25 Jul 2024
Looking for a bank to manage finances and send money to India from UK? Opening a bank account can resolve all your financial issues. Expats in the UK often need clear guidelines about managing their income because of the new economic environment. The UK has a complex tax regulatory system. You have to pay different types of taxes, and banks help you to pay your bills and taxes. In short, opening a bank account is a necessary part of life in this digital era.
There are almost 350 banks in the UK, and 99.5% of people have a bank account. It shows that the UK's population strongly relies on the banks for financial purposes. The UK is a technologically advanced country where digital banking is the new trend. You can manage everything with your digital bank accounts with the ease of your own hands. Many popular banks in the UK help expats meet their needs. Scroll down to learn about the top 5 UK banks for Indian expats:
According to the statistical research of 2021, nearly 370 thousand Indian expats are living in the UK. These immigrants aim to look for a better life while helping their families by making online money transfers from UK to India. A bank account can help you send money abroad, pay bills, taxes, insurance installments, or lend money. In a crisis, you can reach your bank services to borrow money. The following five banks are the most popular banks with various benefits:
HSBC is one of the most significant banks in the UK, with an extensive network and branches across the globe. It has branches in 60+ countries and more than 40 million customers globally. Creating a bank account in HSBC is easy. It offers a wide range of bank accounts. You will find sub-categories in saving, current, and international banks.
One of the best things about an HSBC account is that you can use its card outside the UK. It allows you to send payments internationally, help pay your loans and taxes, and lend money. You can make investments through HSBC and grow your money. It has overall assets of 2.966 trillion USD. There is no fee for creating a bank account, and it supports multi-currency transactions.
Barclays is among the top five biggest banks in the UK and is also an ancient bank because it started in 1690. It has more than 1500 branches in the UK and 55 locations globally. Barclays offers numerous services for expats to make their financial lives easier. It has a small account maintenance fee and no account opening fee.
Barclays facilitates flexible banking by providing people with practical solutions for investments and savings. It also lends money to people for different purposes, such as setting up a business or buying a home. The total assets of Barclays Bank is 1.513 trillion.
Expats often need banks to manage their daily financial challenges. Lloyds Bank's international accounts are specially created to offer the best service for sending money online to India from the UK. Lloyds Bank is the best option for expats to manage routine expenses. It has a maximum of 500 branches and a massive ATM network to help people withdraw money anytime from nearby locations.
Lloyds Bank started in 1765 and is among the best retail banks. It has different account options for everyone. You can create a personal, International, or business account, keeping your priorities in mind.
The Santander UK bank caters to the needs of expats by offering international banking services, including currency exchange and digital banking facilities. Expats can manage cross-border finances through this bank and enjoy easy account handling.
Santander UK Bank originated in 2004. It's an international bank that facilitates individuals by providing mortgages, cross-border services, and helping people deal with their expenses. It has a vast investment network, which means you can also get profit by investing your money in
Santander UK Bank.
As an Indian expat, you must be careful when choosing the type of bank account. Following are the common account types for Indian expats:
A Savings account can help you secure money so you can frequently send money online to India from UK. You can keep your money in savings accounts for a long time without any deductions.
A current account is a type of account used to manage daily expenses like shopping, transportation, or grocery bills. By opening a current account, you can enjoy using a credit or debit card for easy payments of your essentials.
Most of the recognized banks in the UK have special accounts for expats, either foreign currency or international accounts. These accounts are specially created to cater to the needs of expats, convert multiple currencies, and send money globally.
Opening a bank account can be very beneficial and serve the following purposes:
You can transfer money through ACE Money Transfer, which offers zero fees on the first transaction and competitive exchange rates. Simply register an account on ACE’s user-friendly website or mobile app. You can send money back home within minutes, ensuring your loved ones receive support during emergencies. It's the fastest way to send money online. ACE facilitates its users by providing quick and secure transactions.
There are numerous banks in the UK, but choosing the right one is essential. Almost all the banks offer the same services, but reputable banks offer high services at low rates. HSBC is one of the most famous banks in the UK, known for its extended network and global reach. It provides countless services to expats to send money at low cost and high speed. The digital era has made banking a more straightforward process. Many banks don't even charge a fee for account creation, and the account maintenance fee for almost all banks is around a few dollars.
Learn more: How to set up and modify Your Account on the ACE Money Transfer App.
Banking has become an integral part of today's life. You need a bank for transactions, paying bills, rent, and taxes. Creating a personal account can resolve your maximum financial issues because you can estimate your expenses. Moreover, banks keep sending notifications and alert messages whenever you debit a certain amount. It keeps you vigilant and updated about your bank credentials. Opening a bank has become necessary for expats so they don't leave things unsaid. The struggle is about something other than opening a bank account. It's about choosing a reliable account to meet your needs.
Always search for the account types first, so you must know your priorities. After that, compare different banks and look for their pros and cons. Check for their services and account creation and maintenance fees, and choose the one you feel is suitable. Banks like HSBC, NatWest, International Bank, Santander UK, Lloyds Bank, and Barclays Bank are the top banks in the UK. They are famous for their outstanding services for expats and global connectivity. Almost all these banks have international branches and deal in different currencies. So, you can make an instant money transfer while enjoying your money transfer from UK to India using any of these.
Indian expats can open their accounts in the UK. Expats in the UK are eligible to create a bank account and manage their finances through it.
There are many banks in the UK, but HSBC, NatWest International Bank, Santander UK, Lloyds Bank, and Barclays are the best banks in the UK.
To create a bank account, you need identity documents like a passport and proof of address in the form of official letters like bills and employment letters.
It is not necessary, but having a bank can help you settle your financial disputes. For example, you can transfer remittances digitally and pay through banks instead of carrying cash.
Banks facilitate international remittance transfers to India from the UK. You can also open a foreign exchange account to send money to India frequently.
