When Aisha stepped off the plane at Heathrow, she was ready to begin a new chapter in the UK. She had a business plan, energy, determination and the confidence that comes from having built companies before. What she did not expect was that the first challenge she faced was not raising investment or understanding the market but simply opening a bank account.
Back home in Singapore the process took her about twenty minutes. In the UK, three weeks later, she was still attending appointments, submitting documents and trying to make sense of a system that seemed to require the impossible.
“I had proof of address, my passport, my visa, reference letters, everything,” she recalls. “But they wanted three months of utility bills in my name. I had only moved into my flat two weeks earlier. How was I supposed to have three months of anything?”
Her experience is far more common than many new founders expect.
The Chicken and Egg Dilemma
One of the first surprises international entrepreneurs face is how many aspects of UK life depend on having a bank account. You need one to rent a home, pay bills, receive income and operate your business. Yet to open the bank account in the first place you usually need proof of address, which typically means documents that take weeks or months to obtain. It is a circular challenge that can slow down even the most prepared newcomer.
Why the UK Banking Process Feels So Challenging
Although the experience can feel unnecessarily difficult, there are reasons behind it. The UK banking system has long been rooted in a culture of relationship based trust, where stability and familiarity mattered greatly. Even though banking is now digital and global, some of those expectations about proving you are firmly established in the country remain.
Regulation also plays a major role. After several high profile money laundering cases, banks became extremely cautious about verifying new customers, especially those arriving from overseas. The penalties for mistakes are significant, which means banks tend to take a conservative approach.
The post Brexit environment added an extra layer of caution. Banks became more careful with international applications, particularly when reviewing right to work or residency documents. For many newcomers, this means the process involves more checks and more patience than expected.
In some countries opening a bank account is almost a basic right. In the UK it is treated more as something granted once you can show that you are settled, reachable and part of the local system. Understanding this does not erase the frustration, but it helps explain why the system operates as it does.
Finding Your Way Through the System
For most international founders the smoothest route is to approach the banking journey in stages rather than expecting everything to fall into place immediately. Many begin by opening an account with a digital bank such as Monzo, Starling, Revolut or Wise. These are often more flexible with documentation and may accept your international address to get you started. The statements you receive from these accounts then become valuable proof of address for later applications with traditional banks.
During your first weeks in the UK it also helps to build a trail of official correspondence. Registering with a GP will generate NHS letters, which are widely accepted as proof of address. Letters from HMRC, including those related to your National Insurance number, are considered excellent documentation by almost all banks. If you are staying in temporary accommodation you can usually request an official letter confirming your stay, which is another useful piece of evidence.
Most founders find that the full process of setting up banking takes between six and eight weeks. It can feel slow at the time, but it becomes a useful introduction to life and business in the UK. Persistence, careful documentation and an understanding of the unwritten rules of the system will serve you well far beyond your bank account application.
Our Partnership With HSBC
Because this is one of the most common challenges Innovator Pulse founders face, we partnered with HSBC to offer more support at this crucial stage. HSBC has extensive experience helping new arrivals and international entrepreneurs navigate the process, whether you are opening a personal account, a business account or both - much of which you can do before you even arrive in the UK.
Their team understands the reality of arriving with limited documentation and can guide you through the steps more smoothly, helping you establish the financial foundations you need to grow your business here.
For founders like Aisha the early weeks can feel like an unexpected obstacle course, but with the right preparation and the right support the process becomes manageable. Once this first administrative hurdle is behind you, you can start focusing on what you came here to do, building a business that thrives in the UK.
Find out more about our partnership with HSBC:
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