Financial services when you move
There are several financial services you need to set up when you’re moving home. Find everything you need to know from what services you need, how to find a good service provider, to financial services you need to notify when moving home.
Set up financial services when moving
When you move to a new home, especially if you’re relocating to the UK for the first time, there are several financial services you’ll need to set up.
From banking, foreign exchange to credit score building, here’s everything you need to know to get your finances in order after a move.
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About 50% of UK households do not have a contents insurance policy. This means no protection for their valuables in the event of an emergency. Learn more about contents insurance here.
What financial services do I need to set up?
Banking
You should set up a UK bank account to manage day-to-day finances, receive your salary, and pay bills. Consider Expat banking services if you regularly travel or receive funds from different currencies.
Credit score
Establish or improve your credit score to access better financial products and services in the future. You can do this by registering to the electoral roll, setting up a credit card, or taking mobile contracts.
Foreign exchange
Consider foreign exchange services, or an expat bank account to transfer money between countries efficiently if you’re moving internationally or need to send money abroad.
Insurance
Contents insurance protect your valuables from theft and accidental damages. Depending on your needs and circumstances, you may also consider health insurance.
Do I need a UK bank account?
If you’re living in the UK, having a local current account is essential.
A current account is where your salary and pensions are usually paid. You can set up direct debits or scheduled payments to make purchases or pay bills.
More than 97% of the UK’s adult population holds a bank account. Without one, you may face difficulties setting up direct debits for utilities, receiving your salary, and establishing a credit history.
Most banks offer new current accounts without charge. Some banks may offer you perks like cash back, free gifts or higher interest rates.
How much does it cost to open a bank account?
Most standard UK bank accounts are free to open and maintain, though some premium accounts charge a monthly fee for additional benefits. Digital banks like Monzo and Revolut offer free accounts with no monthly fees.
Standard current account
For everyday banking needs with debit card, online banking, and direct debits.
Digital bank account
Mobile-only accounts offering quick setup, and easy management through app or online.
Expat account
Multi-currency accounts designed for non-UK residents, frequent travellers or those who’ve recently moved to the UK.
What information do I need to set up a bank account?
Proof of identity
Passport, driving license, or national ID card.
Proof of address
Utility bills or tenancy agreement (usually within the last 3 months).
Residence status
Visa or residence permit for non-UK/EU nationals.
Contact details
Phone number, mailing address and email address.
How do I build a credit score in the UK?
A good credit score is crucial for accessing financial products like mortgages, loans, credit cards, and even subscription and service contracts.
For newcomers to the UK or those who’ve never had credit before, building a credit history can be challenging.
To build a credit score as someone new to the UK, open a bank account, register to vote, get a credit card (especially a credit builder card), and pay all your bills on time. There are also credit building services available, such as Canopy Grow – they submit your rent payments to credit agencies to help build credit rating.
Build credit score with a mobile contract
Taking out a mobile phone contract can help establish credit, as long as you pay your bills on time. You can set up direct debits for regular payments to ensure you don’t miss any payments.
New to the UK? Taking out a mobile contract can help build your credit score.
Open a bank account
A bank account demonstrates a reliable ongoing relationship with a financial institution and proves you are a UK resident.Â
Register to vote
Being on the electoral roll helps lenders verify your identity and address, which is a quick and easy way to boost your credit score.Â
Credit building services
Canopy Grow helps renters build their credit history by reporting their on-time rent payments to credit agencies.
Foreign exchange services in the UK
If you’re moving to the UK from another country, you may need to transfer money between currencies.
Standard banks often charge high fees and offer poor exchange rates, so dedicated foreign exchange services can save you money.
How much does it cost to send money abroad?
Costs vary widely depending on currency, destination country and amount transferred. Transaction fees can be charged in a fixed fee, or a percentage (may be capped).
Fees tend to increase the amount of money being transferred – it’s best to check with your banking provider or FX service provider. For example, HSBC charges £5 for international transfers outside the EEA, and Halifax charges £9.50 for international transfers other than euros.
Looking for an Expat account? Check out HSBC Expat banking
Compare fees & exchange rates
Your bank’s exchange rates may not be the most competitive. Research and compare rates and fees from different foreign exchange providers, including brokers and specialised currency transfer services.
Check for discounts
Some providers offer zero-fee transfers, which can significantly reduce costs, especially for larger amounts.
Check provider reputation
Look for a provider that is reputable and regulated, especially if you’re transferring large sums of money.
What information do I need to set up a bank account?
Banking services
Update your details as soon as possible to ensure you receive statements, new cards, and other important documents, and to prevent potential security issues.
Your employer
For important tax documents, salary, pension and to keep an accurate record.
Credit card providers
Update your address with all credit card providers to ensure you receive statements and avoid any issues with payments or fraud.Â
Loan providers
Notify any companies you have loans with of your new address.
Pension providers
Inform both private and government pension providers of your new address to ensure you receive pension payments and important documents.Â
Investment platforms
Update your details for ISAs, share dealing accounts.
HMRC
Update your address with HMRC to ensure you receive tax-related correspondence and avoid any issues with your tax return or National Insurance.Â
Insurance companies
Update your details for home, contents, car, health, and life insurance.
Set up utilities and financial services when you move
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