Banking and budgeting
You can make preparations for banking before you arrive in the UK:
- Does a multinational bank in your home country have an online account you could open before coming to the UK?
- Seek advice on opening a bank account in the UK - a bank in your home country may be associated with a bank in the UK, which could make it easier to open an account.
- Check whether you can use a cash card from your existing home country bank in UK ATM bank machines and if there’s a charge for doing so.
Why open a bank account?
- Safety and security of your money – you can keep your money safe, as it’s not a good idea to carry a lot of cash with you.
- If you take a part-time job in the UK - generally businesses pay salaries directly into a bank account.
- Allows you to pay your tuition and accommodation fees by direct debit.
- For visas – to extend your visa in the UK, you’ll need to show financial evidence that you have enough money to live in the UK.
- To have money transferred from overseas – some banks charge for this, others don’t. So this may be a consideration when you’re deciding which bank to use.
What bank should I choose?
There are a number of considerations you should bear in mind when deciding which bank you should open an account with:
- Compare several different banks to make sure you open the correct account for your needs. You could use comparison websites like Save The Student or Money Saving Expert. They list the top international student bank accounts for 2020, along with reviews of each provider and are also a good source of information for other student finance matters.
- Make sure you ask about bank charges.
- Request monthly postal bank statements (student visa extension).
- It may take up to approximately two weeks to open an account. To be able to access your money on arrival, it would be worth opening a prepaid debit card before entering the UK and transferring at least two weeks (four weeks if you are having you are having to self-isolate) of living costs into this account. You can compare the best student prepaid card for you on Save The Student and Money Saving Expert websites.
- Keep it safe – don’t carry lots of cash on you.
- Your passport (original, not photocopy) or a photo ID card for identification.
- Evidence of your student status (confirmation of enrolment letter).
- Your original unconditional offer letter/ letter of acceptance offer.