Opening A Free Online Bank Account in the UK Without ID

Introduction

Amazing reader, welcome to another informative episode on this site, where we educate you on things you should know. In today’s article, we’ll be focused on how to open a free online bank account in the UK without using an ID – well, the traditional IDs used to open bank accounts in physical banks, because these online banks will require other easy alternative methods of identification.

As a citizen or someone resident in the UK, you might be curious to know if it is possible to open an online bank account in the UK without using an ID. We’re here to tell you that it’s possible. In this article, we’ll list top online banks that do not ask users to present an ID to create an account. As a bonus, we’ll tell you the benefits and risks involved in owning an online account without an ID. We’ll also explain other alternative methods of identification required by these online banks in the UK.

So, if you have always wanted to know about this issue, you’re in the right place. Please, bookmark this site, so you can always come back for more articles that’ll open your eyes to new information. 

Can You Open an Online Bank Account in the UK Without ID?

The answer to this question is Yes, you can get a free online bank account in the UK without an ID. However, there are limitations when you open an online bank account without an ID. 

Without an ID, you are limited when doing transactions. For instance, there’ll be a limit to the amount of money you can send at a time or daily. 

Note that online banks everywhere, including in the United Kingdom, will require at least a form of identification which isn’t necessarily the usual form of ID. Some of these verification methods can be the collection of biometric details (fingerprints and face recognition), age declaration, and many others. This is usually demanded to prevent cases of fraud. 

In the next section, we’ll highlight the top 5 online banks in the UK where you don’t need to use an ID to create an account. 

Online Banks in the UK That Can Create An ID-Free Bank Account 

As technology grows in our world today, the finance world is not left out as they’ve been a huge shift from the usual physical banking that requires traditional ID methods to online banks that don’t demand IDs. Below are the top 5 online banks that have gained popularity for their easy usability and user-friendly interface:

Monzo

The first on our list is Monzo. This is a special online bank available for those residing and doing business in the UK. Monzo is known for its easy-to-use features and wonderful UI. Opening an online account with it is so easy, and the fact that you don’t need to meet strict ID demands makes it even more simple. However, without an ID verification, there are features that you cannot access until you complete your ID verification. It’s important to know that Monzo asks for your ID, but it is not compulsory to verify your identification.

Revolut

Revolut is a very common online banking platform in the UK. Oh, do you know that you can get a £5 bonus if a new user signs up on Revolut using your referral code? Yes, that’s why most UK residents love it. You also don’t need to verify your ID to transact on Revolut. Just skip the verification process, and you can start transacting… with some limitations though.

Starling Bank

Starling Bank is popularly known for its commitment to satisfying the needs of its customers. As a student or small-scale business owner with little finances, Starling is your go-to for an ID-free bank account. You can also save your money and withdraw it on the withdrawal date you set on the app.

Wise

Wise, formerly known as TransferWise, allows users to create a virtual bank account called the “Borderless Account”. This account type allows you to hold money in about 26 different currencies, and also send money to other countries at low rates.

Any UK resident can easily sign up for this virtual bank account online. Basic information like your name and work or home address are the only required info. You won’t be asked for any ID – but there are limitations. 

Note that if you need to move a huge amount of money with this account, you’ll be required to verify your ID. So, you now know that there’s also a limitation on a Wise ID-free account.

With this account, you’ll get:

A UK account number and sort code and a European IBAN.

Cashplus

This is another free online bank where you don’t need an ID to create an online bank account. The process of signing up for an account on Cashplus is straightforward and doesn’t take up your time.

There are other banks in the UK offering bank accounts without an ID, they are Barclays, Atom Bank, Monese, N26, and Tandem Bank. You can check online for any of them.

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Benefits of Owning an ID-Free Online Bank Account

To enable easy banking that enables smooth accessibility to finance, owning an ID-free online bank account comes with a lot of benefits, making financial management easier for individuals and SMEs. Let’s take a look at five important benefits of owning an ID-free bank account:

Accessibility for All

The main benefit of ID-free online bank accounts is how they increase the rate of people who can access the world of banking, no matter their social class. By discarding the strict ID requirements of physical banks, these accounts grant financial access to people who do not have physical identification documents.  This quality ensures that a large number of the population can take part in the ease of modern digital banking.

Efficient and Fast Account Setup

We all know how stressful it can be when you walk into the banking hall, stay waiting in the queue, fill out forms, and submit biometrics just to create a bank account. This is now a thing of the past because, with online banking, anyone can now own a working bank account without going through the stress of doing paperwork. ID-Free online bank accounts do not require much, apart from your time, from you. With online banks, you can set up a functional bank account in a few minutes thereby saving time and energy.

Flexibility in Financial Management

Online banking comes with sweet and modern features, allowing users to manage their finances on the go. From the comfort of your home, you can request your bank statement and get it in a short time, you can generate payment receipts for your transactions, you can save your money in a locked vault online, and many more. Online banking gives you total control over your financial management.

Financial Inclusion

With the emergence of online banks as a suitable competition for physical banks, inclusivity is now seen. Unlike physical banks, individuals without a formal means of identification can now own a bank account and enjoy other banking services. This promotes a society where everyone, irrespective of their class or occupation, can partake in the beauty of banking and all its benefits.

Time and Cost Savings

The ease of online banking saves time during the setup of the account and also saves costs common to using a physical bank. As a person who uses online banking platforms, you don’t need to carry physical identification documents around do verification in a bank, or even pay transport fare to and from the bank.

The above are just a little part of the many benefits associated with online banking. You should probably start banking online, so you can enjoy all these benefits as well. Let’s see the limitations and risks of owning an ID-free online bank account.

See Also: How to Transfer Money from My PayPal to My Bank Account

Risks and Limitations of Owning an ID-Free Online Bank Account

As in the last section, ID-free accounts come with many interesting benefits. However, it is good to note that some risks and limitations come with it too. We will list some of these risks and limitations for you below:  

RISKS:

• While these online banks might ask for alternative methods of identification (fingerprint or facial recognition), without an ID, your account can be vulnerable to unauthorized access or breach of data. Make sure that your preferred online bank has good security measures in place to secure your funds.
• Regulatory laws that govern ID-free banking can be changed at any time. Changing regulatory laws have a high chance of affecting the terms and conditions of banking without an ID, thereby causing minor compliance issues for both customers and the bank. It is advisable to stay updated on new information on online banking regulatory laws.
• Fraudsters can take advantage of ID-free banking to create multiple online bank accounts, with names of innocent people, to receive proceeds of fraud. This is known as identity theft.

LIMITATIONS:

• With an ID-free account, the amount of money you can send or receive is limited. You cannot exceed a specifically stated account balance, you cannot send a certain amount of money at a time, and the number of monies you can send or receive in a day is limited. As a business owner likely to make heavy transactions, owning an ID-free account should not be in your mind. Well, except you it’s not to manage your business finances but your money.
• There are certain banking features you cannot enjoy with an ID-free account. Most of them include taking a loan, etc.

Conclusion

In essence, we can now see that it is possible to open an online account without an ID in the UK. We also listed some banks where you can open such accounts for free. However, it has its benefits and risks at the same time. 

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