Opening a bank account has never been easier. There are a number of ways in which it can be done. There’s the usual way which is going into a physical high street bank and speaking to someone inside about opening an account.
With technology advancing, it is also possible to open an account online through websites and/or mobile applications.
Before getting started though, there are several pieces of information that will be needed.
And you should also know different types of banks in banking to open the right one.
Information: Whenever someone opens a bank account, the provider will almost always ask for certain information and perhaps even documentation.
Any bank, physical or online, will always need your personal details.
This includes your full name, nationality, contact details, and date of birth. Depending on your location there may also be other details, such as national insurance number if you’re in the UK or in the US, you may need your social security number.
In addition to all of this, certain banks require you to be a permanent resident of the country.
This means they could ask for proof of address such as a recent utility bill, mortgage statement, a government letter, or a bank statement. Furthermore, proof of identity will be needed.
Most banks will accept things that everyone has. Passports, driving
Opening The Bank Account
Depending on whether you opt to open an account in-person or online, there are different steps needed to be taken.
The very first step for either one is gathering all of the above information and ensuring you have in on-hand so when someone asks for it, it’s quick and easy to hand over and get on with opening the account.
In a physical bank, you will be walked through the process step-by-step. You will often be presented with a number of choices along with the advantages and disadvantages of each one, what each one offers, and which will be suited to your situation.
It is then up to you to decide on the type and specific account you wish to open.
After that, you will probably be needing all your personal details and documentation. The bank worker will then take all your details down and open the account for you.
You will be given further instructions as to how to proceed, depending on the account opened. If the account comes with a credit or debit card, this will usually be sent to your address at a later date.
You could also be given details about logging into online/mobile banking if the bank offers that service. There may also be a number of other ways to manage the account such as by post, in-person, or even by telephone.
This will be covered at the time of opening.
Opening an account online is fairly similar. After inputting all the details, you will be asked for
As everything is being done online, you will likely need to photocopy or scan these documents in.
After it’s all approved, you will have a working bank account from which you can receive income in, transfer money in to from other accounts, or withdraw funds.
That concludes this guide on opening a bank account. That’s it. It really is as simple as that!