You may establish a bank account at a central location that is headquartered in a country or territory that you do not presently live in if you have what is known as a non-resident bank account. Non-resident bank accounts are used to refer to these accounts. You can keep money in this account and make and receive payments.
There is a possibility that you may be able to open checking, savings, and investment accounts denominated in a variety of currencies. Most bank accounts available to non-residents have basic features such as mobile and internet banking and debit cards—several need you to pay a charge or fee, in addition to meeting specific qualifying requirements. Always make sure you’re familiar with the terms and conditions.
Why should you use a bank account if you do not live there?
When you are working and living outside of your native country, it may be difficult to keep track of your funds without the assistance of a non-resident bank account. For instance, if you were to relocate from your home in the United Kingdom (UK) to another country to work and find employment there and rent out your property in the United Kingdom.
While you are away, you might want to consider opening a bank account in the United Kingdom designated for non-residents so that you can receive the rental income and pay any obligations
you may still have in the United Kingdom. This may make it simpler for you to handle foreign money, and it may also enable you to connect the account held by the non-resident to the account held in your home country.
- A non-resident bank account might also be beneficial for the following reasons:
- Residing in or making plans to relocate to a different nation or territory
- Travelling between nations regularly for business purposes
- Holding assets (for example, investments or property) in a foreign country
- Providing financial assistance to family members who are residing or attending school outside the country
- Retirement in a foreign country with payment of a pension in a different currency
What are the advantages of establishing a bank account in a foreign country?
A non-resident bank account gives you various advantages in addition to giving you access to a bank account in a secure and central place.
- Easy and secure payment services
- If you relocate to a different country, there is no need to cancel and reactivate your account.
- The capability of managing international currency transactions in a straightforward and uncomplicated manner gaining access to the knowledge and financial recommendations of experts from other countries
Why take the account
Having a Fast Bank Non-resident bank account gives you flexibility and control over your funds when living or working in a foreign country. You will be provided with a sort code and account number compatible with the UK. This will allow the account to interact with the bank network in the UK, allowing you to set up direct debits and standing orders for any recurring obligations you may have in the UK.