As you would expect, while operating a foreign bank account in the UK, specific charges will apply to any withdrawals and transactions you make. In addition, opening a bank account will help you to have better control of your personal funds, as there will be no need to consider the currency exchange rate.If you are a student who plans on working while studying, an account with the local bank will be very useful. Now that we accept that it’s necessary for you as an international student to open a bank account, you probably wonder:
1: What Documents Do I Need?
Documents required for a foreign student bank account in the UK:
A valid visa
Home bank statement
Proof of address in the UK(For example, a letter from your college or university stating that you are their student and providing your UK address, or your tenancy agreement or student accommodation contract).
Student ID or acceptance letter from the university.
Documents required for home/EU students for a bank account:
One or two forms of photo ID
Proof of address
Proof of student status
Note that you need to submit original documents and not duplicates. Likewise, remember that in spite of that you can apply for opening a ledger is completely online you should present the archives face to face at a nearby office.
Such criteria will differ slightly across banks, so make sure you test what your bank needs before heading over.
2: Which bank would be the best for my needs?
Major Banks in the UK:
There are numerous banks, so it is worth doing some of your own research into the most suitable bank account for you.
1: Barclays : With more than 1500 branches, it is the largest bank in the UK. An international student account is free of charge and provides cashback from various shops.With student additions, you can also upgrade your main bank account to a free overdraft of up to £ 3,000 for three years and a contactless debit card.
2: HSBC : HSBC operates in the UK with more than 1100 branches. HSBC operates in over 80 countries; you can easily set up a student account in the UK before you land if you already have a bank account with HSBC in your home country. HSBC ‘s student account is one of the best out there with a free overdraft of £3000 per annum for three years and 2 percent in-credit interest on the first £1000.
3: Lloyds : Lloyds is the UK’s largest provider of current accounts, and has some 1300 branches across the country.In fact, Lloyds has a special new account that you can normally open with only your passport or identity card (if you are a citizen of the European Union). The account is free of charge and comes standard with a contactless visa debit card.
4: NatWest : If you’re a student, you’ll get a free three-year overdraft of up to £2000 as well as a 33 percent discount on National Express coach fares. You will also have access to an emergency cash machine, so that if your card is misplaced or stolen you can withdraw money from your account using only a security code.
Certain banks need to look in
Although Barclays, Lloyds, HSBC and RBS / NatWest are UK’s four main banks, there are other banks that you can search out as well.
TSB is fast gaining a reputation as one of UK’s best banks. Opening an account is fairly easy, even if you’re new to the UK; and the Classic Plus account has some great advantages. These include 5 per cent interest on the first £2000 in your account per month and 5 percent cashback on the first £100 contactless payments per month. The student account has up to £1500 free overdraft for three years
Should not stick to a company without taking at least a look at what else’s out there.
3: What is The Cost?
Normally, you’ll be paying lower maintenance fees as a student. In addition, there could be no such charge charged to you in certain small banks.It’s always a good idea to abide by the terms and conditions of your branch. You will stop any unexpected surprises, that way.
4: How long does it take for UK bank account to be opened?
Your account will normally be activated as soon as you fill in the blank application form but it will take a few days to issue your card and the PIN code. Don’t forget to check your post daily, as your card will be sent to your registered address.
5: ATM Fees
It’s free to withdraw money from your bank’s ATM. Some ATM machines, however, are not free and may charge £1.50 and £3 per transaction. Usually before you complete the purchase the ATM machine will warn you of charges.It’s never free to use ATM outside the UK. Many banks can charge a non-sterling transaction fee, up to 2.99 % per transaction.
Take some time to decide
It’s an important decision to decide which bank you want to open a bank account at. You will use it for long periods of time, possibly for the entire duration of your studies. And we suggest that you pay for taking enough time before making a decision.