I need any advice re UK banking please

seaweed5254

Hello !

I'm just wondering if it's possible to open a savings or current account for somebody who is not a UK resident.

Thank you all in advance.

deemy2004

Yes it is

and you can claim to get the interest gross.
As you will need to declare it on your local tax returns.

seaweed5254

Thank you for your reply, deemy.

Would all banks approve of it ?

I am a UK resident, but my brother wants to open a UK savings account.

meheraltaf

I have had an account in the UK while I was in India,since I was little for a very long time, but was held in trust, my brother continues to hold an account though he is abroad and not a resident in the UK, so it should not be a problem for your brother though not being UK resident

But because of the money laundering and so on and so forth, the rules are pretty stringent these days. So in all shapes and forms they ask for security and proof of address . Here the security they ask is too much, the best bank is Lloyds and HSBC says some of my friends. But HSBC demands at least £5000 minimum deposit and Llyods £3000 I gather, at least what my brother who holds the account for sure asked to maintain, then there are service charges unlike UK residents we dont have. I am not sure of taxation of the interest.

If you belong to the EU, I suppose there are other regulations...

I am an Indian and Lloyds has excellant ties with ICCI and free transfer of money I hear. ICCI services in India are very good,never need to go to the bank, it comes to you to see you at home! So recently my brother switched to Lloyds. HSBC services are excellant but I am not sure if it has ties and links like Lloyds has in any other part of the world.

littlereddevil

I think HSBC is Hong Kong and Shanghai banking corporation so branches in most major cities around the world