Banking and Utilities in London

Banking services in London are widespread and easy to access. London is one of the world’s biggest financial and business hubs. It is home to leading global banking entities along with national heavyweights in the industry. London offers ample scope of accessing top-notch financial services, advisory, banking, and other solutions. The hub of the banking and financial services industry is in the CBD which is the City of London. Canary Wharf is another major banking and financial hub of the city. The UK banking system is also rated highly across the world for its organization, efficiency, and smooth operations along with its customer-centric outlook. The taxation system in London also needs careful understanding if you are new to the city. 

Taxation System in London 

Along with banking services in London, you should also know more about the system of taxation in the city. The standard rate for the personal allowance is £12,570, which is regarded as tax-free income. This can increase if one claims the Blind Person’s Allowance or Marriage Allowance. It is smaller in case one’s income is less than £100,000. 

The slabs for taxes in London are the following: 

• Personal allowance- Up to £12,750- 0%
• Basic tax rate- £12,571-50,270- 20%
• Higher rates- £50,270-150,000- 40%
• Additional Rates- Above £150,000- 45%

You should keep the visa limitations in London in mind if you are an expat or working here on behalf of a company from another nation. Whether you pay tax or not will be a natural result of your eligibility to work in London as well. 

Banking services in London

The banking sector has several private banks along with international banks and also building societies. There are an estimated 344 banks in the United Kingdom along with 52 building societies as well. The central bank of the country is the Bank of England and all banks are regulated by the FCA (Financial Conduct Authority). The currency in the country is the British Pound Sterling or GBP. There are 1p, 5p, 2p, 10p, 50p, 20p, £2, and £1 coins available along with notes of £10, £5, £20, and £50 denominations. 

Finding cash machines or ATMs are possible in London across all banks, on high streets and outside retail stores and also at public train stations and other areas. The charges are usually £1.50-2 for each transaction. Most ATMs accept all major global cards including MasterCard, Maestro, Visa, and AmEx along with cash in foreign currencies. Some may have Euro withdrawal options in place of GBP as well. Link is the biggest cash machine operator in the country. 

The hub of the banking system is in the business district of London and this is where there is high demand for corporate housing in London amongst business travellers as well. The national private banks include the Co-operative Bank, Barclays, Lloyds Banking Group, HSBC, Halifax Bank of Scotland, NatWest, Metro Bank, and the Royal Bank of Scotland. Leading international banks include Citibank, Bank of America, Triodos Bank, and Santander. There are several online banks available in the UK along with digital payment providers. Banking services usually include current accounts and standard accounts along with investments, savings, pension plans, bonds, funds, shares, mortgages, loans and overdrafts, online and digital banking, insurance, mobile banking, expat services, and business banking. For opening a bank account, the customer will require an address in the UK, unless he/she is opting for a non-resident account. The documents may vary but will include the official proof of address and ID.