Banking in the UK: Opening an Account and Sending Money Home

If you are moving to the UK on a Chinese passport to study or work, the first financial task is opening a UK bank account: salary, rent, phone contracts and tuition refunds almost all run through a local account. As of October 2026, account opening turns on three things: your passport, an eVisa that can be checked online (it has replaced the physical BRP card), and proof of a UK address. The address is usually the hardest part.

Moving money is regulated too. Each individual in mainland China has an annual foreign-exchange convenience quota of USD 50,000, which may not be used for overseas property, securities and other capital-account items, and anyone entering or leaving Great Britain with £10,000 or more in cash must declare it. On the deposit side, since 1 December 2025 the Financial Services Compensation Scheme (FSCS) protects up to £120,000 (about RMB 1.07 million) per person per authorised institution. Below we cover account opening, choosing a bank, deposit protection, cross-border transfers, fraud and frozen accounts.

What you need: passport, eVisa and proof of address

UK banks carry out know-your-customer (KYC) checks under anti-money-laundering rules and normally ask you to prove your identity, immigration status and UK address. For Chinese students and Skilled Worker visa holders, note the following:

• eVisa replaces the BRP: the Home Office has replaced physical biometric residence permits with eVisas. GOV.UK states that all BRPs have now expired; an expired BRP can only be used for limited purposes (signing in to a UKVI account, getting a share code, applying to extend) for up to 24 months after expiry or until 31 December 2026, whichever is sooner. Use your eVisa when opening an account.
• Share code: Home Office guidance for financial providers says banks use the “check someone’s immigration status” service, entering the time-limited share code you generate in “view and prove your immigration status” plus your date of birth, and see your status and photo.
• Proof of address: typically a tenancy agreement, a utility bill or a Council Tax bill. New arrivals often have none of these yet, which is where many people get stuck; a digital bank account can bridge the gap, or ask the bank which alternative documents it accepts.
• Immigration checks: under the Immigration Act 2014, banks check new personal current account applicants against Home Office data on “disqualified persons”. People with valid permission should not be affected, and there is a redress process if you are wrongly matched.

1. Before arrivalPassport ready, check you can log in to your UKVI account
2. Get an addressSign a tenancy, keep the contract or first bill
3. Share codeGenerate it in the GOV.UK “view and prove” service
4. ApplyIn the app or a branch; answer identity and source-of-funds questions
5. ActivateDebit card is posted to your address; set up online banking and alerts

Basic bank accounts: the legal safety net

The Payment Accounts Regulations 2015 give eligible consumers the right to a payment account with basic features, including people with no fixed address; HM Treasury designates the institutions that must offer one. A provider may refuse only on grounds set in law, such as breaching anti-money-laundering rules, and must explain the refusal in writing, free of charge, with how to complain.

An FCA press release of July 2026 lists the nine banks and building societies legally required to offer basic accounts: Barclays UK, The Co-operative Bank, HSBC UK, Lloyds Banking Group (including Halifax and Bank of Scotland), Nationwide, NatWest Group (including RBS and Ulster Bank), Santander UK, TSB and Virgin Money UK. Basic accounts carry no fees and no overdraft, which suits newcomers with no UK credit history. Ask specifically for a “basic bank account”.

Which bank: high-street, digital or Chinese banks

Among Chinese banks, Bank of China (UK) Limited states on its website that it is authorised by the Prudential Regulation Authority (PRA) and regulated by the FCA and the PRA, and it has a personal banking section (deposits, remittance and exchange, cards). ICBC (London) plc’s general terms of May 2026, by contrast, state that it accepts deposits from businesses only, so individuals cannot open accounts there. Check each bank’s current terms and fees, and confirm the legal entity on the FCA’s Financial Services Register.

Keeping deposits safe: FSCS limit now £120,000

The PRA, part of the Bank of England, confirmed that from 1 December 2025 the FSCS deposit limit rose from £85,000 to £120,000, applied per depositor per PRA-authorised institution. The temporary high balance limit for life events such as buying or selling a home rose from £1 million to £1.4 million (about RMB 12.47 million). See the Bank of England’s FSCS explainer for details.

Sending money from China to the UK and back home

For money coming from China, the key rule is SAFE’s annual convenience quota: each domestic individual may buy and, separately, sell foreign exchange up to USD 50,000 a year (about £37,400 or RMB 333,000 at the Bank of England rate of 29 October 2026). SAFE stresses this is a convenience quota, not a hard cap: amounts above it, such as tuition, can be handled at a bank counter with genuine supporting documents. See our guide to China’s FX quota and currency exchange.

• Prohibited uses: purchased FX may not be used for overseas property, securities investment, life insurance or investment-linked dividend insurance, or other capital-account items not yet open.
• No splitting: you may not borrow other people’s quotas to split purchases; individuals put on SAFE’s watch list lose the quota for that year and the next two years.
• UK to China: usually by SWIFT wire or a licensed money transfer firm; when the recipient in China converts it to RMB, it counts against their own annual quota.

For cash, anyone carrying £10,000 (about RMB 89,000) or more between Great Britain and a country outside the UK must declare it, online up to 72 hours before travel or at the red channel on arrival; undeclared cash can be seized with a penalty of up to £5,000. On the Chinese side, each traveller may carry up to RMB 20,000 in cash per trip, and taking out foreign cash above USD 5,000 requires a permit from a designated bank. For salary and payroll matters see our UK work guide.

Digital banks and transfer apps

Digital banks such as Monzo and Starling let you open an account in an app, which helps new students. According to media reports, Revolut received PRA approval in March 2026 to exit mobilisation, becoming a fully licensed UK bank able to offer FSCS-protected deposits. Wise and similar firms operate as e-money institutions with multi-currency accounts and transparent pricing, but balances are not FSCS-protected. We do not recommend any provider and have no affiliate arrangements; compare the margin over the mid-market rate, fixed fees, delivery time and the licence type shown on the FCA register.

Fraud and frozen accounts: KYC and source of funds

The UK has mandatory reimbursement for authorised push payment (APP) scams: since 7 October 2024, victims of scams paid by Faster Payments or CHAPS within the UK can be reimbursed up to £85,000 (about RMB 757,000). Firms may deduct an excess of up to £100 (not for vulnerable customers), claims must be made within 13 months of the payment, and refunds are generally due within 5 business days. The scheme covers UK transfers only, not international payments. Calls impersonating “Chinese police” or “the embassy” regularly target students; hang up and verify before paying anything.

Frozen or closed accounts usually come down to unclear source of funds: large deposits, repeated small split transfers, money from strangers, or exchanging currency for other people can all trigger checks. Keep your Chinese FX purchase records, payslips, scholarship letters or notes on family transfers, and answer bank questions truthfully. For deposits and tenancy issues see our UK renting guide.

Gambling transactions: card rules and tax on winnings

Gambling is legal in the UK but tightly regulated. The Gambling Commission banned gambling businesses from accepting credit card payments from 14 April 2020, online and in betting shops, and operators must make sure e-wallets were not loaded by credit card. Many UK banks also offer a gambling block in their apps that you can switch on yourself. The Commission states that winnings are tax-free for customers regardless of the amount; tax falls on operators. For PRC citizens, Article 303 of the Criminal Law targets organising gambling and organising Chinese citizens to gamble abroad, and SAFE has said it will crack down on FX violations linked to cross-border gambling. Gambling is for adults 18+ only. See our UK gambling law and regulation guide.

FAQ

Can I open an account without a UK address?

A high-street account is difficult, but you can try a digital bank or apply for a basic bank account under the Payment Accounts Regulations 2015, then open your main account once you have a tenancy. For visa and eVisa questions see our UK visa guide.

Are deposits at Bank of China (UK) FSCS-protected?

The bank states it is PRA-authorised and notified personal customers of the December 2025 FSCS limit change; check its FSCS information sheet for details.

Is the USD 50,000 quota enough for tuition?

It is not a hard cap; larger amounts can be processed with genuine documents such as an offer letter and tuition invoice.

Is my Wise balance safe?

E-money firms must safeguard customer money, but it is not FSCS-protected. For more on life in the UK see our UK country guide, and compare with banking in the United States.

Exchange rate: Bank of England spot rate, 29 October 2026, £1 = RMB 8.9046. This article is not financial advice.

Sources

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