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UK Banking Options

If you’re an NRI living in the UK—whether you just moved for work, are here as a student, or have been settled for years—getting your banking sorted is one of the first (and most important) things to do. From managing your daily expenses in pounds to sending money back home or keeping investments active in India, the right bank account makes life a lot easier. This guide breaks down your options, what you’ll need, and how to connect your financial life in the UK with India.

Your Banking Options in the UK:

1. Everyday Current Accounts

These are your go-to accounts for daily use—think salary deposits, paying rent, shopping, etc.

  • Available at banks like HSBC, Barclays, Lloyds, NatWest, and Monzo
  • Comes with a debit card, online banking, and sometimes perks like cashback
  • To open one, you’ll usually need your passport, UK address proof, and a visa
  • 2. Savings Accounts

Want to save in GBP? Most banks offer savings accounts with competitive interest rates.

  • Great for short-term or emergency savings
  • Some accounts offer better rates if you lock your money in for a while
  • UK tax residents may get tax-free interest up to a certain limit

3. International or Offshore Accounts

Need to manage money in multiple currencies? These accounts are designed for you.

  • Offered by global banks like HSBC Premier, Barclays International, Standard Chartered
  • Useful if you earn in one currency but spend or invest in another
  • May require higher income or a minimum balance to open

4. Indian Banks in the UK

Prefer working with a familiar name? Many Indian banks have UK branches:

  • SBI UK, ICICI Bank UK, Bank of Baroda UK
  • They offer direct access to NRE/NRO accounts, fixed deposits in India, and help with remittances
  • Some even let you open Indian accounts while you’re still in the UK

 

Sending Money to India

Need to send funds back home? You’ve got plenty of options:

  • Use your UK bank’s international transfer service
  • Or go with low-fee options like Wise, Remitly, Western Union, or MoneyGram
  • If you’re sending money regularly, NRE accounts in India make transfers smooth and tax-efficient

 

What You’ll Need to Open a UK Bank Account

Getting started is easy if you’ve got these handy:

  • Passport
  • UK visa or BRP (residence permit)
  • Proof of UK address (a recent utility bill, tenancy agreement, or bank letter)
  • Sometimes, a letter from your employer or university helps too

Taxes & Compliance: What to Know

  • Any income earned in the UK is taxable here
  • If you also have income in India (rent, interest, etc.), you might need to report it in the UK
  • Thankfully, the UK and India have a Double Taxation Agreement (DTAA) to avoid being taxed twice
  • Not sure where you stand? It’s worth speaking to a cross-border tax advisor