Expat Finance Guide: Banking & Costs in London

Finance Overview

The cost of living in London scores 1.0/5, with a personal security rating of 3.0/5. Explore banking, taxes, and financial planning for expat families below.

The UK operates a progressive tax system that is generally considered moderately complex compared to other developed nations. London, as the UK's financial center, operates under the same tax framework as the rest of the country with no city-specific tax rates. The UK tax year uniquely runs from April 6 to April 5 of the following year, which differs from most countries' calendar year approach. For expatriates, the UK offers a relatively favorable system through the 'remittance basis' taxation for non-domiciled residents, though recent reforms have reduced some of these benefits.

Quick Stats

Cost of Living

1.0 /5

Security Score

3.0 /5

Weather Score

3.0 /5

Cost Items

Want to See Your Numbers?

Get personalized finance costs, timelines, and checklists for your family in London.

Free to start. No credit card required.

Practical Tips

Open Monzo or Starling accounts before traditional bank accounts

they accept non-UK proof of address and can be set up instantly, useful for initial rental deposits

Visit HSBC branches in Canary Wharf for international account opening

staff there are more experienced with expat banking and often process applications faster

Use Post Office branches in smaller high streets for banking

locations like Blackheath or East Finchley have shorter queues than central branches

Set up Council Tax payments through your primary UK bank account.

Using Direct Debit ensures timely payments are automatically made, helping to avoid late payment notices.

Useful Links

HM Revenue & Customs

Official government tax department with essential information on registering for tax when moving to London, including National Insurance numbers.

›

Money Helper

Government-backed financial advice service offering free, impartial guidance on all aspects of money management in the UK.

›

London Living Wage

Information about the London Living Wage, helping newcomers understand minimum income expectations for living in the capital.

›

Financial Conduct Authority - Register

Official financial regulator's register for checking UK financial institutions are legitimate before opening accounts or using services in London.

›

Apply for National Insurance Number

Government portal for applying for a National Insurance number, essential for working and accessing benefits in London.

›

Explore Other Guides

Immigration Guide Housing Guide Education Guide Healthcare Guide Transport Guide Pets Guide

Finance Guides in the United Kingdom

View all 140+ city guides →

Frequently Asked Questions

The cost of living in London depends on your lifestyle and family size. Create a free ReloPlanner account to get a personalized budget breakdown covering housing, education, healthcare, and daily expenses.

Opening a bank account in London typically requires proof of identity, proof of address, and your visa or residence permit. Use ReloPlanner’s step-by-step guide for detailed instructions.

Plan Your Entire Move to London

Access step-by-step guides, personalized budgets, and expert tips for finance and 6 other relocation categories across 140+ cities.

Free to start. No credit card required.

Data verified: March 2026

This was the general picture

Your move to London looks nothing like this

This guide covers London for everyone. Your plan covers your origin country, your kids' ages, your budget, your dog — with real costs, a sequenced task list, and the things most families don't find out until it's too late.

Build your personalised plan — free →

Takes 2 minutes to set up