Non-resident UK Bank Account options that don't require massive minimum balance?

[Deleted User]

Hi - I am looking for some suggestions for a non-resident UK bank account - key points:

- Minimum balance and/or service fees as low as possible

- UK regulated bank with sort code/acct number/etc eg not Wise, Revolut

- Don't need fancy products/perks - just a simple bank account

- Reputable bank/good service

Barclays International and HSBC have too high of a minimum balance £100k and £50k respectively. Lloyds International seems to be only £25k but with a monthly service fee of £7.50. Searching the forum there were others such as NatWest International however this has been shut down.

Wondering if there are any others to look into?

Thanks in advance

Daliah

I am afraid, you won't get a 'proper' UK current account as a non-resident. Your options would be offshore accounts, as you have already established, or - depending on where you are resident - you might be able to find a bank in your country of residence which offers a multi-currency account, similar to Wise. 

As an aside, Wise and Revolut are UK regulated and do give you a UK sort code and account number, just their licence is for an e-money institution as opposed to a bank. Revolut may or may not soon become a UK bank as they have applied for a UK banking licence quite a while ago.

[Deleted User]

what I meant by proper current account is a banking license - so Barclays International for example is a 'proper' account, wise/revolut are not.  Need this as I need to pay a UK mortgage and payments cannot come from an e-money institution

I thought something like Monese would work however whilst they're regulated by the FCA, they are not a bank

Hence looking for suggestions and experiences here

ellenvan

Most of the UK banks have offshore options in the Isle of Man and Jersey , would they work? No minimum requirements that I know of at HSBC offshore in the Isle of Man?

[Deleted User]

Yes, they would work. That's what I put in my first post above - I am looking for other options and suggestions.

So far I know of

Barclays International / 100k min

HSBC Expat / 50k min

Lloyds International / 25k min

NatWest International / 25k min

Any others?

grumbler

Can you explain why "UK mortgage ... payments cannot come from an e-money institution"?

eDicky

MitzEclipse said:

Any others?

https://www.santanderinternational.co.uk/international/products/current-account/

£75k Min.

[Deleted User]

grumbler said:

Can you explain why "UK mortgage ... payments cannot come from an e-money institution"?

A CI or IOM bank account won't necessarily be a branch of UK registered bank. Many will be independent or subsidiaries i.e. legally distinct.

Just60

Where are you resident? If in EU, HSBC (UK) basic bank account is open to both UK and EU residents (currently)?

[Deleted User]

Deleted_User said:

grumbler said:

Can you explain why "UK mortgage ... payments cannot come from an e-money institution"?

A CI or IOM bank account won't necessarily be a branch of UK registered bank. Many will be independent or subsidiaries i.e. legally distinct.

Well, for example, Barclays International I can pay a UK mortgage, but I cannot setup Wise or Revolut to pay the UK mortage... it requires a UK bank

grumbler

MitzEclipse said:

Deleted_User said:

grumbler said:

Can you explain why "UK mortgage ... payments cannot come from an e-money institution"?

A CI or IOM bank account won't necessarily be a branch of UK registered bank. Many will be independent or subsidiaries i.e. legally distinct.

...but I cannot setup Wise or Revolut to pay the UK mortage... it requires a UK bank

Why? Revolut say that they do DDs. And I don't think that a DD is the only way of making mortgage payments. I randomly checked one provider and they accept card payments and bank transfers.