When settling in the UK, whether you are in the EU or not, one of the things on 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 their detailed offers.
Contents
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 transactions & 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!
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 look 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.
Transfer wise
Outgoing International transfer fees Eu/Int: From EU to GBP – 0.37€ + 041% of the amount. Check here for other currencies.
Incoming International transfer fees EU/Int – No
Multicurrency card – Yes
Currency Exchange fees – From EU to GBP – 0.37€ + 041% of the amount. Check here for other currencies.
Monthly fees – No
Allows opening an account online – Only
Option of having an overdraft – No
Freebies: None
Bunq
Outgoing International transfer fees Eu/Int:
Incoming International transfer fees EU/Int: No
Multicurrency card: Yes
Currency Exchange fees from EU to GBP:
Monthly fees: Start at 7,99€
Allows opening an account online: Only Online
Option of having an overdraft: No
Freebies: None
Revolut
Outgoing International transfer fees Eu/Int: Free until 1000€, then 0.5% of the amount transferred.
Incoming International transfer fees EU/Int: No
Multicurrency card: Yes
Currency Exchange fees from EU to GBP: Free until 1000€, then 0.5% of the amount transferred.
Monthly fees: Free but have premium paid plans
Allows opening an account online: Only Online
Option of having an overdraft: No
Freebies: Access to discounts and cashbacks on selected brands
Natwest International Student Account
Outgoing International transfer fees Eu/Int: Free / Free
Incoming International transfer fees EU/Int: £1 / Up to £7
Multicurrency card: No
Currency Exchange fees from EU to GBP: 2.75%
Monthly fees: £10
Allows opening an account online: Only Online
Option of having an overdraft: No
Freebies: With the account, you’ll get to choose between one of the following three options:
- One-year Amazon Prime Student membership and £10 Amazon gift card
- National Express Coachcard giving you 1/3 off coach travel (four years)
- 50% off food in UK restaurants, cinemas and hostels with a tastecard (four years).
Barclays
Outgoing International transfer fees Eu/Int: Free / Free
Incoming International transfer fees EU/Int: Free / Up to £6
Multicurrency card: No
Currency Exchange fees from EU to GBP: 2.99%
Monthly fees: No
Allows opening an account online: Yes
Option of having an overdraft: Yes
Freebies: Access to Perlego – an online library of academic and non-fiction titles.
Santander
Outgoing International transfer fees Eu/Int: Free / £25
Incoming International transfer fees EU/Int: Free / Free
Multicurrency card: No
Currency Exchange fees from EU to GBP: 2.95%
Monthly fees: No
Allows opening an account online: Yes
Option of having an overdraft: No
Freebies:
Lloyds
Outgoing International transfer fees Eu/Int: Free / £9.50
Incoming International transfer fees EU/Int: Free / Up to £7
Multicurrency card: No
Currency Exchange fees from EU to GBP: 2.99%
Monthly fees: No
Allows opening an account online: Yes
Option of having an overdraft: Yes
Freebies: Up to 15% cashback when using your Visa Debit Card at selected retailers.
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. With Revolut, you don’t pay for exchange currency fees up until a certain amount, which is very useful!
What are the requirements to open a UK 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 |
|
Barclays |
|
Santander |
|
Lloyds |
|
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.
