account. There are 5 different plans to choose from, including a free plan. Each plan offers different benefits, but all allow you to send money overseas in different currencies. This can be helpful if you want to send money back home. The free plan limits this to £1,000 a month, on weekdays, otherwise a fee applies.

How to open a business bank account where you can deposit GBP

If you’re setting up a business in the UK or your business deals with UK customers, opening a business bank account that accepts GBP makes it much easier for UK-based clients to pay you. Plus, you’re likely to save on transaction fees when making payments to local suppliers.

Although most banks will only accept applications from company directors living in the UK, if you’re a non-UK resident, some digital-only providers will still allow you to open an account. You can find out more about this in our dedicated guide to business bank accounts for non-UK residents.

If you are already living in the UK, you can choose from both traditional high street banks and digital providers. Again, it’s often quicker to open your GBP bank account online as high street banks tend to have longer application processes.

Typically you will need to provide:

  • Your business name and address
  • Companies House registration number if you’re a limited company
  • Certificate of incorporation
  • Personal details and contact information
  • A form of ID
  • Proof of address
  • Estimated annual turnover
Revolut Business Account (Basic)

Revolut Business Account (Basic)

8.7 Great
Minimum opening balance£0
Account fees£10 per month
Interest (AER)0% AER
Go to site Read review
£100 bonus when you add at least £0.01 to a new Revolut Business by 31 December 2026.

You can easily set up a Revolut business account via the app or online. Your business needs to be registered and have a physical presence in the UK, the EEA, or the USA. Revolut caters for freelancers and sole traders with its Revolut Pro account, but there are also 4 different plans to choose from if you're a limited company. They all charge a monthly fee. Each account supports more than 25 currencies, including GBP. You'll get a set amount of fee-free local transfers, depending on your plan, but you'll need to opt for a paid-for plan to benefit from no-fee international transfers. All accounts sync with accounting software, while the paid-for plans include Revolut BillPay.

Airwallex Multi-Currency Business Account

Airwallex Multi-Currency Business Account

8.3 Great
Account fees£19 per month
Interest (AER)0% AER
Go to site
Read review

You can open an Airwallex business account in minutes via the app on both Android and iOS. Your business doesn't have to be registered in the UK and you can hold and convert multiple currencies in your account, including GBP. This makes it ideal if you're trading in the UK and overseas. There are 4 plans to choose from, depending on what account features you need. However, all plans offer employee expense cards and free local transfers to more than 120 countries and domestic transfers. If you pay a fee for your plan, you can also benefit from integration with accounting software Xero, a dedicated account manager, and automated receipt and bill data extraction.

MultiPass

MultiPass

Account fees£25 per month
Interest (AER)0% AER
Go to site Read review

MultiPass offers a multi-currency account which can be ideal for handling UK transactions, as well as those in other currencies. You can have a local account in GBP, EU and USD under your company's name, plus you can receive, hold, convert and pay in more than 70 currencies. Once set up, you'll receive virtual and physical corporate expense cards which can be used for daily expenses and online purchases, and you'll also benefit from a dedicated account manager and 24/7 customer support. It's easy to open an account online by providing your company and personal details, but note that there's currently no corresponding MultiPass app.

Bottom line

Whether you’re coming to live in the UK or carrying out business here, it’s possible to open a GBP bank account to manage your finances. Digital providers often offer the quickest way to open an account, as you can manage the process online or via the provider’s app. They often have more lenient qualifying criteria too.

However, it’s important to shop around and compare accounts carefully to ensure you choose one that works for you, looking at both account fees and the features that come with it.

FAQs

Our “Best for” picks highlight top options in specific categories based on our independent evaluation (see our full methodology), while “Promoted” tags indicate sponsored placements. Selected products may not suit everyone. We track selected market offers, which may not cover every product. Products are listed in no particular order unless specified, and inclusion or ordering may be influenced by popularity or commercial agreements. Most comparison table data is provided by Defaqto or sourced directly from providers. Always evaluate your own circumstances and consider independent advice before making major financial decisions.
Rachel Wait's headshot
Written by

Writer
Add to Preferred Sources

Rachel Wait is a freelance journalist and has been writing about personal finance for more than a decade, covering everything from insurance to mortgages. She has written for a range of personal finance websites and national newspapers, including The Observer, The Mail on Sunday, The Sun and the Evening Standard. Rachel is a keen baker in her spare time. See full bio

More resources on Finder

More guides on Finder

Go to site