What’s The Best UK Bank For International Students?

When settling in the UK, whether you are in the EU or not, one of the things in your to-do list should be opening a british bank account. Back when I moved to study in England 5 years ago, finding a bank account that was best for me as an international student was a lengthy process. I soon realised that most banks do offer “Student bank Accounts” but that they asked for requirements such as being living in the UK for more than 3 years, which was not suitable for me. Therefore, I am writing this article to show you the best options based on the eligibility to open accounts, transfer and currency conversion fees, and more. 

To summarize, the banks I suggest here are the following: Barclays, Santander, Lloyds, Revolut, Bunq, TransferWise and Natwest, but below you can find they’re detailed offers.

Contents

• Why Do I need a UK Bank Account?
• What is an Overdraft?
• What is a Multi Currency Card?
• Best International Student Bank Accounts for 2021
• What documentation do I need to open a UK Bank Account?

Why Do I need a UK Bank Account?

The benefits of having a local bank account are the following:

• Saving Money

If you use your bank from back home in the UK, the most likely thing to happen is that you will be paying very expensive foreign transaction & currency conversion fees. Remember that this is something you’ll need to do since the UK currency is in pound sterling. 

• Working in the UK

If your visa allows it and if you want to work in the UK to pay for your studies, employees will require that you have a local bank to which they can pay their wages.

• Paying for Accommodation, gym, mobile phone, etc

Most accommodation providers will require that you have a local bank account, and if you want to pay for your gym membership and get a local mobile phone number, having a UK bank account is essential. 

• Practicality & Convenience

In the case where you forget your PIN or need support with something money-related, it will be easier to just pop down to a local branch to ask for help than contacting your bank from back home. Also, having a local bank will make it easier to transfer money to your friends!

 Before we proceed to the offers, you have to know a few things first in order to understand them:

What is an overdraft?

An overdraft is a loan that can act as a short term safety net. The amount borrowed is agreed with your bank.

What is a Multi Currency Card?

 A multi currency card allows you to hold several different currencies and hold a separate balance for each of them.

Best International Student Bank Accounts for 2021

With the advance of technology, banking is being made easier with banks such as Revolut and Bunq, which are great options if you are only planning to stay for a semester, for example. If you are more traditional and don’t mind dealing with the paperwork that “traditional” banks require, there are also options for you below, however banks like Natwest and Barclays only allow you to open an account with them if you are enrolled in a course that lasts at least 2 years. 

Now on analysing each individual bank, I looked at the following factors: Outgoing International Transfer Fees from the EU and Internationally, Incoming international transfer fees from the EU and Internationally, Multi Currency card, Currency exchange fees, Monthly Fees, Allows opening an account online, Option of having an overdraft and Freebies.

Click on the links to go directly to the Bank’s website!

BANK	Outgoing International transfer fees Eu/Int	Incoming International transfer fees EU/Int	Multi currency card	Currency exchange fees	Monthly fees	Allows opening an account online	Option of having an overdraft
TransferWise	From EU to GBP – 0.37€ + 041% of the amount. Check here for other currencies.	No	Yes	From EU to GBP – 0.37€ + 041% of the amount. Check here for other currencies.	No	Only online	No
Bunq	No	No	Yes		Start at 7,99€	Only online	No
Revolut	Free until 1000€, then 0.5% of the amount transferred.	No	Yes	Free until 1000€, then 0.5% of the amount transferred.	Free but have paid premium plans	Only Online	No
Natwest International Student Account	Free/Free	£1 / Up to £7	No	2.75%	£10	Only  online	No
Barclays	Free / Free	Free / Up to £6	No	2.99%	No	Yes	Yes
Santander	Free / £25	Free / Free	No	2.95%	No	Yes	Yes
Lloyds	Free / £9.50	Free / Up to £7	No	2.99%	No	Yes	Yes

What are the requirements to open a bank account?

Bank	Eligibility
Transfer wise	Everyone is eligible if they have an ID Card
Bunq	Residents of the EU; +18;  -18 need to provide a legal guardian.
Revolut	Be 18+
Natwest International Student Account	You must be 17+ and live in the UK for less than 3 years. A full-time undergraduate course that lasts for two years or more A full-time postgraduate course Nurse training course at a university or higher education college in the UK.
Barclays	You must be over 18 and living in the UK You need to do a full-time undergraduate degree that lasts at least two years or a postgraduate degree that lasts at least one year You should plan to use the account as your main bank account.
Santander	You must be 18; You need to live in the UK; You’re studying or are about to begin an undergraduate course that is at least 2 years in length, or level 4 to 7 apprenticeship. If you’re about to begin your course, you must have an ‘unconditional’ or ‘confirmed conditional’ offer (i.e. you have your exam results) before you apply; You pay in at least £500 per academic term; You don’t already have an existing Santander current account; If you do hold a Santander current account, you’ll need to transfer it;
Lloyds	Be 18 or older Have a UK address You need to be an EU national, or have the right to stay in the UK for at least a year.

What documentation do I need to open a UK Bank Account?

Usually, you will need to have the following:

• Passport;
• Letter from the University stating that you study there;
• Proof of Address (This can be a utility bill or bank statement);
• Your visa (If it is the case);

Hopefully after reading this you’re a bit less lost and now you have an idea of what bank to go for! Be sure to follow Movido on social media to keep up with the best tips and advice on your move to the UK.