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Moving to the UK to study abroad can be a thrilling experience. It is an opportunity to make lifelong friends, have amazing adventures and learn about a new culture while studying at some of the greatest colleges in the world. However, while moving to the UK you need to make sure that you will be able to receive money from your family members for your daily expenses. This entails opening an international student bank account. There are many options for overseas students available in the UK and it could get confusing to pick the right one for you. But don’t worry, we’ve got all the information you need on the top UK bank accounts for international students!
| Overview Of Best Bank In UK For International Students | ||
| Bank and account | Fees for account and cards | Key features |
| HSBC International Student Bank Account | – £5 for international transfers – 2.75% for foreign currency card payments | – Mobile banking – home&Away offers and discounts – Instant notifications |
| Barclays Bank Account | – £6 for receiving international payments (over £100) – 2.99% for foreign currency card payments | – Optional arranged overdraft – Mobile banking – Money management tools |
| Santander Basic Current Account | – £25 for international payments – 2.95% for foreign currency card payments | – Online and mobile banking – Cashback, vouchers and prizes with Santander Boosts – Fee-free withdrawals at Santander ATMs worldwide |
| TSB Spend & Save Account | – £10-£17.50 for international payments – £2-£7 to receive international payments – 2.99% for foreign currency card payments | – £5 cashback a month (if you meet conditions) – Up to £2,000 overdraft- Mobile banking – Earn up to 2.92% interest in savings pots |
| Natwest International Student Account | Sending money abroad in all currencies: Free Receiving money from abroad in euros: FreeReceiving money from abroad in all other currencies: Free to receive under £100, £6 for amounts over £100 | With NatWest’s Select Account, international transfer fees are minimal. You’ll only incur charges if you require expedited money transfers when sending funds abroad. |
List Of Best Banks Accounts For International Students In The UK
Some banks may allow you to open a bank account online, but others may require you to visit a branch. Students should check with their suppliers to determine whether they have any links to banks in the United Kingdom. Here are the finest international student bank accounts in the UK.
1. HSBC Basic Account
The HSBC Basic Account is first on the list of top UK bank accounts for international students. It is eligible for individuals with an EU address, even though it wasn’t specifically designed for international students. You could even set it up at home if you’re from Europe. It simplifies the process of opening a bank account for international students studying in the UK. Holders have the option to transmit money in euros for free to non-HSBC accounts as well as to other HSBC accounts. Overdrafts are not permitted on this bank account. It is preferred by many university students and considered one of the best banks in the UK for international students.
How much are HSBC’s international transfer fees?
| Transaction Type | Fee |
| Sending money abroad to HSBC accounts | Free |
| Sending money to non-HSBC accounts in EEA countries (in euros) | Free |
| Sending money to non-HSBC accounts in all other countries and currencies | £5 |
| Receiving money from countries outside the UK (in pounds) | £5 |
| Receiving money from all other countries (in all currencies) | £5 |
Eligibility For HSBC Account
- Anyone with an EU address
- Must be older than 16 in the EU
- Should not have any other accounts in the UK
2. Barclays Student Additions Account
The Barclays Student Additions Account is one of the top UK bank accounts for international students for receiving and sending money internationally. Additionally, it offers some of the best UK bank current account choices for students. To initiate the process of opening a bank account with Barclays as an international student, you will require a UK biometric residence permit. Additionally, this account offers an overdraft feature. However, it’s important to note that the extent of overdraft available varies depending on individual circumstances, and some applicants may not qualify for one at all. Moreover, this account boasts remarkably low international transfer fees.
How much are Barclays’ international transfer fees?
| Transaction Type | Fee |
| Sending money abroad in all currencies | Free |
| Receiving money from abroad in euros | Free |
| Receiving money from abroad in all other currencies | Free to receive under £100, £6 for amounts over £100 |
Eligibility of Barclays Student Additions Account
- Must be older than 18
- Enrolled in a two-year undergraduate or one-year postgraduate degree in the United Kingdom
3. Natwest International Student Account
One of the few bank accounts in the UK that can only be accessed online is the Natwest International Student Account. It is the second-best bank account for international students in the UK. As the name suggests, this account is mostly open to international students studying in the UK. This is another one of the top UK bank accounts for international students which enables free money transfers. Additionally, you have the choice between three choices. These options include a year of student access to Amazon Prime, a four-year free food card that offers a half-off discount on meals at restaurants throughout the UK, or a four-year free national express card with a third-off discount on all bus travel. They are all wonderful chances to get you through your college years!
How much are NatWest’s international transfer fees?
| Transaction Type | Fee |
| Sending money abroad in all currencies | Free |
| Receiving money from abroad in euros | Free |
| Receiving money from abroad in all other currencies: | Free to receive under £100, £6 for amounts over £100 |
Eligibility for NatWest’s international student account
- Be aged 18 or over
- Be a UK resident.
4. Santander Basic Current Account
Santander Basic Current Account is among the top UK bank accounts for international students. If you are already in the EU, you can open this account before you arrive since it is accessible to UK and EU citizens. Sending and receiving money in Euros from around the world is free. Any other form of currency, however, costs £25 for each transaction whether sending or receiving it.
How much are Santander Transfer Fees?
| Transaction Type | Cost |
| Sending money abroad in the Single Euro Payments Area (SEPA) | Free |
| Sending money abroad to all other countries | £25 |
| Receiving money from abroad in all currencies | Free |
Eligibility for Santander’s international student account
- Must be 16 years or older
- Have a residential address in the UK
5. TSB Cash Account
The TSB Cash Account has a feature that lets you save money if you’re looking for a UK bank account for international students. It saves the difference when purchases are rounded up to the nearest pound. This could prove to be really helpful if you want to save money! Additionally, sending and receiving cash in Euros is cost-free.
How much are TSB transfer fees?
| Transaction Type | Cost |
| Sending money abroad in euros to an EEA country | Free |
| Sending money abroad in all other currencies to all countries | £10 to send £5,000 or less £17.50 to send over £5,000 |
| Receiving money from abroad in euros | Free£7 for amounts over £100 |
Eligibility For TSB Cash Account
- Be aged 18 or over
- Be a UK resident.
Alternatives to UK Bank Accounts for International Students
With the recent surge of digital app-based banks launching in the UK, there are more choices than ever. However, not all these accounts are suitable for international students and they may not be regulated as strictly as mainstream banks.
Despite this, digital banks offer several benefits, particularly for cheap international transfers and quick account setup.
Using Your Overseas Account
You could always stick with your bank account from your home country. This might be simpler, especially if you’re only in the UK for a short period. However, make sure you check the costs for withdrawing money and using your debit card in the UK.
Lastly, inform your bank about your move to the UK. Otherwise, they might suspect fraudulent activity and block your account. Banks aren’t mind-readers!
FAQs
1. Which UK bank is best for international student accounts?
HSBC Basic Account 2021, Barclays Student Additions Account (International) 2021, Natwest International Student Account, Santander Basic, Current Account, TSB Cash Account, Lloyds Classic Account. and the Al Rayan Current Account are some of the best international student bank accounts in the UK.
2. Can students open a bank account in the UK as international students?
Yes, some of the top UK bank accounts for international students are available for foreign students. The documentation needed to open a bank account varies depending on the bank, but generally speaking, international students will need to provide a copy of their original passport, student visa, a bank statement from their main bank (3 months) and their address proof in the UK.
3. How much bank balance is required for a UK student visa?
The amount of money you’ll require depends on where you’ll be attending university. You’ll require one of the following: For up to nine months, classes in London will cost £1,334 each month. Courses outside of London cost £1,023 per month (for a maximum of nine months).
4. Can international students have two bank accounts?
International students are permitted to have two or even more bank accounts. You typically require checking and savings accounts. Although creating an account is a simple and stress-free process, it is best to read the terms and conditions in their entirety and complete the process in person.
1. Which UK bank is best for international student accounts?
HSBC Basic Account 2021, Barclays Student Additions Account (International) 2021, Natwest International Student Account, Santander Basic, Current Account, TSB Cash Account, Lloyds Classic Account. and the Al Rayan Current Account are some of the best international student bank accounts in the UK.
2. Can students open a bank account in the UK as international students?
Yes, some of the top UK bank accounts for international students are available for foreign students. The documentation needed to open a bank account varies depending on the bank, but generally speaking, international students will need to provide a copy of their original passport, student visa, a bank statement from their main bank (3 months) and their address proof in the UK.
3. How much bank balance is required for a UK student visa?
The amount of money you’ll require depends on where you’ll be attending university. You’ll require one of the following: For up to nine months, classes in London will cost £1,334 each month. Courses outside of London cost £1,023 per month (for a maximum of nine months).
4. Can international students have two bank accounts?
International students are permitted to have two or even more bank accounts. You typically require checking and savings accounts. Although creating an account is a simple and stress-free process, it is best to read the terms and conditions in their entirety and complete the process in person.
PS: If there’s anything more you’d like us to know about. Add it to the comments section!
Thank you for reading this blog on ‘Top UK Bank Accounts For International Students 2022 .’ If you’d like to read more, here are some blogs that may be of interest to you –
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