Establishing a bank account in the United Kingdom would significantly simplify your life if you are currently pursuing your education there. After all, you will be utilizing this account to secure and utilize your funds during your stay, from paying bills to covering daily expenses.
Consequently, it is advisable to prioritize the opening of a bank account upon your arrival in the United Kingdom.
The process of opening a bank account in a foreign country may appear intimidating; however, it is actually quite straightforward, so there is no need for concern.
For additional information regarding banking in the United Kingdom and the procedures for opening an account, please continue reading.
How To Open Your Bank Account In The UK (The Complete Guide)
Understand The Type of Bank Account You Need
It is beneficial to conduct a more thorough examination of the various types of bank accounts available in order to make an informed decision prior to making a commitment.
Current Account
The Current Account is a widely used option for the majority of individuals, as it provides access to a variety of banking services and the necessary features to manage daily banking.
Nevertheless, it is important to remember that the approval of a Current Account is contingent upon your eligibility, a credit check, and an evaluation of your personal circumstances.
Basic Bank Account
The Basic Bank Account is the perfect choice for individuals who may not qualify for any other type of Current Account, as it offers all the necessary features for daily banking and has no monthly fee.
Additionally, it provides access to mobile and online banking and includes a debit card.
Packaged Bank Account
The Packaged Bank Account typically offers additional benefits in addition to the features of a standard Current Account in exchange for a monthly charge.
This encompasses worldwide travel insurance, UK and European breakdown cover, and mobile phone insurance.
Student Account
The Student Account is the optimal choice for international students due to the student-centric benefits it offers.
In addition to being fee-free, this account type occasionally includes a railcard, gift vouchers, and other benefits.
It operates similarly to a conventional Current Account in terms of its capabilities.
2. Shop Around The Various Banks
There are numerous institutions in the United Kingdom. Nevertheless, the top institutions are HSBC, Barclays, Lloyds Banking Group, Nationwide, Royal Bank of Scotland (RBS), and NatWest.
Before making a decision, it is advisable to investigate and compare the available options to determine whether there are student accounts that offer customized discounts that are most suitable for your lifestyle.
3. Prepare The Necessary Documents
Once you have selected the bank and account type for which you wish to register, it is time to collect the necessary documents in order to expedite the process.
These documents consist of a valid visa, a bank statement from your home bank from the past three months, evidence of address, and a passport, student ID, or acceptance letter from your university.
4. Make The Application As Soon As Possible
Opening a bank account in the United Kingdom is a straightforward and expeditious process; therefore, it is advisable to complete the process ASAP.
If the bank you have selected permits online account setup, you can complete the process prior to your arrival in the United Kingdom.
Nevertheless, if you are required to visit the bank to establish an account, it is advisable to make the journey within the first week of your arrival.
5. Deposit & Secure Your Money & Transfer In Funds
The subsequent action would be to submit your initial deposit once the account has been established.
After obtaining your funds, you may commence using your account to conduct transactions and do your shopping.
If you are transferring funds online in advance, it is advisable to monitor the exchange rate and make the deposit at a time when it is favorable to ensure that you receive the most value for your currency.
Successfully Study In The UK With Liveabroad
Transform your aspiration to pursue a degree in the United Kingdom into a tangible reality by taking the next step!
In the event that you are uncertain about where to commence, our team of education counselors is more than ready to provide assistance.
Our education counselors at Liveabroad will assist you in navigating the application process and provide guidance on your study essentials, including the establishment of your bank account and your career aspirations abroad.
To commence, schedule your complimentary counseling session today.