Most major banks in the UK offer a bank account option for international students.So its important to find out the best bank account for an international student in the UK. In our opinion after weighing in all the pros and cons of all the accounts on offer the 3 best accounts for international students are offered by Barclays, Santander, and NatWest. You should choose between the bank accounts depending on what you value most-freebies, free transfers, or mobile banking.
Remember it’s super convenient to have a bank branch on your university campus or near about.
Barclays- Free send fees and no monthly charge
The Barclays student additions account is one of the best student accounts you can open. The account itself is activated within a few days of signing up. One of the benefits is that it is free to maintain. It like the majority of other banks don’t offer an overdraft for international students. There are no fees for sending money however they charge £0 for receiving money from the EU and £6 from receiving money from the rest of the world. Mobile and telephone banking is still available as is protection from online debit card fraud. Free text alerts also help with money management and a contactless debit card can speed up and simplify the making of payments. Customers must be studying in the UK for a minimum of 12 months. They offer one of the best mobile banking applications with simple and speedy money management.
Santander- Basic Current Account
The international student’s current account proves to be pretty popular for loads of international students. It offers a host of features including a visa debit card, cash withdrawals, bill payments, and direct debits/standing orders. Customers receive money internationally for free however there is a hefty sending fee with is £15 for sending money to the EU and £25 for sending internationally. Customers are also given one free deposit of a foreign cheque each month. The account also offers an interest rate of 3.00%AER/2.96% gross (variable) on account balances of up to £500. However, it is very important to know there is a £5 monthly charge to maintain the account. Santander also offers one of the best mobile banking services available to you.
Natwest – International Student Account
The Natwest International student account by far offers the most benefits to international students however unfortunately it is also by far one of the most expensive to maintain there is a £10 monthly fee just to maintain the account. While the send fees are £10 for the EU and £22 internationally. Their receival fees are £1 up to £100 and £7 for above £100. Now the great part of the Natwest account is the reward scheme it is identical to those offered to local students. You can choose between a tastecard, an Amazon Prime membership or a National Express Coachcard. It is important to remember while choosing an award that the Prime membership is only valid for a year while the other 2 are valid for 4 years.
Remember to give our banking checklist a look and compare that to all the bank accounts listed above and make the best choices for you. You can find it here https://skintsurvivalguide.com/university-checklist-what-you-need-to-consider-when-choosing-a-bank-account-any-where/