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Navigating Rent Payments in the UK: A Guide for International Movers Without a Local Bank Account

Navigating Rent Payments in the UK: A Guide for International Movers Without a Local Bank Account

Moving to a new country is an exciting journey, but it also brings its fair share of challenges. From adapting to a new culture to setting up essential services, there’s a lot to consider. One aspect that shouldn’t add to your worries is paying rent. In the United Kingdom, and of course London, where high street bank accounts might not be immediately accessible for international movers, digital banks are stepping up to simplify financial processes. We’ll shed light on how Wise’s scheduled transfers have been helping many of our clients pay their rent in the UK

The Challenge of Rent Payments for International Movers

Guide to Renting in London  £14.99

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Master all the steps needed to rent a home in London – including how to secure a property, understanding deposits, and checking the tenancy agreement before signing. Updated May 2023.

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For those embarking on a new adventure in the UK, finding suitable accommodation is a top priority. But what happens when you’re still in the process of setting up your local bank account? Traditional methods of rent payment, such as standing orders, can pose challenges due to the requirement to provide proofs of permanent address to open a traditional bank account. This is where modern solutions like Wise’s scheduled transfers step in to offer a smarter way forward.

Introducing Wise’s Scheduled Transfers

Wise, formerly known as TransferWise, has become our favourite digital bank, thanks to its user-friendly account opening process. It offers an effective alternative for paying rent without a local bank account. The scheduled transfers feature allows you to set up automatic rent payments, ensuring your landlord receives the funds on time, every time.

How Wise’s Scheduled Transfers Work

Setting up rent payments with Wise is very simple. After creating your Wise account, you can add your landlord as a beneficiary and set up a scheduled transfer. Choose the frequency and amount of the payment, and Wise will handle the rest. You can of course decide to change the bank from which you make these payments later on – you just need to cancel the scheduled payments in the Wise app.

Empowering Newcomers to the UK

Navigating a new country’s financial landscape can be intimidating, especially when you’re still settling in. Wise’s scheduled transfers bridge the gap, giving you the tools you need to handle rent payments with ease whilst you are waiting to open a bank account with a more traditional bank.

We are yet to see a client who is not fully satisfied with their UK Wise account. Whilst Wise does not offer all the benefits and products of a traditional bank, such as savings accounts, mortgages, etc, it is a fantastic starting point for people moving to, or having recently moved to the UK.

Moving countries should be a time of excitement and new beginnings, not a period of financial stress. Wise’s scheduled transfers provide international movers without a local bank account a reliable and transparent solution for paying rent in the UK.

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This guide gives you all the detailed information to help you understand renting in London, including:

  • How to decide where to live in London
  • How to find a home to rent
  • How to make a rental offer
  • How deposits work and how much they cost
  • Understanding rental contracts, and how to check your tenancy agreement

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