The journey of studying abroad becomes more smooth if you manage finances properly in a foreign country. One of the most important aspects for Indian students studying abroad is opening up an international bank account. Having an account with a local bank in a country is beneficial as you will be able to manage the expenses easily in that country. Also, if you face any issue you can visit the branch and get that resolved quickly. Let’s check some of the frequently asked questions based on international bank accounts for students studying abroad.
Table of contents
- Why do I need an international bank account?
- Can I use my existing Indian bank account while studying abroad?
- Which documents are required to open an international bank account as an Indian student?
- Do I need to visit a branch in India to open an international bank account?
- How do I transfer money to my international account from India?
- What types of international accounts are available for students?
- Are there any restrictions on the amount I can transfer to my international account?
- Can I use my international account for transactions in India?
- How do I manage currency exchange with an international account?
- What are the charges associated with international transactions?
- Can I link my international account to mobile payment apps?
- How do I deal with lost or stolen cards while abroad?
- Can my parents deposit money directly into my international account from India?
- What happens to my international account after graduation?
Why do I need an international bank account?
An international bank account facilitates seamless financial transactions across borders, offers currency exchange options, and helps in managing expenses in the host country. Some banks have dedicated schemes for international students’ savings accounts which are aimed at making banking services easy for them. For example, the HSBC Basic Account, Barclays Students Additions account etc are dedicated schemes for international students.
Also Read: Planning to study in the UK? Know Why International Students in UK should Open a UK Bank Account
Can I use my existing Indian bank account while studying abroad?
While you can use your Indian bank account, having an international account offers advantages such as lower transaction fees, better currency exchange rates, and easier access to funds. If you have a bank account in India and you are using it for regular payments abroad, it may attract additional charges and exchange rates. The local bank account will help you save such charges.
Which documents are required to open an international bank account as an Indian student?
The documentation process may differ from bank to bank. Check some of the common documents which you are required to submit in order to open an international bank account
- Copy of passport
- Student visa
- Proof of enrollment in the university
- Proof of local address in the host country.
Do I need to visit a branch in India to open an international bank account?
Many banks allow online account opening, but some may require a visit to a local branch in India. Check with the chosen bank for specific procedures. It is suggested to open an international bank account in a bank situated in the country where you are going to study. The local bank operating in that country will provide you with more efficient services as compared to others.
How do I transfer money to my international account from India?
You can simply transfer money through online modes like international wire transfers, internet banking, or third-party transfer services to send money to your international bank account account. Also, if you have a cheque, demand draft or cash, then you deposit them in your account by visiting the branch.
What types of international accounts are available for students?
Banks often offer dedicated schemes for international student accounts with features like lower fees, easy fund transfers, and overdraft facilities. Research different banks to find the one that suits your needs. Some of the best banks for international bank accounts that have dedicated schemes for international students are HSBC, Standard Chartered Bank, Santander Bank, Barclays Bank etc.
Note: The services may differ from the one mentioned above as rules and regulations are amended at certain intervals. Contact the bank for all the queries related to your bank account.
Are there any restrictions on the amount I can transfer to my international account?
Regulations vary, but generally, there might be limits on daily or monthly transactions. Be aware of these limits to avoid any inconvenience. Read all the terms and conditions regarding the same and make your choice accordingly. Usually, if you have a local bank account, transactions are less restricted as compared to other banks say a bank account in India.
Can I use my international account for transactions in India?
While international accounts are primarily opened for transactions abroad, some may allow limited domestic transactions. Check with your bank for specific details. Also, if you are in India then it is recommended to use an Indian bank account so that you can transact easily and get good service. For example, if you have an account with the State Bank of India, you will find it easy to avail banking services as you can visit the branch for any issue or query.
How do I manage currency exchange with an international account?
Most international bank accounts offer multi-currency features, allowing you to hold and transact in different currencies. This can be beneficial in saving money on currency exchange. If you are using a local bank account then you don’t need to pay such charges as you will be spending in the local currency.
Also Read: Did you know you can get a credit card for expenses abroad? Read and understand all about IDFC First Bank Credit Card for International Student
What are the charges associated with international transactions?
Charges may include foreign transaction fees, currency conversion fees, and ATM withdrawal fees. Compare the fee structures of different banks to make an informed choice. However, when you have a local bank account in a foreign country, you can make transactions in local currency which saves the conversion fees. Check with your bank for other charges like maintenance charges, chequebook fees, debit card charges etc.
Some international banks offer compatibility with popular mobile payment apps. Confirm with your bank and explore the options available in your host country. You can use payment gateway apps, mobile banking apps or any other payment app such as Google Pay, Apple Pay, pay pal etc in which you can link the bank account.
How do I deal with lost or stolen cards while abroad?
In case your card is lost, report the loss immediately to your bank and local authorities. Most international banks provide 24/7 customer support to assist with card replacement and securing your account. You can also visit the nearest branch of the bank to report the issue and get a new card.
Can my parents deposit money directly into my international account from India?
Yes, most international accounts allow third-party deposits. Provide your parents with the necessary account details and ensure they are aware of any associated fees. International money transfers can be made through third-party merchants like Western Union, Paul Merchants etc.
What happens to my international account after graduation?
Some student accounts may be converted into regular accounts post-graduation. Check with your bank about the transition process and any changes in fee structures. You can maintain the account after graduation for future purposes even if you are leaving the country and coming back to India.
Opening and maintaining an International bank account are very helpful for the students. It becomes easy for students to manage expenses efficiently. You can visit the branch if you face any issues while making transactions or using other banking service. Always go through all the terms and conditions carefully before applying for a savings account.
To know more about the loan application process, the best international bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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