A local bank account isn't just handy—it's essential for paying those everyday expenses, receiving funds from back home, and getting paid for your part time work.
The UK is a cashless society. We're talking contactless cards for your morning coffee, tapping your phone for the bus, and maybe even a digital tip jar at the university bar. So, a local bank account isn't just handy—it's essential for paying those everyday expenses, receiving funds from back home, and getting paid for your part time work.
UK Bank Accounts
Plus, a UK bank account helps you build that all-important credit history. Think of it as your financial resume—crucial for future endeavours like renting a flat, getting a loan, or even scoring that coveted post-study work visa.
Using your home country's bank card in the UK often comes with hefty transaction fees and maintenance charges. Setting up a UK bank account could help with reducing those charges that may occur.
There are two types of bank accounts that are widely used amongst students.
A traditional bank account is where your bank will have a physical location and all your holdings and account support is provided from this branch.
The other type of account is a digital account which will help you manage your finances without having to go to the bank and at the convenience of your mobile phone.
Some banks exclusively provide digital accounts which do not have a physical location, whilst some traditional banks will set you up with a digital account that connects with your traditional bank account.
What you'll need to Open a Bank Account
Your Passport, Proof of Student Status which can be obtained from your student portal using your university credentials. A Proof of Address in the UK, This can be your tenancy agreement or your proof of student status, as it also proves your term-time address and VISA.
Opening your Bank Account
Before arriving in the UK, research banks and potentially apply for a student account online. Visiting a branch is helpful in answering your questions, but online applications are usually faster. Expect delays in September due to high demand. After setting up your account, allow 3-10 working days for your card and documents to arrive.
Use any offered overdraft cautiously and be aware of fees for account upkeep, ATM usage, and international transactions.
If you have any questions regarding banking or require help managing finances please reach out to Guild Advice. They're there to help you navigate your university life and remember, you are not alone.
Anudheep Sriraj