Banking in Wales

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My husband was recently offered a position at Swansea University, and our family will be moving from the U.S. to Swansea. We’ll need to set up banking accounts, of course, and I wonder what you recommend. We like the credit union we’ve been members of in Florida since 1989, and we’re especially interested in your experience if you belong to a credit union.

Where do you do your banking, and what do you like about it? What should we pay special attention to as we compare different banks and credit unions? What perks ought we look for? What pitfalls should we avoid?

We’re considering setting up an online account with an international bank (Barclays?) just to transfer money easily, then perhaps switching to a smaller bank or credit union once our move is complete. Thoughts?

The UK banking market is very different to the US one.

We don't really have regional banks. Some, especially building societies (essentially mutually-owned banks) have regional names, but they mostly operate across the country.

We do have credit unions in some areas, but they're more suitable for small loans and savings than day to day banking.

So, you will need a current account with a bank or building society. They all offer the same basic services and don't charge for everyday banking, so which one you choose depends on the services that are important to you.

If you will still have lots of international transactions, HSBC or Barclays will be more used to this. Santander 123 is good for Cash back and slightly less crap interest rates, if you have a reasonable amount in there. Monzo has a fancy app, but no branches.

You will need proof of ID and address to open the account which might be tricky when you first arrive, so it's worth you getting in touch in advance to check what you will need to be accepted.

Online banking is more advanced in the UK than US, so you probably won't have to go into a branch very much. But you probably will when you first set up an account, so check which ones are convenient.