How to Open a UK Bank Account from New Zealand
Our comprehensive guide compares traditional banks and modern alternatives like Wise to make opening a UK bank account hassle-free and efficient. We explain the process step-by-step to let you move forward with confidence.
Updated 20 June 2024
Summary:
To help you understand your options before you leave for the UK, our guide covers:
Related guide: Moving to London and the UK from New Zealand
Disclaimer: Wise is a non-bank payment provider.
Summary:
- The options are simple - get an account fast and in advance of leaving New Zealand, or do it the traditional way - think forms, delays while you get documents to prove your UK address, and a bunch of hassle after you arrive.
- UK banks are known for preferencing valuable clients (e.g. those who borrow to buy a house, get credit cards and/or a loan), whereas New Zealanders moving to the UK for a few years are not seen as profitable. This contributes to the fact that there's no easy process to get a bank account because banks aren't financially incentivised to do so.
- Many New Zealanders waste time in the UK by not getting organised before leaving New Zealand. Given the complexity and general misinformation around signing up for a UK bank account, we suggest following our guide and considering our fast-and-transparent option, the Wise UK account. MoneyHub's team members, friends and family have been using Wise for 3+ years and are very positive about how easy it is to open a UK bank account once you're a customer.
- Important: There is a belief that you need a National Insurance (NI) number (like an IRD number) to apply for a UK bank account. This is not the case - you can apply to join a main bank or 'neo' (online) bank without an NI number. However, you'll need a proof of address in many cases, which can take time to source.
- Our view is simple - you'll likely join a British bank once you establish yourself in the UK and settle in a month or two after arriving, getting a proof of address, tax details and signing a flat/room lease etc. However, before then, Wise's offering, low money transfer fees and ease of setup are unrivalled for a ready-to-go solution for anyone moving to the UK which gives you a UK account without the hassles of waiting to collect documents. In short, you can load it with GBP, get paid into it, use a card all over the UK without paying fees (if you've loaded GBP) and use it around the world too as a travel money card.
To help you understand your options before you leave for the UK, our guide covers:
- Step-by-Step Guide to Opening a UK Bank Account from New Zealand
- UK Bank Accounts for New Zealanders
- Frequently Asked Questions
Related guide: Moving to London and the UK from New Zealand
Disclaimer: Wise is a non-bank payment provider.
- Per its website, Wise is not a bank. In the UK, Wise is licensed as an Electronic Money Institution, and regulated by the Financial Conduct Authority (FCA), much like banks are. Wise does, however, function in a similar way to any bank.
- When you put money in your Wise account, it's kept in bank accounts completely separate from the ones used in the everyday running of the business. Wise is a multi-billion dollar company with its shares traded on the London Stock Exchange. However, New Zealanders have asked about the safety of their Wise account money (as outlined by this Reddit post from December 2022) which further explains how Wise operates.
- We remind MoneyHub users that a Wise account doesn't allow direct debits and overdrafts, but it does pay interest on GBP deposits. However, given the speed of setting it up and the ability to arrive in the UK with a fully functional account, we believe what Wise offers is far superior to any other solution.
MoneyHub Founder Christopher Walsh shares his views on opening a UK Bank Account before leaving New Zealand:
"There are two ways to arrive in the UK - with a bank account set up, a functioning debit card, and NZD to GBP money transfers sorted out (option 1), or without a bank account fully signed-off and therefore the need to wait for a UK proof of address to materialise, visit a branch, get your card and figure out how to transfer money to your new account (option 2). I would always go with option 1 to avoid the hassle, so I'm a huge fan of the Wise account over the traditional and arguably time-consuming approach.
Unlike British banks and their account establishment demands, Wise offers a British bank account in minutes. It is fast, convenient, and simple - you can apply in New Zealand for an account and then open a UK bank account in less than twenty minutes. You'll get a debit card posted to you in New Zealand, a digital card, integrations with Apple Pay and Google Pay, and an app to live-track payments you receive and make. Wise is more than a bank account - it's also far more cost-effective to transfer NZD to GBP using Wise than any bank, and the money moves much faster. If I were moving to the UK in the next few weeks, my first step would be to join Wise. The service and solution are convenient, and all the benefits are unrivalled. Wise is also free to join, and you can get a GBP account for free. However, if you want the physical debit card, there's a one-off cost of NZ$14. Otherwise, there are no signup costs. Your Wise account comes with GBP account details - our video explains this more:
My view is simple - a Wise account offers a quick signup and approval process, great value transfers and a debit card in your hand before flying to the UK. No UK bank comes close to offering any of these important benefits. And we don't see that changing any time soon. |
MoneyHub Founder
Christopher Walsh |
Step-by-Step Guide to Opening a UK Bank Account from New Zealand
The typical process for most New Zealanders is as follows:
- Choose a Bank: Many of the major banks in the UK offer similar services for standard accounts. Your primary consideration should be finding a bank with which you feel comfortable. Leading UK banks popular with New Zealanders include Barclays, HSBC, Lloyds and NatWest.
- Complete the Application (within the UK) by Visiting a Branch and Verifying: Prepare the necessary documentation, usually including your passport and a UK address (you usually need to prove it with an official document, and your bank cards will be sent to this address). Visiting a bank branch to verify your identity and activate your account is essential. Until this step is completed, the bank won't provide you with an account number or a debit card.
UK Bank Accounts for New Zealanders
The banks below offer accounts to New Zealanders arriving into the UK, but for all of them you'll need to visit a branch to get verified and set up. Generally, each bank will require:
Know This: Most banks also won't offer overdrafts, and in some cases the bank account may have some limitations around sending outbound International Money Transfers.
The alternative is the Wise account, which can be set up in 15-20 minutes from New Zealand and is a completely different experience compared to the 'high street' British banks, and one which we're very excited about sharing with New Zealanders heading to the UK.
- A UK residential address
- Valid form of ID such as a New Zealand Driver Licence, New Zealand/International passport
- UK mobile number (starts with 07)
Know This: Most banks also won't offer overdrafts, and in some cases the bank account may have some limitations around sending outbound International Money Transfers.
The alternative is the Wise account, which can be set up in 15-20 minutes from New Zealand and is a completely different experience compared to the 'high street' British banks, and one which we're very excited about sharing with New Zealanders heading to the UK.
Barclays
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HSBC
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Lloyds
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NatWest
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Wise
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Know This: Some New Zealanders have previously used HSBC to open a UK bank account. However, in June 2023 HSBC announced it was exiting New Zealand so this is no longer an option. However, in comments around the news, one reader confimed that he/she "was able to apply, authorise and credit a WISE multicurrency account and receive a virtual Visa debit card in 15 minutes entirely online with no problems at all". This is consistent with our experience with Wise and the reports we've received from MoneyHub users. Our Wise review has more information.
Important: If you're planning to transfer money from a New Zealand bank account to a British bank account, it's crucial to consider the varying fees and foreign exchange rates between different services. Wise and traditional banks, for instance, have significant differences in this aspect. Our informative video below highlights these differences, helping you make a more informed and cost-effective decision:
Important: If you're planning to transfer money from a New Zealand bank account to a British bank account, it's crucial to consider the varying fees and foreign exchange rates between different services. Wise and traditional banks, for instance, have significant differences in this aspect. Our informative video below highlights these differences, helping you make a more informed and cost-effective decision:
MoneyHub Founder Christopher Walsh shares his views about using a Wise Account:
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MoneyHub Founder
Christopher Walsh |
Frequently Asked Questions
As a New Zealander, you can open a UK bank account. Traditional British banks all require you to be in the UK to finalise the process, while alternatives like Wise allow you to do everything online before arriving. The questions below are published to help make sense of related concerns:
Will I need a UK address to open a bank account?
While most British banks usually require a UK residential address, some, like Wise, do not require this. However, you don't need a lease or rental agreement to provide an address to any bank - a typical bank requires a gas, electricity, water or landline telephone bills (not mobile) to prove an address, which can be difficult for any new arrival.
Can I open a UK bank account online from New Zealand?
No - with the exception of Wise, all UK banks need to see a proof of ID and proof of UK address meaning you'll need to wait to get to the UK to open an account.
Do I need a National Insurance (NI) number to open a bank account?
No - but given you'll likely be asked for a proof of address, many new arrivals to the UK use their NI number confirmation to satisfy that requirements.
Can I transfer my New Zealand credit history and records to the UK?
No - credit records are not transferable between countries. You will need to build a credit history from scratch in the UK.
What are the fees for transferring money between my New Zealand and British bank accounts?
This depends on your bank. Our guide to money transfers has more details - the banks are not competitive compared to alternatives like Wise, which use the real exchange rate and charge a low, transparent fee.
How long does it take to set up a UK bank account?
The time it takes to set up a UK bank account can vary; it's likely to be at least 1-2 hours when you arrive in the UK, but then you'll need to wait for ID checks and cards to arrive. With Wise, you can set up an account in about 15-20 minutes.
Can my salary be deposited into my new UK bank account?
Yes, once your bank account is set up and active, your salary can be deposited directly into your UK bank account.
Related guide: Moving to London and the UK from New Zealand
Related guide: Moving to London and the UK from New Zealand
MoneyHub Founder Christopher Walsh shares his views about using a Wise Account:
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MoneyHub Founder
Christopher Walsh |