Where is the nearest bank branch located? If you are planning on staying in the UK for more than a year, it might be worth looking at the overdrafts on offer with other accounts for when you decide to switch. But, unfortunately, international students usually aren't able to apply for a big one.īank accounts aimed specifically at international students generally don't come with an overdraft, as they don't consider you to be a long-term customer. Your account may come with a small overdraft (under £100). A bank account offering a £15 gift card won't be worth much if your transfer fees are ridiculously high. Some banks also offer cashback when you shop using some of the offers they provide via loyalty programs.ĭon't get sucked in by freebies alone.
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But, usually, the kinds of offers include free cash or a complimentary subscription to a service. We explain the perks of each bank account below. Some banks offer free items as incentives for you to trust them with your cash. We've got information on the fees for international accounts below. We recommend using Wise to make larger conversions to £GBP. To work out how much you'll be paying in total, compare the exchange rate your bank is offering with an online currency converter and add the difference to their initial fee. If you're planning on sending or receiving money from home, make sure you find out exactly how much it costs to transfer money between countries.īanks often take a commission fee of between 4% – 6% for converting to your desired currency, on top of the fee they're already charging you to send your money! How much are international transfer fees? So, if you have an account with a bank that has branches in the UK, you might want to stick with the same one. It could also be much easier to open an account abroad. Some banks will reduce fees for international money transfers if both accounts are registered with them. Many banks are operated by global corporations. Things to consider when opening a bank account Does your current bank operate in the UK?
Your accommodation provider will likely prefer payments from a UK account.If you're planning on working part-time, employers will want to pay your wages into a UK bank account.Currency exchange rates fluctuate, making it harder to keep to a budget (convert currency using Wise for the best rates).You'll be charged currency conversion fees each time you use your debit card or withdraw cash in the UK.Managing your finances from your home country account can be impractical and expensive for many reasons: But it's worth investing the time as it could save you a fair amount of cash and headaches. Setting up a bank account may feel like another boring life admin task to deal with. Alternatives to opening a UK bank account.Best accounts for international students.
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