OPENING A BANK ACCOUNT IN THE UK A guide for international students
CONTENTS PAGE 1. INTRO – why do I need a UK bank account? ............................................................................................................................................................................ 1 2.
Opening a bank account in the UK ........................................................................................................................................................................................... 2
3.
When CAN I open an account? What do I need to open a bank account? ________________________________________ ............................................ 2
4.
How do I decide which bank to choose? ................................................................................................................................................................................. 3
5.
Frequently Asked Questions .................................................................................................................................................................................................... 3
6.
Where can I ask for help if I have questions or problems?...................................................................................................................................................... 5
7.
Glossary of banking terms........................................................................................................................................................................................................ 5
8.
Local banks COmparison table ................................................................................................................................................................................................. 7 Please note, this document is intended as a guide only. The University is impartial and cannot advise students which is the best bank to open an account with.
1. INTRO – WHY DO I NEED A UK BANK ACCOUNT? Many students decide to open a UK bank account because it is an easier way of accessing money while in the UK. If you withdraw money from an overseas account you might be charged high money withdrawal fees. It is also easier to pay for certain UK-based services (for example mobile phone, or other day to day purchases) online using a UK bank account. Having a UK bank account is also more secure then withdrawing or keeping large amounts of cash and keeping it at your university residence or private accommodation. We don’t recommend that students do this. Some students receive a scholarship from the University of Bristol to help cover living costs while they are here. The scholarship money needs to be paid into a UK bank account so if you are due to receive a scholarship, you should set up a UK bank account as soon as possible. 1