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UK Bank Accounts |
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You will need to open a bank account
when you come to London. It is the safest place to keep
your money. It is advisable to open an account with one of
the major high street banks. These banks are National
Westminster, HSBC, and Lloyds. All these banks offer
special student accounts, however it is important to note
that as an international student you will not necessarily
be eligible for all the facilities offered to UK resident
students and it may be difficult to open a bank account.
If you are on a course for less than six months, it may be
virtually impossible to open an account. See the
information sheet
Opening a UK Bank Account (pdf)
When you go to open a bank account you should take some
documentation with you. Most banks ask you to bring:
- Valid passport
- A letter from the relevant admissions office saying
you are enrolled
- Student ID card
- Evidence of your address
- Substantial evidence of funding for your studies.
- A letter of introduction from your bank at home is
very helpful.
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Banking for International Students |
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As an international student your
eligibility for various banking services will depend upon
your personal circumstances. Visit a few banks and find
out which can provide the best service for you.
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Current Accounts |
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The most useful type of account is a
current account (a student account is a current account
with special concessions for students).
You can pay money in, in any form, and then draw it out as
you need it using your chequebook. Payments to other
people can be made by writing cheques out in their name.
If you want to draw out cash yourself, make the cheque
payable in your own name or "to cash" If you wish to write
cheques in shops you will need a cheque card. This is
really an identity card, which guarantees that correctly
written cheques up to the value stated on the card will be
honoured by the bank. You can also use it with your cheque
book to withdraw money from almost any bank in Britain.
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Overdrafts |
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An overdraft is the facility to
withdraw more money from your account than you have in it.
You should not do this without permission from your bank.
Overdrafts usually incur charges, though some banks offer
interest free overdrafts to some students.
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Cash cards |
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You can withdraw cash from a cash
point machine with a cash card. They are extremely useful
in that they enable you to withdraw cash from your account
at almost any time of the day or night. There is also a
card facility called Switch or Delta, which enables you to
use the card to pay for items in shops. This facility
takes the money straight out of your account.
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Savings Accounts |
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If you have more money than you need
for month-to-month expenses, it is a good idea to open a
savings or deposit account for some of it where it can
earn interest. The interest is taxable but if your bank
knows that you are not normally resident in Britain then
you do not pay tax on it. You can't pay by cheque on a
savings account, but you can usually ask for a cash card
on it.
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Bank Opening Hours |
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Banks have traditionally been open
from 9.30am to 3.30pm, from Monday to Friday. Many main
branches are now open until 4.30pm or 5.30pm on weekdays.
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