Banking in the UK for Canadians: Accounts, Credit, and Getting Your Money Across

The UK banking system is well-developed and, once you're set up, genuinely convenient. Faster Payments means instant transfers, contactless is everywhere, and mobile banking apps are excellent. The tricky part is getting started without a UK address or credit history. Here's how to sort it.

Opening an Account Before You Arrive

Traditional UK banks typically require a UK address to open an account, which creates a chicken-and-egg problem. But there are options for Canadians arriving without one:

• Monzo - digital bank, can be opened with just a passport and a selfie. No UK address needed initially. Widely used by newcomers
• Starling Bank - another digital bank with a straightforward application. Passport-based verification
• Revolut - multi-currency account, useful as a bridge between CAD and GBP. Can be set up before you leave Canada
• HSBC - if you bank with HSBC Canada, you can arrange a UK account through their international banking service before you move

Traditional Bank Accounts

Once you have a UK address and proof of it, you can open an account with a high-street bank. The main ones are Barclays, HSBC, Lloyds, NatWest, and Santander. You'll need:

• Passport
• Proof of UK address (utility bill, tenancy agreement, or council tax bill)
• Visa or proof of right to reside

Current accounts (the UK term for chequing accounts) are free. No monthly fees, no minimum balance. This is standard across all major UK banks and a nice change from Canadian banking.

Everyday Banking Differences

• No monthly fees - standard UK current accounts are free. No minimum balance, no transaction fees. After Canadian banking fees, this feels revolutionary
• Faster Payments - bank-to-bank transfers arrive in seconds, 24/7, including weekends and holidays. Much faster than Canadian Interac e-Transfer
• Sort code + account number - the UK uses a 6-digit sort code and 8-digit account number instead of Canada's transit/institution/account format
• Contactless everywhere - tap-to-pay is universal. Apple Pay and Google Pay work in almost every shop, pub, and market stall
• Direct debits - most bills (rent, utilities, subscriptions) are paid by direct debit, similar to pre-authorized payments in Canada

Transferring Money from Canada

The exchange rate mid-2026 is roughly CAD 1 = GBP 0.55-0.59. Don't use your Canadian bank for the transfer, the markup on exchange rates and international wire fees make it expensive.

Better options:

• Wise - mid-market rate, transparent fees, holds both CAD and GBP. The most popular choice for expats
• OFX - competitive rates for larger transfers (over CAD $10,000). You can lock in rates in advance
• Revolut - useful if you're already using it. Free currency exchange up to a monthly limit, then a small fee above that

Building UK Credit

Your Canadian credit history doesn't transfer to the UK. You'll start from scratch with the three UK credit agencies: Experian, Equifax, and TransUnion. This means you'll initially struggle to get credit cards, phone contracts, and loans.

To build UK credit:

• Register on the electoral roll at your UK address (you can do this if you're a Commonwealth citizen, which Canadians are)
• Get a credit-builder credit card (Monzo, Barclaycard, or Aqua offer these)
• Set up direct debits and pay all bills on time
• Get a phone contract (even a SIM-only deal helps build your credit file)

National Insurance Number

Your National Insurance (NI) number is the UK equivalent of your SIN. You need it for work and tax. Apply online or by phone through HMRC once you're in the UK and have the right to work. You can start working before receiving your NI number, your employer can use a temporary code until it arrives.

Pensions and Retirement Savings

You'll be auto-enrolled into a UK workplace pension. Your employer must contribute at least 3%, and you contribute at least 5%. This is similar to CPP contributions but goes into a private pension fund.

Your Canadian CPP and any RRSP/TFSA accounts can stay where they are. The Canada-UK tax treaty prevents double taxation on pension income. If you have an RRSP, the gains continue to grow tax-sheltered in Canada, though you should get advice on the UK tax treatment of withdrawals.

Keeping a Canadian Account

Keep your Canadian bank account open. It's useful for managing any remaining Canadian bills, receiving Canadian payments, and having a CAD account for visits home. Most Canadian banks won't close your account for living abroad, but let them know so overseas logins don't trigger fraud alerts.

Information in this guide is based on publicly available details from UK bank websites, HMRC, and the Canada-UK tax treaty as of August 2026. Banking products and terms change, so always check directly with your bank.