Are you an international student looking for the best bank in the UK to help you manage your finances effectively while you study? If yes, look no further!
A bank account in the UK can provide a safe place to protect your money and give you access to financial services, including making payments, withdrawing cash, using an overdraft, and using a debit or credit card.
Starting a new life in a new country can be daunting, and managing your finances can be one of the most stressful aspects of the transition. But with the right choice in the bank, managing your finances can be much easier. This way, you’ll be able to focus on the most important thing: your education!
However, opening and managing a bank account in the UK can be daunting for international students, due to factors such as unfamiliarity with the UK banking system, language barriers, lack of required documentation, and high fees.
Yocket can help you find the best bank account in the UK for your needs and open it remotely. We'll compare different bank accounts for you and help you choose the one that's right for you, based on your fees, account opening requirements, and customer service preferences.
So what are you waiting for? Check out Yocket Premium today and take control of your finances!
This blog will help you better understand how to select the best bank for international students in the UK and set up your bank account. We'll cover everything you need to know, including the documentation you'll need.
Suggested: Top reasons to study in UK
Types of Bank Account for International Students in UK
If you're staying in the UK for more than a few months, it's important to choose the best bank for international students. This will make it easier to pay for rent, tuition, and other everyday expenses.
There are two main types of bank accounts for international students in the UK:
- Basic bank accounts: These accounts are free to open and maintain, and they allow you to deposit and withdraw money, and use an ATM card. However, you won't be able to get an overdraft, checkbook, or credit card.
- International student bank accounts: These accounts offer more features, such as free international money transfers and overseas check deposits. However, they may have a monthly fee or a minimum balance. You're also unlikely to be able to get a credit card with an international student bank account.
Which type of bank account is best for you will depend on your individual needs and budget. If you're on a tight budget, a basic bank account may be a good option. However, if you need to send money internationally or deposit overseas checks, an international student bank account may be a better choice.
Suggested: How to Finance your studies in the UK?
How Do International Bank Accounts Work?
International banks offer financial accounts to people who are not citizens of the country where the bank is located. These banks are often seen as tools for major companies and the wealthy, but many international banks are willing to open accounts for people with varying incomes, including small business owners.
Some international banks specialize in providing banking and investing services to individuals, while others focus on business accounts. All international banks must comply with local laws, but they may also have their own specific policies.
What is the Minimum Balance for an International Bank Account in UK?
Individual and business accounts often have minimum balance requirements. This means that you must keep a certain amount of money in your account at all times to avoid fees or other penalties. To earn interest on your deposits, you must typically meet the minimum balance requirement.
Some accounts allow you to open an account with less than the minimum deposit, but your deposits will not earn interest until the account reaches the minimum balance. It is important to pay attention to how interest is calculated and whether it increases as your balance grows. This information will help you choose the right account for your needs.
For example, some accounts may pay interest daily, while others may pay interest on a monthly or quarterly basis. Some accounts may also have tiered interest rates, meaning that you earn a higher interest rate on higher balances.
If you are saving for retirement, it is especially important to choose an account with a high interest rate and no monthly fees. This will help your money grow faster over time
Suggested: PhD Stipend, Salary and Jobs in UK
Why Do International Students Need a Bank Account in UK?
Keeping your money in a bank account helps 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.
Best Banks for International Students in UK for 2024
Certain banks may 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 suppliers. For overseas students, these are the top banks for international students in the UK to consider opening the best student bank account for international students in the UK:
- HSBC Basic Account 2024
- Barclays Student Additions Account (International) 2024
- Natwest International Student Account
- TSB Cash Account
- Lloyds Classic Account
Let us know the details through the table below
|
Name of Bank Account |
Eligibility |
Features |
Minimum Deposit |
|
Available for high school 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 |
- |
|
|
You 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 or receiving money outside of Europe or exceeding the INR 10,100 limit incurs an INR 600 transaction fee. |
- |
|
|
needs to be 17 years of age or older 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. There are more than 13,000 ATMs. |
- |
|
|
You need to be over 18 with no previous UK bank accounts |
The TSB Cash Account features the ability to save money! It rounds up purchases to the nearest 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 INR to receive under INR 10,100, and INR 700 if you’re receiving over. |
- |
|
|
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. It is free to send and receive money in euros. |
-
|
Suggested: Great Scholarships to Study in UK
Studying abroad is a dream come true for many students. However, it can also be a significant financial undertaking. If you're struggling to find the right education loan, Yocket's Loan Finder tool can help.
Yocket's Loan Finder is a free and easy-to-use tool that compares loan options from multiple lenders. Simply enter your basic information and loan requirements, and Yocket will show you the best loans available to you. You can compare interest rates, repayment terms, and other features to find the perfect loan for your needs.
Start your study abroad journey today with Yocket's Loan Finder tool!
How to Select the Best Bank in UK for International Students?
You can select the best banks in the 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.
Suggested: Know About ATAS Certificate UK
From the Desk of Yocket
To avoid delays and ensure a smooth start to your studies in the UK, it is important to open a bank account as early as possible. You should choose the best UK bank account for your needs before arriving in the UK, or even apply online before you leave your home country. Banks play a vital role in your financial life, especially when you are studying abroad, so it is important to choose one that is right for you.
If you are feeling overwhelmed by the endless possibilities of choosing a UK bank account, Yocket can help. Yocket experts can help you compare different accounts and choose the best one for your needs. They can also help you with your budgeting and finances, from university selection to visa applications to settling in the UK.
Connect with Yocket counselors for free 1:1 counseling.
