{"id":6214,"date":"2023-07-06T13:46:57","date_gmt":"2023-07-06T08:16:57","guid":{"rendered":"https:\/\/fly.finance\/blog\/?p=6214"},"modified":"2024-06-21T15:35:48","modified_gmt":"2024-06-21T10:05:48","slug":"student-bank-account-benefits","status":"publish","type":"post","link":"https:\/\/fly.finance\/blog\/student-account\/student-bank-account-benefits\/","title":{"rendered":"What are the Benefits of a Student Bank Account?"},"content":{"rendered":"\n

When studying abroad<\/strong><\/a> one important aspect has always been managing finances<\/a><\/strong>.<\/strong><\/a> 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\u2019s blog some of the benefits of using a student account. So sit tight and continue reading.<\/p>\n\n\n\n

Must Read: Best Student Bank Account to Open for Study Abroad<\/a><\/strong><\/p>\n\n\n\n

What is a Student Bank Account?<\/span><\/h2>\n\n\n\n

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. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Also Read- RBC INTERNATIONAL STUDENT ACCOUNT: REQUIREMENTS, HOW TO OPEN, BENEFITS<\/a><\/strong><\/p>\n\n\n\n

Student Bank Account Benefits<\/span><\/h2>\n\n\n\n

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:<\/p>\n\n\n\n

Managing Finances Made Easy<\/span><\/h3>\n\n\n\n

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<\/p>\n\n\n\n

Easy Access to Credit Cards and Loans<\/span><\/h3>\n\n\n\n

Another advantage of having a student bank account is access to credit cards<\/strong><\/a> and loans with lower interest rates<\/strong><\/a> 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.<\/p>\n\n\n\n

No Hidden Fees or Conversation Charges<\/span><\/h3>\n\n\n\n

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<\/strong><\/a> specifically for international money transfers<\/strong><\/a> and it\u2019s highly recommended to avail one for yourself.\u00a0<\/p>\n\n\n\n

Convenient Online Banking Services<\/span><\/h3>\n\n\n\n

Lastly, it\u2019s 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.\u00a0<\/p>\n\n\n\n

Eligibility Criteria<\/span><\/h2>\n\n\n\n

To open a new student bank account you need to meet certain eligibility criteria, some of which are as follows:<\/p>\n\n\n\n