Opening a bank account

As an international student when you move to the UK, you will need access to your money and the easiest way is to open a UK bank account. There are many benefits to opening a UK bank account, including:

·        You will be able withdraw money 24/7 from any ATM machine in the UK;

·        You won’t be charged currency conversion fees every time you withdraw money;

·        You’ll be issued with a debit card, which you can use everywhere instead of cash;

·        You’ll be able to set up direct debits and standing orders to pay your bills;

·        A bank statement is commonly accepted as proof of address.

·        Safety and security: It is better to deposit money in a bank account so that your cash is not lost or stolen.

How do I open a UK bank account

To open a bank account you will need the following documents:

·        Proof of your identity: this can be your passport.

·        Proof of your study: this can be your visa, letter of acceptance, or a bank letter.

·        Proof of your address: this can be a letter from your university’s admissions office confirming your address, your tenancy agreement or your most recent utility bill.

Please note that the documents may vary from bank to bank so look on their website or read anything you have been sent before you visit the branch to open the account.

How to get a bank letter

You can request a bank letter from your university/ language school confirming your registration, your home address in the UK and your overseas address.  Academic institutions normally issue bank letters to all students arriving in the UK for the first time who have a permanent home address outside of the UK and a term time address in the UK. A bank letter can be your proof of study and can be used to open an account at most banks.

Choosing a bank

It is worth choosing a bank that has a branch near your university campus or accommodation for easy access. You can get cash out from any bank's ATM at any time of the day. But if you want to go inside, it is worth knowing that banks usually shut around 5pm on weekdays and are closed on Sundays (and Saturdays in some cases). There are some other points to keep in mind before choosing one bank over the other. Here are some factors to consider when opening a UK bank account:

·        Account fees and charges

·        How long it takes to open an account

·        The kind of card you get (visa debit, maestro debit, cash card).

·        Branch availability

·        Minimum balance limitation

·        Overdraft limit

·        ATM withdrawal fees

·        Transfer fees

·        Currency conversion rates

There are a range of banks and accounts available to international students. Below are some examples of them that may be suitable:

Barclays International Student Additions Account

HSBC Basic Bank Account

Lloyds Classic Account

Santander Essentials current account (age 18+)

Santander current Account (age 16+)

Al Rayan Personal Current Account

Applying for a bank account

Before you visit a branch, check the website of the bank for information about how to open an account. Many banks have started applications for new accounts online and may require you to book an appointment to visit the branch.

Many banks require you to be in the UK to complete the process of opening your account. However, your home bank may be able to set up an account for you if it has a correspondent banking relationship with a British bank. For example, customers who have a relationship with HSBC in their home country can use HSBC’s International Banking Centre (IBC) network to open a UK account before they arrive. This is available to customers in 29 countries, and the average time required to process this before you come to the UK is two weeks.

Access to money and making payments before you open a UK bank account

We recommend that you only bring a small amount of cash along with a pre-arranged bank card (e.g. Visa or Mastercard) that you can use in the UK to make card or online payments. This card should include enough funds to cover your first few weeks while you are waiting to open a UK bank account.

There are also some organisations that provide digital services that enable you to transfer and receive money and make online payments, for example https://monese.com/  

How to keep your money safe while studying overseas

·        Do not bring large amounts of cash to the UK;

·        Do not let other people use your account to do their banking;

·        Use secure looking ATMs;

·        Avoid exchanging money at unauthorised vendors;

·        Keep your personal details and account details secret to protect yourself from fraud.

What can you do via online and telephone banking

All UK banks offer telephone and online banking which will allow you to print off bank statements, check your balance, transfer money, set-up direct debits and standing debits, report your card lost or stolen and get all your questions answered.

Bills, payments and statements

• If you opt for paying bills by Direct Debit, you must have enough money in your account to cover the Direct Debit the day before it is due to go out of your account. If not, you will be charged penalty fees by the bank and often also by the organisation that is expecting to receive the Direct Debit payment and you may have to pay overdraft charges.

• Avoid going into debt (spending more money than you actually have in your account) unless you have a pre-approved, interest-free overdraft facility.

• Sign up for online banking when you open your account.

• We recommend that you open a bank account which can provide you with monthly paper statements. Keep your bank statements while in the UK. You might need these original statements if you have to extend your visa in the UK.

• Make sure that you tell your bank if you change address so that your new address can be reflected on your bank statement.