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How to Open a Bank Account in UK-All you need to know about

by | Student Bank Account,UK

How to Open a Bank Account in UK-All you need to know about

by | Jul 19, 2024 | Student Bank Account,UK

Student bank account in UK : A complete guide.

If you’re studying in the UK, opening a bank account there will make your life a lot easier. After all, you’ll be utilizing this account to secure and manage your funds during your stay, from day-to-day costs to bill payments.

As a result, one of the first things you should do upon arrival in the UK is create a bank account.


Opening a bank account in a foreign country may appear frightening, but it is actually a quite simple process, so there is no need to fear!

Continue reading to learn more about banking in the UK, including how to open an account.



How to Open a Bank Account in the UK (The Complete Guide)


1. Understand the type of bank account you need.


Because there are various types of bank accounts available, it is beneficial to examine and understand each account type in greater detail before making a commitment.


Current Account


The Current Account, one of the most popular options for most individuals, provides access to a variety of financial services and the functionality required to conduct daily banking.

However, approval for a Current Account is subject to eligibility, a credit check, and an assessment of your specific circumstances.


Basic Bank Account


The Basic Bank Account, which includes all of the services you need for day-to-day banking, has no monthly cost and is excellent for those who may not be eligible for other types of Current Account.


It also includes a debit card and provides access to mobile and online banking.


Packaged Bank Account


In exchange for a monthly charge, the Packaged Bank Account typically includes additional benefits in addition to all of the features included in a basic Current Account.

This covers mobile phone insurance, breakdown cover in the UK and Europe, and worldwide travel insurance.



Student Account


As an international student, the Student Account is the greatest option due to the student-centric benefits it offers!


In addition to being fee-free, this account type may include a railcard, gift certificates, and other incentives.

In terms of features, it performs similarly to a conventional current account.


2. Shop around. The many banks


In the United Kingdom, there are various different banks. However, the major banks include HSBC, Barclays, Lloyds Banking Group, Nationwide, the Royal Bank of Scotland (RBS), and NatWest.

Before making a decision, look around and compare your options to see if there are any student accounts that offer specialized discounts to fit your lifestyle.



3. Prepare the necessary documents.


Once you’ve determined which bank and account type you want to apply for, gather the necessary paperwork to accelerate the procedure.


These documents include a passport, a student ID or university admission letter, a valid visa, proof of address, and a three-month bank statement from your home bank.


4. Submit the application as soon as possible.


Opening a bank account in the UK is a quick and easy process, so get it done as soon as possible.

If your selected bank permits you to set up an account online, you can do so before arriving to the UK!



However, if you need to visit the bank to open an account, do it within the first week of arrival.



5. Deposit and Secure Your Money, and Transfer In Funds.


When the account is opened, the following step is to make your first deposit.


Once you have secured your funds, you can begin utilizing your account to conduct transactions and shop around!

If you are making the transfer online ahead of time, take the time to watch the exchange rate and make the deposit when the exchange rate is favorable to you so that you get the best exchange rate for your money.



Successfully Study in the UK with LINGO.


Make your dream of studying in the UK a reality by taking the next step!


If you don’t know where to start, we have a staff of education counsellors that are happy to assist you.

At LINGO, our education advisors will guide you through the application process while also providing guidance on study basics such as opening a bank account and pursuing a career abroad.

To begin, schedule a free counselling session now!

Lingo Education Organisation
Lingo education Organisation