Banking as an Expat: Setting Up Accounts, Managing Currencies, and Staying Compliant

Banking is one of the most immediately practical challenges of an international move. The ability to manage money in multiple currencies, maintain financial connections in the UK, and establish banking in your new country are all foundational to a smooth relocation. For HNW individuals, the complexity increases: international account relationships, investment accounts, property-related payments, and regulatory compliance obligations all need to be considered before you leave.

Maintaining a UK Bank Account

The first and most important piece of advice for any expat is this: do not close your UK bank account before you leave.

Once you are non-resident, opening a new UK bank account becomes very difficult. UK banks are required by financial crime regulations to verify your address, and a foreign address creates friction in the onboarding process that most high-street banks resolve by simply declining the application. Existing accounts held by long-standing customers are generally maintained, but banks retain the right to close accounts if they determine a customer no longer meets their risk criteria.

Your UK account remains essential for:

• Receiving UK employment income, pension payments, or rental income from UK property
• Paying UK mortgage payments, service charges, or property management fees
• Making HMRC payments (Self Assessment tax, NIC voluntary contributions)
• Maintaining a UK financial footprint, which is important if you plan to return

Before you leave, speak to your bank about your intended move. Do not hide it — banks discover non-residence through various triggers (foreign mailing addresses, foreign IP logins) and undisclosed non-residence can lead to account closure. Many banks will maintain your account under a "non-resident" classification.

Opening an Account in Your Destination Country

Requirements for opening a bank account abroad vary significantly by country and institution, but typically include:

• Valid passport
• Local address proof (tenancy agreement, utility bill, or employer letter)
• Residence visa or permit
• Employment contract or evidence of income
• In some countries (notably UAE, Singapore), the account can only be opened once you have your residency visa, which may take several weeks after arrival

UAE: Most major banks (Emirates NBD, ADCB, FAB, Mashreq) offer expat current accounts. Private banking services are available from Emirates NBD, HSBC, Standard Chartered, and others for larger balances. The UAE is a cash-oriented society for some transactions but card infrastructure is excellent.

Singapore: DBS, OCBC, and UOB are the main local banks. HSBC, Standard Chartered, and Citibank operate as full-service banks with strong expat client bases. Opening accounts typically requires your Employment Pass or Dependant's Pass.

Spain, France, Portugal: Local banks (Santander, BBVA, BNP Paribas, Millennium BCP) are available but can be bureaucratic. As an EU resident, you have the right to a basic payment account at any EU bank under the Payment Accounts Directive.

Thailand: Thai banks (Bangkok Bank, Kasikorn Bank, SCB) require a Non-Immigrant visa and, ideally, a work permit or proof of income. Some banks offer accounts for retirees with a retirement visa.

Expat-Friendly International Banks

Several banks position themselves specifically for internationally mobile individuals:

HSBC Premier / HSBC Jade is arguably the most useful bank for expats. An HSBC Premier relationship (requiring a qualifying balance or mortgage relationship) gives you access to Premier accounts globally — if you bank with HSBC in the UK and move to Singapore or UAE, an HSBC Premier relationship in your new country is significantly easier to establish. HSBC Jade is the higher-tier private banking proposition.

Barclays International offers international banking services from its Isle of Man and Guernsey operations. Accounts are held in a UK-regulated but Channel Islands-domiciled structure, suitable for non-UK residents maintaining sterling and foreign currency accounts.

Standard Chartered has a strong presence across Asia, the Middle East, and Africa, making it a useful bank for expats in those regions. International account relationships are possible for existing priority banking customers.

Citi International Personal Bank (from Luxembourg) offers multi-currency accounts for internationally mobile individuals, with no requirement for physical presence in any particular country.

Multi-Currency Accounts and Fintech Solutions

For managing day-to-day transactions in multiple currencies, fintech solutions have transformed the landscape:

Wise (formerly TransferWise) offers a multi-currency account holding 40+ currencies, a debit card with real mid-market exchange rates, and international transfers at low cost. It is not a full bank account (no direct debit, limited credit options) but is excellent for managing international transfers and avoiding currency conversion fees.

Revolut Metal / Ultra offers similar multi-currency functionality plus features including travel insurance, airport lounge access, and cryptocurrency exchange. The Metal and Ultra tiers charge monthly fees but offer higher transfer limits and fee-free currency exchange within generous monthly limits.

Starling Bank (UK) offers a UK current account with no foreign transaction fees on card payments abroad and fee-free ATM withdrawals up to £300 per day. As a full UK bank account, it is more useful than Wise for receiving UK income. Note Starling may restrict accounts if non-residence is detected and not disclosed.

Halifax Clarity Credit Card is worth carrying for foreign currency spending. It charges no foreign transaction fees on purchases, making it one of the cheapest cards for international use. Note it charges interest from the day of withdrawal on cash transactions.

Foreign ATM Charges

Standard UK bank debit cards typically charge 2–3% foreign transaction fees plus a fixed ATM fee (£1–£2 per withdrawal). For expats making frequent ATM withdrawals abroad, this adds up quickly.

Alternatives:

• Starling Bank debit card: zero fees on foreign ATM withdrawals (with daily limit)
• Wise card: free ATM withdrawals up to £200/month, small fee thereafter
• Charles Schwab (US): their international account reimburses all ATM fees globally — excellent for US-based or US-connected clients

FATCA and CRS Compliance

If you hold accounts in multiple countries, you will be subject to international financial information-reporting regimes:

FATCA (Foreign Account Tax Compliance Act) is a US law requiring foreign financial institutions to report accounts held by US persons to the IRS. If you are a US person (citizen, green card holder, or meeting the substantial presence test), every bank account you hold worldwide may be reported to the IRS. Non-disclosure carries severe penalties.

CRS (Common Reporting Standard) is the OECD's multilateral equivalent, adopted by over 100 countries including the UK and most EU states. Financial institutions in CRS-participating countries exchange account information with the tax authorities of their customers' countries of residence. If you are UK tax-resident, your overseas accounts are reportable to HMRC. If you are non-UK-resident with UK source income, the UK authorities receive information from your country of residence.

CRS and FATCA are not optional. When a bank asks you to complete a self-certification form declaring your tax residency, this is a legal requirement. Completing it accurately is important — false declarations are a criminal offence.

KYC Documentation Pack

Prepare a comprehensive Know Your Customer (KYC) documentation pack before leaving the UK. You will need this for bank account openings, insurance applications, and many other financial services relationships abroad:

• Certified copy of passport (full document including all pages)
• Certified copy of UK driving licence
• Two most recent utility bills or bank statements showing UK address
• Employment contract or letter from employer confirming salary and role
• Most recent two years' UK tax returns or P60s
• Source of wealth statement (for private banking or larger accounts)
• Corporate documents if relevant (shareholder certificates, board resolution)

Certification from a UK solicitor, notary, or accountant is often required. Apostille certification (for use in Hague Convention countries) may also be needed. Prepare these before you leave as obtaining them from abroad adds cost and delay.

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Important: Banking regulations, account eligibility criteria, and financial reporting obligations change regularly and vary by country. The above is general guidance only. Take professional advice before making decisions about account structures, tax declarations, or international financial arrangements.

How Global Investments Can Help

International banking and currency management sit at the intersection of practical logistics and strategic financial planning. At Global Investments, we work with clients whose financial lives span multiple jurisdictions and understand the complexity of managing banking relationships, currency exposure, and regulatory compliance while living abroad. We can introduce you to private banking contacts, specialist expat financial advisers, and currency management services suited to your situation. Contact our team to discuss your requirements.