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International Bank Account in the UK: Why is it Essential?

UserMark time25 May,2021

You might dream of pursuing your higher education in the UK. But, do you know the importance of an international bank account in the UK? Many students do not want these hassles and operate the same bank account in a foreign country. You must understand that it will only increase your expenditures. Many of you do not understand that having a domestic bank account is helpful. Also, opening a bank account in the UK is easy and will not take much of your time. You need to be well aware of the bank and go through the reviews. The balance depends on many things, such as the longevity of your stay and where you are residing. Before you learn about the best banks for international students in the UK, you need to know why to open one in the country.

UK banks for international students

The 7 Best Banks for International Students in the UK

You must know the best and trustworthy banks in the UK to keep your money. Below are the seven best UK banks for international students.

1.NatWest: NatWest is one of the most trustworthy banks for international students in the UK. You will be in for a lot of offers from the bank. The application process is easy. They just need a few of your details. You will get the option of choosing one out of their three amazing offers, namely:

  • Amazon prime student
  • National express coach card
  • Tastecard+

Each has its benefits, and you should choose one after going through each of them carefully.

2. Barclays: The name is very popular globally. You will hear about Barclays because they are immensely popular. You have the option to open an international student bank account in the UK with Barclays. They make banking very easy with their app. You can easily manage your finances, pay, and fulfil all your banking needs with the app.

3. HSBC: HSBC is again a global brand and has many customers all over the world. You can trust them with your money. It is essential to relate to the name of the bank before making a move. HSBC is a pioneer in the banking industry and has been in the field for a long period. It is regarded as one of the best banks in the UK for foreigners.

4. Lloyds Bank: One of the most reputed and old banks in the UK is Lloyds Bank. They have started their operations as early as 1765. They are one of the pioneers in the UK and have gained people's trust over the years. You will also get a lot of benefits if you open an account with them.

5. Santander: The bank has been operating in the UK since 2004. They are comparatively new compared to the other banks. But, you can trust them with your money. They are equally advanced in technology and have the right apps to help you with internet banking. There are a lot of options to choose from on their website.

6. TSB: You can opt for this bank for the international bank account in the UK. It is essential to check their website to understand their offers properly. They serve many customers and have the best reviews in the UK. You can look and choose the type of account and services you want from them.

7. Al Rayan Bank: The bank has its headquarters in the UK and comes with many benefits for the students. You will find their services helpful and easily accessible. It is necessary to check each element before applying for an account.

You can look into and choose any of the banks mentioned above. They are regarded as the best UK banks for international students. It is always recommended to check the offers and compare every element before applying to any banks.

Best UK Bank for International Students: Necessity of opening a British Account

When you take the big leap of faith and get an opportunity to study in a foreign country, you must also consider the struggles. First thing to look for is a place to stay and to look into the fact that it is not too far away from the college. Second is the school or college fees, your daily expenses, travelling, and many more. The most important thing among them is the finances. You will not survive in a foreign country if you do not manage your finances well. It is why you should look for the best banks for international students in the UK. It is not possible to manage your finances from the account you had back home. It is not practical and accounts for more expenses in the country. The following reasons will help you to understand this clearly:

  1. Currency conversion fees: Each time you make a transaction from your home account in the UK, you will be charged currency conversion fees. There is no way to avoid this if you are using your home bank account.
  2. Exchange rates are not constant: It is essential to understand that the exchange rates are never constant and keep changing as per the market's requirement. You will not be able to maintain a monthly budget if you use your home bank account.
  3. Part-time employment: Many students look for some part-time work to get some extra income. It is not bad to work and earn some money for yourself. But, how will the employer pay if you do not have an international bank account in the UK? It makes having a bank account even more essential.
  4. Paying rents: You need to pay the monthly rent to the flat owner. The owners also prefer to receive payments from a UK bank account.
  5. Difficulty with recurring payments: There are many other but essential expenses like mobile recharge, electricity bills and rent. You will be unable to set up automatic payments if you do not have an international student account in the UK.
  6. Direct debits will not be possible: You might have to pay some extra fee for any transfer to a foreign account. Some countries even demand written applications to approve such payments.
  7. Forgetting your PIN: It is not rare when people forget their PIN or internet banking password. Money is essential, and you will not manage without any resources, even for a day in a foreign country. It is easier to deal with such problems if you have a local bank account than a foreign one.

The above reasons make it very crucial to look into the best banks in the UK for foreigners. It will be beneficial to have one such account and will help you in the long run. The following section will help you know the seven best banks for international students in the UK.

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