For prospective UK Students -Banks suitable for International Students

 

For students planning to study in the UK, we've analyzed which bank accounts are best suited to international students at the major banks in the UK. This guide will help you if you're planning to relocate to the UK as an international student or are already in the UK.

Make sure you read till the end. And tag your friends who have the same plans.

Now, let's get on to it.

Which is the best student bank account in the UK? This will give you a clue on how to choose a good student bank account that can help you maximize your money.

Most major banks (and some online banks) will offer a specific student bank account that will come with perks that will help you budget and manage your money.

1. Choose a bank

There are many banks in the UK, so the best way to narrow it down is to look at what the different banks are offering students. First, it's worth seeing if the bank that you already have an account with operates in the UK too, as that might be easier to just open a UK-based account with your current bank.

Another thing that is always worth looking at is which bank is available on your university campus or in your university town. That way if you run into any issues with your account, you won't have to go far to find solutions as your bank is within your vicinity.

One of the biggest ways that can help you differentiate between banks is how much interest-free overdraft the bank is offering. This is unique to student bank accounts. It essentially means that the overdraft limit is the maximum you can spend outside of your own money, without paying interest.

In many cases, international students may not be eligible for an overdraft or may only be able to secure a small overdraft, but this is always worth discussing with your bank and exploring what your options are.

Another important factor for international students to take into account is international transfer fees. Some banks will also charge for paper statements, so make sure you are aware of this cost when applying for your account.

2. Choose an account

There are two different types of bank accounts in the UK: a current account and a savings account.

Current account: a current account allows you to deposit and withdraw money as often as you like. Usually, when you open a current account you receive a chequebook and a debit card. Most international students will only need to open a current account when studying in the UK.

Savings accounts: a savings account is a place to collect money over a longer term. Some students may consider opening one of these if they are working or want to save money for travel or emergencies.

3. Breakdown of bank accounts

It is always worth getting in touch with the banks to see what they can offer international students or if you are eligible for their student bank accounts.

These are names of banks operating on the students level in the UK: HSBC International Student Bank Account, Barclays Student Additions, Lloyds Classic Account, Natwest Select Account, Santander Basic Current Account or Everyday Current Account, Nationwide FlexBasic or FlexStudent, RBS Select account, Halifax Student Current Account, TSB Student Account.

There are also banks that offer online banking (not necessarily student specific) such as Monzo, Revolut or Starling, which are quite good at helping you to track spending and set budgets.

4. How to open a bank account

Although it is possible to open a bank account over the phone or online, if you are an international student it might be easier to open your account in person in case there are any complications. When you go to the bank to open your account you will need:

✔ Your full name, home address, home telephone number, campus telephone number, and university address.

✔ Your passport

✔ Any secondary form of identification (such as your student ID card, birth certificate, driver's license, or a letter from the international students and scholars office at your university)

✔ A letter of acceptance from your university

✔ An amount of money to deposit into the account (this will vary between banks)

These requirements may be slightly different across banks, so make sure you check what your bank requires before heading over.

Sometimes it is possible to open your account from abroad before you arrive in the UK. Your university will help you with details on that.

I hope you found this information useful to aid your study abroad journey. If you have further questions, click here.