When studying abroad one important aspect has always been managing finances. Researchers say that many international students fail to manage their finances due to various reasons, some of the major ones one high maintenance fees, conversion charges, and monthly convenience fees. And that’s where Student Accounts come into play. A Student Bank account benefits are uncountable and as the title suggests we are going to discuss in our today’s blog some of the benefits of using a student account. So sit tight and continue reading.
Must Read: Best Student Bank Account to Open for Study Abroad
What is a Student Bank Account?
A student account is a specially tailored bank account keeping the students in mind. Student accounts are only available for students who are currently enrolled in any study program from any University across the globe.
A student account is just like a regular bank account but on steroids with numerous benefits, it become an easy option for every student to switch from a regular bank account to a student bank account.
Also Read- RBC INTERNATIONAL STUDENT ACCOUNT: REQUIREMENTS, HOW TO OPEN, BENEFITS
Student Bank Account Benefits
As we said earlier, a student bank account benefits are uncountable, as they are specially designed keeping a student in mind, and here are some of the key benefits of using one in your daily life:
Managing Finances Made Easy
The best thing about a student bank account is this helps you to create financial stability with the ease of access to your fund. With a Student Account, you can simply use a mobile app of the provider bank to keep track of your finances. You can enjoy many benefits like zero withdrawal charges by some banks, or some banks waiving monthly maintenance fees. You can enjoy other additional benefits like exclusive student discounts when you pay your tuition fee or accommodation rental amount. There are other tons of exclusive offers and benefits offered by different banks to attract more students
Easy Access to Credit Cards and Loans
Another advantage of having a student bank account is access to credit cards and loans with lower interest rates than what regular account holders get. Building a credit history early is important for every young adult because it affects future opportunities like renting apartments or buying a car. This will help in creating a good credit history from an early age and it will also impact while taking a future loan or applying for a credit card, so use your credit limit wisely. Additionally, some banks offer special student credit cards that have 0 interest-free periods where you can repay your due amount within 50 days. This can give you extra time when you are in a money crunch.
As an international student, you may have funds stored in your home currency for example INR. So in case, if you are willing to pay for something in a foreign country to will have a heavy conversation charge plus additional charges such as forex markup and result in a lot of charges. Luckily, Student Bank Accounts have you covered and you save a lot of amount by using a student account and avoiding these exchange rate charges and other convenience fees. Some banks even provide Forex cards specifically for international money transfers and it’s highly recommended to avail one for yourself.
Convenient Online Banking Services
Lastly, it’s just easy to use at no additional cost. You will have all your banking needs in one place at your fingertips. You can use normal banking via a client banking app by your provider bank or by logging in with your credentials online and starting using net banking and whatnot. Some banks even offer international money transfers for student accounts at no additional cost. Again you can save a lot of money here.
Eligibility Criteria
To open a new student bank account you need to meet certain eligibility criteria, some of which are as follows:
- You must be 18 years old (minimum age criteria)
- If international student you need to have a valid Passport and Student Visa
- You need to hold an offer letter from any recognised University
- You need to prove valid proof of your residential address (if international student) like an accommodation agreement
- You must be enrolled in a full-time course
Also Read- CHASE INTERNATIONAL STUDENT ACCOUNT: BENEFITS, REQUIREMENTS, PROCESS
Documents Required
Here are some of the important documents that you will need to provide while applying for a Student Bank Account
- Valid contact details
- Citizenship proof like Aadhar or Voter ID Card
- Proof of an International Student like an offer letter
- Financial Documents
- An active bank account, for transferring funds (if required)
- A valid Passport
- Driving license as a supporting document (if required)
Also Read: DOCUMENTS REQUIRED FOR EDUCATION LOAN
FAQs
Ans. It’s really simple to get a student bank account, you need to:
Select your desired Student Bank Account provider
Collect all the necessary documents and visit the nearest branch of the bank
You can approach the representative of the bank with your query
After a few verification and background checks, your student bank account will be ready to use
Ans. In the digital age, managing finances online is becoming more common, and the same holds true for student bank accounts. You can use a mobile banking app or net banking to manage your finances.
Ans. As such there are no major differences between student accounts and regular accounts but one thing that differentiates each other are the added benefits that are specifically added to a student account keeping students in mind. These benefits can’t be available in a regular bank account.
This was all about Student Bank account Benefits. Reach out to Fly Finance for all finance-related concerns to simplify your study abroad experience with zero hindrances.
