Opening a bank account for international students in the UK is a much more common problem than you might think.
In fact, while the UK is often heralded as a top banking jurisdiction for private and corporate banking, retail-level banking can be a massive headache.
This is especially true if you are applying for an account and are unable to meet the bank’s requirements, like a UK bank account without proof of address, or as someone who has recently arrived in the country, like an international student.
In this article, we’re going to discuss the steps to take, the challenges to overcome, and what students and parents should do before the student lands in the UK.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- UK Banking for International Students 101
- How to Find the Best UK Bank for International Students
- Frequently Asked Questions
- Do You Want Help Opening Bank Accounts?
UK Banking for International Students 101
In general, it can be very helpful for an international student to have a local bank account in the UK to support themselves while studying in the country. However, it can be very difficult to open an account as someone who has recently landed.
The main reason for this is that UK banks have strict requirements when it comes to proof of address and identity verification.
For instance, some banks will only accept utility bills such as electricity, water, or gas bills. While an official letter from the university or the university hall where the student will be living should also work, these letters can sometimes take weeks or months to obtain. This puts international students in a tough spot.
That said, there are a few alternative (easier to access) options to prove your address in the UK, which we share in our members-only reports available through GlobalBanks IQ and GlobalBanks Insider.
Additionally, international students who are stuck could also consider opening an account outside of the UK, an interim fintech account in the UK (or elsewhere), or consider certain UK banks that tend to be more accepting of international students.
Alternatively, if you have a unique banking requirement and need to know whether or not you can deposit euros into your UK bank account, you can click the link here to find your answer.
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How to Find the Best UK Bank for International Students
First of all, after a student has settled in the UK, it will be easier for them to navigate the account opening process. This also allows students to determine which banks are more accepting of international students from their particular country.
Additionally, while you may be searching for a UK bank for an international student, what you should be looking for is a local bank near the University that regularly supports student account opening.
In other words, the bank you choose if you’re studying in London might differ from the bank you’d choose if you were in Edinburgh, Glasgow, Belfast, Cardiff, or York.
That said, international students often need access to basic banking services, local transfers, and local currency as soon as they touch down in the UK. So, if it takes time to get established and request (and collect) the required documents for account opening, what’s a student to do?
Well, we have a suggestion…
Considerations For Opening Student Bank Accounts in the UK
Instead of worrying about opening an account for international students as soon as they land in the UK, why not open an account before the student arrives?
Parents can open a multi-currency bank account for themselves – and then add their student as a sub-account holder.
This approach gives international students access to GBP, USD, and even EUR through a personal payment card, while also allowing them to withdraw GBP at UK ATMs for much lower fees than with an international card.
In short, instead of opening accounts when they arrive in the UK, they can avoid all of the stress and unnecessary complications by having bank accounts and payment cards available to them ahead of time.
Of course, there are other banking solutions available to parents and international students in the UK as well. If you need help sorting out your banking options, feel free to contact us and we’ll point you in the right direction.
Frequently Asked Questions
Below are two of the most common questions that we receive from people looking to open an international bank account for students in the UK. If you have further questions, don’t hesitate to get in touch with us directly.
Can an International Student Bank in the United Kingdom?
Yes, international students can bank in the United Kingdom. However, each bank has it’s own specific account opening requirements and will typically want students to provide official documentation from their university.
How Do I Know Which Banks Accept International Students?
In general, all UK banks accept international students if they can meet the account opening requirements and provide the right paperwork. However, the account opening requirements are often challenging to meet for those new the UK – and they can vary from bank to bank, branch to branch, and even from banker to banker.
Do You Want Help Opening Bank Accounts?
If so, you can access GlobalBanks Insider and start the process of applying for an offshore account in a few clicks.
GlobalBanks Insider is a dedicated account opening solution that involves direct support from our team and direct introductions to the banks of your choosing. It gives you instant access to the…
+ Direct support from a team of banking experts
+ Direct introductions to your desired banks
+ Answers to your most pressing questions and challenges
+ Expert insights on which banks to choose & why
+ Plus FULL access to our entire suite of account opening tools and intelligence!
And “yes!” GlobalBanks Insider is designed to help foreign and non-resident individuals and companies open bank accounts.
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