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Best Bank For International Students in UK: Which International Student Bank Account UK To Consider in 2023

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The cost of studying in a new country can be overwhelming.  This is when having an account with a bank in another country comes in handy. In addition to providing a secure haven for your funds, it will also enable you to make payments, withdraw cash, use an overdraft, and use a debit or credit card.

When it comes to money, having a bank account in the United Kingdom for international students is essential. A number of budgeting tools are available to students to help students make wise decisions about their savings and spending. This blog will help you better understand selecting the best bank for international students in uk, how to set up your bank account uk for international student including the documentation you'll need.

Table of Contents:

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Overview of Bank Account for International Students in UK

If you're in the UK for more than a few months, it would be wise to select the best bank for international students in uk. It's convenient to use for rent, tuition, and other daily costs. Opening a "basic bank account" allows you to deposit and withdraw money and gives you an ATM card. You won't obtain an overdraft, chequebook, or credit card. This depends on the international student bank account uk you choose.

Another alternative is opening an international student bank account UK. You'll have greater options with these, but there may be a monthly fee or minimum balance. You could get free international money transfers or overseas check deposits. With this choice, credit is improbable.

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How Do International Bank Accounts Work?

International banking is often seen as a tool for major companies and the wealthy. Offshore financial institutions are willing to open accounts for people with varying incomes, especially small-business owners. An international bank offers financial accounts to non-citizens of the account's jurisdiction.

Offshore banks for international students uk provide banking and investing services to individuals. Other banks of this type may specialise on business accounts. Policies, techniques, and operations of an international bank must comply with local legislation. Individual institutions can also create bank-specific policies.

What is the Minimum Balance for an International Bank Account UK?

Individual and business accounts have minimum balance requirements. Before earning interest, you must make these deposits. Such funds should be kept to earn interest. Some accounts can be opened with less than the minimum deposit. Your deposits won't earn interest until the account reaches the minimum balance.Pay attention to how interest is calculated and whether it increases as your balance grows. This is helpful for retirement savings.

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Why Should International Students Have a Bank Account in UK?

Keeping your money in a bank account helps to keep it safe from being stolen or lost. In addition, if you need to renew or apply for a new visa, you must show that you have sufficient funds to live in the United Kingdom. To make this process go more smoothly, having a bank account to study in the United Kingdom is a necessity.

Salary is often deposited into an employee's bank account on the same day it is earned. Bank fees may be incurred if you transfer your salary to an offshore account.

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Best Banks for International Students in UK

It is possible that certain banks will allow you to open a bank account without visiting a branch. Any ties to British banks should be sought out by the students from their individual suppliers. For overseas students, these are the top banks for international students UK to consider opening best student bank account for international students UK:

  1. HSBC Basic Account 2021
  2. Barclays Student Additions Account (International) 2021
  3. Natwest International Student Account
  4. Santander Basic Current Account
  5. TSB Cash Account

Let us know the details through the table below: 

Name of Bank Account

Eligibility

Features

Minimum Deposit

HSBC Basic Account 2021

Available for highschool students over the age of 16.

Sending money to other HSBC accounts and non-HSBC accounts in euros is free. This account has no overdrafts

-

Barclays Student Additions Account (International) 2021

Need to be over 18 years of age and studying a two-year undergraduate or one-year postgraduate course in the UK.

Sending and receiving costs within Europe are among the lowest on this list. Sending/receiving money outside of Europe or exceeding the £100 limit incurs a £6 transaction fee.

-

Natwest International Student Account

need to be 17 years of age or more and have lived in the UK for less than 3 years.

one of the few bank accounts in the UK that is exclusively available online.

you can choose 1 out of 3 offers- either a year of Amazon Prime student membership, a 4 year national express card for 1/3 off all coach travel or a 4 year free tastecard which gets you 50% off food in restaurants around the UK

Uses chip technology.

More than 13,000 ATMs.

-

TSB Cash Account

Need to be over 18 with no previous UK bank accounts

TSB Cash Account features the ability to save money! It rounds up purchases to the closest pound and saves the difference. Sending and receiving money in Euros is absolutely free

if you are receiving in other currencies, it will attract a fee. This is £2 to receive under £100 and £7 if you’re receiving over.

-

Lloyds Classic Account

Must be above the age of 18, have a UK address, and have the right to reside in the UK for at least one year.

The overdraft facility is free to set up, but it does come with a daily fee if and when you use it. Free to send and receive money in Euros.

-

Al Rayan Current Account

you must be 16 or older.

Sharia-compliant current account must commit to paying your salary into this account.

receiving money from abroad in euros is free and also receiving money from abroad in all other currencies is free.

£500

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How to Select the Best Bank in UK for International Students?

You can select the best banks in UK based on the below-mentioned factors:

Transfer costs

International transfer fees are a huge issue. If you're receiving or transferring money from abroad, compare commission rates and exchange expenses.  Check how much it costs to use your UK debit card overseas if you plan to use it at home.

Overdraft

If you need an overdraft, you must apply to one of the few providers for foreign students. This can help students budget.

Location

Make sure your bank has a branch near your home or university in case you need to handle account issues in person.

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Opening an account can take weeks, so start early. Best uk bank account for international students should be chosen before arriving in the UK or apply online before leaving. The significance of banks cannot be overstated, particularly for those who are studying abroad. To seek further assistance on how to set up your international student bank account uk, or regarding studying abroad, reach out to our Yocket counsellors today!

Frequently Asked Questions About Best Bank in UK

Ques. Can I open a bank account in the UK as an international student?

Ans. Yes, you can open a bank account in the UK as an international student. To open an account, you will need the following items: Your photo ID card, such as a passport. For international students, this can be in the form of an official "bank letter" from the university verifying their registration, their UK home address, and any correspondence the university has had with them at their overseas address.

Ques. How much bank balance is required for a UK student visa?

Ans. Courses in London will cost up to £1,334 per month (for up to nine months). For classes outside of London, the monthly cost is $1,023 (up to nine months).

Ques. How many bank accounts can international students have in the UK?

Ans. You can only have one bank account as an international student in the UK. This is due to the fact that you will be required to deposit the repayment of your student loan into that account.

Ques. Can international students get credit card in UK?

Ans. International students can also apply for credit cards. Credit cards, like debit cards, let you make online transactions and use services that you wouldn't otherwise be able to use.

Ques. How long does it take to open a UK bank account?

Ans. One or two days are usually sufficient for opening many types of ordinary bank accounts in the United Kingdom.

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