Gibraltar uses the same regulations as the UK for those who wish to open a bank account. An account should be opened in person if it is a current account and there is a certain amount of documentation that is required. Identification in the form of a driver’s license or passport is needed, along with proof of address. This can be in the form of a tenancy agreement or a utility bill. Account holders may also be subject to credit checks if the account they are applying for has credit facilities.

After completing the application form it may be a few days before everything is finalised, although most banks can now process everything much more quickly. There are some savings accounts which can be opened online although you will still have to send in proof of identification and address.

Loans and overdraft facilities are available at most banks, but without a credit history with the bank they are unlikely to be approved when you apply. You may need to wait several months before you are able to apply, but this will depend on your personal circumstances and your credit history with the bank. If you have chosen to stay with the same bank that you have in your home country, this process may be made easier as they know your financial history. Mortgages for properties in the territory can be obtained easily if you can prove you have the income to make the repayments and it is possible to obtain these with some banks in other countries, so you can apply for a mortgage before you move.

As with banks in most European countries, current accounts are ideal for every day transactions. These include day to day spending, paying bills and transferring monies. Deposits can be made by cheque, cash or money transfer and withdrawals can be made at any branch of the bank you are in or at an ATM. ATMs are located at all banks and in shopping areas, although it depends on the type of card that you have as to whether or not you are charged for using them. You may find that you are also charged if you use the card in ATMs abroad. If you intent to travel you will need to make your bank aware of it so that any charges can be minimised. Many Gibraltar residents regularly cross the border into Spain for shopping, so if this is your intention you need to be careful with cash withdrawals when you are there.

Savings accounts can be easy access accounts or fixed term. Easy access savings accounts will give you access to your monies as you need, but may be a slightly lower interest rate. Fixed term savings will limit the amount of access that you have to your money in return for a higher interest rate. Banks in Gibraltar can also provide other products such as pensions, and can help you if you want to invest your money. Gibraltar is an English speaking state so there should be no language barriers when dealing with the banks.

Transferring monies from abroad is a straightforward procedure as many of the banks based in Gibraltar are international and there is very little time lost in the transfer. Cheques in other currencies can be paid into Gibraltar bank accounts although these can take several weeks to clear, depending upon their origin and the amount. Direct transfers may only take a few days. It is also possible to open bank accounts in other currencies; the Euro and the US dollar are the two of the most popular. This can make it easier if you will regularly be receiving payments in other currencies and will help to minimise charges.

There are many European banks which have a presence in Gibraltar and these include Santander, ABN Amro, Barclays and Nat West. Opening an account before you go should be fairly straightforward if you already have an account with one of these banks, as you would have a credit history with them already. There is a local Gibraltar bank and this works in exactly the same way as these others as it adheres to the regulations set down in the UK.