International students are advised to open a bank account and opt for receiving monthly statements. Students are also suggested to retain all these statements while staying in the UK and ensure that the banks are always informed beforehand regarding changes in any contact details.
Reasons why opening a bank account is necessary for students
For ensuring safety and security, students are advised to deposit money in safe custody of a bank so as to avoid theft or losing money.
Opening a bank account in the UK is also crucial for Visa related procedures. If an international student faces the need of extending the current visa or applying for a new one, then in that case she/he will have to produce validations to show that they have adequate money to stay in the UK. In such situations, having a bank account can help in got through this process quickly and seamlessly.
Again, for students doing part-time jobs, it is important to have a bank account as there are employers who directly transfer salaries into bank account. There might be some bank charges for transferring salary into an overseas account.
Requisite documents for opening a bank account
International students need to produce the following documents for opening a bank account
– Photo Identity Card (it can be your passport)
– A bank letter issued by the concerned University approving registration of the student, authorizing current address in the UK and overseas address of the student and verifying the fact that the University has corresponded with the student at the overseas address.
Respective universities will provide this bank letter once the student finishes the visa check at the university. This letter is usually issued by the Registrar’s Office and not from the academic department.
Time required for completing the process of opening bank account in the UK
There are several banks that have tight measures of security and multilayered protection system, therefore, it can take relatively long time (approximately 4 to 5 weeks) to open a bank account for international students. Students need to have adequate money to support them during this period and cover their expenses. For the purpose of security, students are also requested to apply for and use debit and credit cards in place of cash to avert any risk of theft or loss.
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