Studying in a new country can certainly be a challenging and costly endeavour. With a bank account in that country, however, you can have assistance in managing expenses. An International student bank account in the UK not only provides a secure place to keep funds but also allows for convenient payments, cash withdrawals, overdraft facilities, and the use of debit or credit cards. When it comes to international students and their related money matters, thus, having a bank account in the United Kingdom is crucial.
In this article, we will understand how to choose the best bank account for international students in the UK, how to set up your bank account, the steps involved in the same, the necessary documentation, and much more.
If you are going to stay in the UK for more than a few months as a student, it is wise to select the best student bank account in the UK for international students. Having a UK bank account is convenient for paying rent, tuition, and other daily expenses.
Opening a basic bank account allows you to deposit and withdraw money along with a range of other features. However, in this case, you may not have access to overdrafts, chequebooks, or credit cards.
Another option here is to open an international student bank account in the UK. These accounts offer more features, albeit with a monthly fee or minimum balance requirement in most cases. With these accounts, you can avail of free international money transfers or accept overseas check deposits. Still, obtaining credit through these accounts is unlikely.
International banking is often associated with major corporations and wealthy individuals. However, offshore banks are willing to open accounts for people with varying income levels. International banks offer financial accounts to non-citizens of the country where the account is held.
Offshore banks for international students in the UK provide banking and investment services to individuals, while others focus on business accounts. These banks are required to comply with local regulations with respect to policies, procedures, and operations.
Both individual and business accounts may have minimum balance requirements. These deposits must be made before earning interest, and the funds must be maintained to continue earning interest.
Some banks may allow you to open an account with an amount less than the minimum deposit, but interest will not be accrued until the account reaches the minimum balance. Pay attention to how interest is calculated and whether it increases as your balance grows.
Keeping your money in a bank account ensures its safety, protecting it from theft or loss. Additionally, when renewing or applying for a visa, you must demonstrate sufficient funds to support your stay in the UK. Having a UK bank account streamlines this process and helps you fulfil the requirements for studying in the country.
Another related point to note here is that salary payments are typically deposited directly into an employee's bank account on the same day they are earned. Transferring your salary to an offshore account may result in bank fees, which can be avoided with a local account.
Check out the table below for the top options with respect to banks for international students in the UK-
|HSBC Current Account for International Students||
|NOMO Bank Current Account||
Consider the following factors when choosing the best bank account for international students in the UK -
It’s worth noting that the whole process of opening a bank account can take a week or more. For this reason, it's advisable to start the process early. Choose the best UK bank account for international students before arriving in the country or apply online before departure. Having a bank account is crucial, especially for those studying abroad.
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Ans: Yes, international students can open a bank account in the UK. Before starting the application process, make sure to research and choose a bank that caters specifically to the needs of international students.
Ans: The specific bank balance requirement for a UK student visa may vary. It is essential to refer to the official guidelines provided by the government or consult with your educational institution for the accurate amount.
Ans: There is no legal limit on the number of bank accounts international students can have in the UK. However, it is important to manage multiple accounts responsibly and consider any associated fees.
Ans: International students may be eligible for credit cards in the UK, but the approval process and credit limits may vary depending on factors such as income and credit history.
Ans: The timeframe for opening a UK bank account can vary depending on the bank and the individual circumstances. It is recommended to start the process well in advance of your arrival in the UK to ensure a smooth transition.