Opening a bank account in the UK is essential for international students in order to manage their finances in an efficient manner. When you plan to study in the UK you have to plan and manage your expenses in an effective manner to avoid any such crunch. When you have a student bank account in the UK you will enjoy hassle-free banking services like making payments through credit/debit cards, cash withdrawals, using overdraft facilities etc. As the branch will be in your city you can easily get your issues resolved by visiting the same. Let’s understand in detail what international students must have a bank account in UK.
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Why Open an International Student Bank Account in the UK?
When you plan to study in universities in the UK you must make a detailed plan for your upcoming expenses. After moving to the UK you will be required a banking service in order to perform and manage day-to-day expenses. You can pay for all your utilities like tuition fees, rent, transportation costs etc with the local debit/credit card. If you get an overdraft facility you can use that without any hassle.
- You will be able to build a strong credit history.
- If you face any issue you can visit their branch located near you.
- If you want to get money transferred from India to your bank account in the UK you can easily do that through a wire transfer
- You will be doing your transaction with low or even no costs
- You can get an interest-free overdraft as well subject to the terms and conditions of the bank.
Also Read: UK Student Visa Rejection Reason
Best Banks for International Student Bank Account in the UK
There are a lot of banks situated in the UK that offers student account opening scheme for international students. Some of the most famous and preferred banks are Barclays, HSBC, Santander, Natwest etc. Let’s understand the scheme details and attractive offers from these banks:
|Name of the Bank
|Scheme for International Students
|HSBC Basic Account
|Can be opened by anyone with an EU address.
Minimum age shall be 16 years
|Santander Basic Current Account
|The customer must be living in the UK
Must be over 16 years of age
|Barclays Student Additions Account (International)
|Studying a two-year UG or 1-year PG program
Minimum age should be 18 years
|TSB Cash Account
|No existing bank account in the UK
Minimum age should be 18 years
|Natwest International Student Account
|Must have lived UK for less than 3 years
Minimum age shall be 17 years
Benefits of International Student Bank Accounts
There are a lot of benefits provided by different banks, especially to international students. Several banks have a dedicated category for international student bank accounts. You can perform transactions, transfer money to different countries, and even have an overdraft facility. The banks in the UK also offer attractive interest rates on your savings account. Let’s check some of the major benefits offered by the banks for international student bank accounts:
If you are over 16 years old and have an EU address then you can get an HSBC account for international students opened in minutes. Moreover, HSBC Bank offers you free of cost money transfers to any other HSBC account. You can also transfer money in euros to any non-HSBC bank account. Entire transactions including credit card management can be done through the HSBC mobile banking app.
One of the major benefits of Santander Bank is that if you are living in the EU you can get a bank opened even before your arrival to the city in the UK. You can also make free money transfers (in Euros) from any other country. Even if you want to make a transaction involving other currencies you can do that by paying a fee of around 20-25 pounds.
Barclays is one of the most famous banks in the UK. It has a dedicated bank account category for students i.e. Barclays Student Additions Account (International). If you are pursuing a 1-year PG or 2-year UG program and are over 18 years you can get a bank account opened easily with Barclays. The bank charges only 5-7 pounds for transactions involving other currencies. You can also take benefits of the current account schemes of Barclays subject to eligibility.
TSB Bank is one of the most famous banks, especially for international students studying in the UK. This bank offers you some of the best schemes for saving money. With a TSB Cash Account, you can easily get money transferred to your account with a nominal fee of 2-7 pounds (in case of different currency). Also, you can transfer money in Euros free of cost.
Also Read: Loan Sanction Letter Mandate for UK Visa
Natwest International Student Account is a dedicated category for international students living in the UK. Most of the services offered by the bank are available online. Through a Natwest International Student account, you can send money internationally without any charges. There are also 3 options available for a student that comes along with the account. You can either choose an Amazon Prime student membership or a 4-year national express card through which you will get discounts on all coach travel. The third option is a 4-year free tastecard through which you will get 50% off on food in restaurants.
Natwest, HSBC, Barclays etc are some of the best banks with attractive offers for international students in the UK.
Though it’s not mandatory to have a student bank account in the UK it will surely be beneficial for you. There are a lot of benefits of an international student bank account in the UK which you will find necessary when you start living there. International money transfer, day-to-day transactions, payment of bills etc becomes very easy with a local bank account.
Every bank has its own policies regarding the minimum balance. You can contact the bank directly for all such enquiries.
International students must have a bank account in the UK. It will help you to manage your everyday transactions easily and you can also save a lot on your bank balance.
To know more about student accounts in the UK, the best 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. Follow our social media handles on Twitter, LinkedIn and Instagram.