Top UK Bank Accounts For International Students 

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Having a bank account in the UK enables overseas students studying there to access debit or credit cards, make fee-free payments, withdraw cash, and safely store their funds.

Just as finding the best bank in your home country may not be a straightforward task, so is looking for top-rated ones out there given that numerous options are presented to you and you must settle on one of them whereby this will help ascertain getting quality financial assistance being offered by an outstanding banking management or organisation.

A large chunk of the estimated 679, 970 foreign students living in the UK based on figures from the Higher Education Statistics Agency indicate that they will open bank accounts with banks drawn around them.

We’ll guide you on how to open a UK bank account and will also give an overview of the best UK bank accounts that are available for international students allowing them to pick one suitable for their style.

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Why Should You Open A Bank Account In The UK?

Keeping your money in a bank account rather than in cash helps to keep your funds safe. It will also make your life much easier whilst studying in the UK because you will be able to spend your money without having to rely on an overseas account.

You’ll also be able to deposit funds if you get a job while studying. Managing your finances from a bank account in your home country while in the UK might be difficult.

Among the significant challenges are:

When you withdraw money in the UK, you will very certainly be charged currency conversion and withdrawal costs.

1. You have to track changes in the exchange rate and how they affect your transfers.

2. If you work in the UK, your salary will be paid into a UK bank account.

3. Payments to friends in the United Kingdom can be complicated and costly.

4. It makes it tough to pay utilities, rent, membership fees, and mobile phone contracts.

5. If something goes wrong with your bank account, it is far more difficult to rectify any issues.

Best Bank Accounts For International Students In The UK

There have been questions on which bank is the best for international students in uk. Now that you’ve learned the basics of opening a bank account in the UK, it’s time to look at the best banks for international students in the UK….They are as follows

1. HSBC International Student Bank Account

With no monthly account charge, access to the banking app, and eligibility for discounts and offers, this account is designed exclusively for international students. However, you will not be able to use any HSBC credit cards or loans with this account.

You can even apply for this account before you arrive in the UK, and in some cases, an arranged overdraft can be granted.

Criteria to apply:

·         You must be18 years old or older

·         You should live in the United Kingdom, the Channel Islands, or the Isle of Man

·         You must have a valid ID and proof of address.

·         You need to have read the critical account docs online.

2. Natwest International Select Account

Even though this account isn’t specifically designed for students, if you can afford the initial deposit, it’s still a great choice. There is an £8 monthly account charge.

With this account, you can use their mobile app to manage money both domestically and abroad. Managing different currencies, transferring up to £100,000 daily, and locking your debit card in case it is stolen are among the other capabilities.

Criteria to apply:

·         Aged 18+

·         Be open the account with a minimum deposit of £25,000

·         A resident in one of their listed countries

3. Santander International Student Current Account

Available for a monthly cost of £5. Only one account can be open at any given time, and it must be utilized as your primary current account, which means it must receive your student loan, parental contribution, income, and other payments.

This account does not allow for overdrafts, but it does come with a slew of other perks to make your life easier.

This includes earning interest if you deposit at least £50 into your account each monthly statement period.

Criteria to apply:

·         Studying a course in the UK that is one year or longer

·         Be an overseas student aged 18 or older

·         Have a UK-registered residential address

4. Lloyds Bank Classic Account

Although our last best bank for international students in the UK is not specifically for students, it is still one of the best options. You can apply once you’ve arrived in the UK, and as long as you stay on credit, you won’t have to pay any monthly fees. You can withdraw up to £500 every day.

Unfortunately, you are only eligible for an overdraft as an international student if you have lived in the UK for fewer than three years.

Criteria to apply:

·         Able to provide your proof of identification and address.

·         Aged 18 or older

·         Lives in the UK

Things to consider before opening a UK bank account

Fortunately, opening a bank account in the UK is a quite simple process. However, there are several important considerations to make before proceeding.

1. Fees and costs

If you send and receive money from home regularly, you should figure out how much each transfer will cost and choose the bank with the best rates.

Banks frequently charge a commission fee for converting your home currency to pounds, as well as a cost for sending money in the first place.

Because different banks charge different fees, selecting the appropriate option might help you save money and stick to your budget.

2. Overdraft

Overdrafts are not available from all UK banks to international students. Some simply offer a tiny amount, but when you’re a student, every penny counts.

The longer you intend to stay in the UK, the more advantageous your overdraft is likely to be.

3. Location

It is pointless to open a bank account if there is no branch near your place of study. Having a local branch is especially handy when you need face-to-face advice rather than spending hours on the phone.

While you can withdraw cash from any ATM, having a branch nearby is quite convenient.

4. Credit history

Students who prefer to plan ahead and want to work in the UK after finishing their education would benefit financially from having a solid credit history.

Consider the potential impact on your credit rating if your bank offers overdrafts and credit cards to international students. Choosing the proper bank might also help you achieve financial stability faster.

It’s worth checking to see if your present bank account is already active in the UK. Many banks are run by multinational firms, and they provide lower rates for international money transfers if both accounts engaged in the transfer are registered with them.

It is critical to register a bank account as soon as possible to avoid delays and ensure a smooth start to your studies in the UK.

Before you leave your native country, you should choose the finest UK bank account for your needs. You can even apply online.

Banks play a crucial part in your financial life, especially when studying abroad, thus it is critical to select the proper one for you.

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