For international students in the UK, there are multiple options for them to get a bank account open. You can choose from various options that fit best for you as per your financial requirements. There is a perfect bank account type for you, whether you are a student or a resident in the UK. UK Student Visa Consultants in Pakistan are working day and night to help students start their lives abroad.
In the guide below, we will be exploring some basic types of bank accounts for overseas students and their benefits for them. Let’s get started!
In our financial world, there are different bank accounts with different purposes for each. Let’s take a look at some.
Current Accounts
To manage your finances daily, a current account can be the best fit for you. Some current accounts also offer interest percentages on savings amounts. However, this interest rate is much less than the traditional savings account.
With a current account, you can perform day-to-day transactions with ease. Like paying bills, receipt of income, and monitoring expenses on a daily basis.
Saving Accounts
In the UK, savings accounts provide a harmless and secure way to stock your money for upcoming use, whether for unforeseen circumstances, big-ticket purchases, or simply for saving purposes. As an international student, you can save your money in your savings account and let it grow over time for you as per the interest rate offered by the bank.
Joint Account
In the UK, it is likely to find a bank account with multiple persons. This can be a real resolution for handling household finances with a spouse, companion, or someone you live with. Founding a joint bank account in the UK offers a suitable way to equally manage expenditures.
What account to choose as an international student?
Shaping the best option for a UK bank account can be a tough choice as the banking industry in the UK is extremely modest, offering a varied range of products to supply to various customer sections. On the contrary, it’s vital to consider individual circumstances, favourites, and the goal of the account when making a verdict. To know more, you can contact Study Visa Consultants in Pakistan to get all the information about this.
Which Bank To Choose?
When you land in the UK as an international student you may face hurdles to open your bank account due to many reasons. It can be due to no credit history or lack of financial evidence required to proceed with account opening. What can be done?
You don’t need to worry! Some established banks in the UK allow you to open your bank account without any long or strict requirements.
- Barclays
- Lloyds
- HSBC
- NatWest
These four banks allow international students to open their desired bank account as soon as they land in the UK. These banks have a long history and are extremely secure, with wide experience in serving overseas customers and more thoughtful of your circumstances.
Things to consider before opening a UK student bank account
Below are some factors you may consider before you open a bank account in the UK
- A multi currency account can be helpful because there may be no conversion charges.
- In the era of user-friendly mobile phone-based banking accounts, supreme security features such as print recognition and two-factor authentication (2FA) were accessible.
- You might need to set an appointment with a traditional bank at your chosen branch, which may take some time.
- If you need to extend your visa, ask your bank for a posted monthly bank statement.
- Some overseas student accounts may cost an opening or monthly fee, depending on the type of account.
- Inquire about any fees forced if you aim to receive funds internationally.
How To Open Your Bank Account In The UK?
- The foremost step is to gather your documents. It can be your national identity card, driver’s license, or passport. You can also be asked to present your residency proof. Any document with your name and address, like a utility bill, tenancy agreement, or council tax bill, is valid.
- The second step would be to fill out the account opening application form. You can also get help in this from the bank account manager to fill it out properly.
- After you have acquired your application and documents, the bank will see your profile to see if you are qualified to open an account at their bank. The bank usually lets you know if they have rejected or accepted your application.
Need Our Expert Advice?
Our trained career experts are working 24/7 to ensure a smooth transition for Pakistani students travelling to the UK and settling down as soon as possible. We are referred to as the best UK Student Visa Consultants in Pakistan for guiding students. Contact us at the below-given details right now.
