It is important to first find out Why International Students need a bank account in the UK? In comparison to other nations, opening a bank account in the UK as an international student is normally quite easier and there are lots of options.
Opening up a new account might be a hectic task to sort out, however, it is worth investing your crucial time as it can help you save a good amount of cash and avoid lots of difficulties. Handling money from your home country can be extremely unpractical, unworkable, and expensive too for various reasons as mentioned below:
- First of all, as an international student, you will be charged a certain amount of fees for currency conversion every time you choose to withdraw money (cash) or use your debit card in the UK.
- Also, it is important to keep in mind that rates of the currency fluctuates and makes it even more difficult to maintain a budget
- In case you intend to work on a part-time basis in the UK, then employers would like to transfer the salary into your UK bank account.
- Anyone who would provide accommodation to you here in the UK might also have a preference to receive payments from your UK bank account.
- Arranging recurring payments (for instance, auto debits or other standing bank orders) might also become problematic or unmanageable. These might be required for disbursing monthly rents, membership/subscription fees, or other recurring money transfers.
- In some nations, banks ask customers to send them hand-written letters to arrange for debits to account in foreign nations. Additionally, they also levy a charge for making the transfers.
- In case of issues with logging in to your account (forgetting passwords or getting locked), it is unquestionably uncomplicated to manage the issue from a local branch as against dealing with the same over the phone or email and contacting the branch in another nation.
Next, it is important to know what you require to present to open an international student bank account in the UK. In the majority of the cases, students would have to present the below-mentioned documents to open a bank account here in the UK:
- Identity proof ( that can be an in-date passport)
- Address proof for your UK residence or abroad (enquire with the bank)
- A bank statement from a bank from your home country
- A valid visa
- Student acceptance letter issued from university (student ID)
You can check with the list of banks that you can consider for opening an international student bank account:
- NatWest Select
- The Royal Bank of Scotland
- Barclays (Barclays Student Additions)
- Lloyds Bank (Lloyds Classic)
- Santander (Santander Essentials)
- Al Rayan Bank
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