Banking

When starting university, creating a bank account can seem like a daunting task, especially if you are an international student. This article will answer some basic questions which will hopefully make banking easier as a fresher.

What type of account to open?

There are 2 types of traditional bank accounts you may consider: Student Account and Current Account.

1. Student Accounts: These accounts often offer better overdraft limits, lower fees, and additional perks. If you already have a UK bank account, you should be able to switch to a student account on your existing bank, which will be very convenient as all your direct debits and standing orders will still be in place. These accounts are typically only available for domestic students.

2. Current Accounts: These accounts are used by most international students at the university. Current accounts let you undertake all necessary payments, purchases, and online/telephone banking services. However, they usually do not come with extra perks.

App-based banking: These banks do not have any branches but offer good services. Opening these accounts in conjunction with a student/current account may be quite convenient. However, we suggest not keeping large amounts of money in these banks. Popular banking apps include Monzo and Revolut. There are some benefits to these accounts:

• They are easier and quicker to open than a traditional account. Opening a Monzo/ Revolut account can be highly useful in our cashless university between the period you arrive at university and the time it takes to create a student/current account.

• You can transfer some of your money from your main account to your Revolut/Monzo account at weekly or monthly intervals, which will make it easier to budget.

• Having only a part of your money in these accounts makes it safer to carry these cards for day-to-day payments or use these accounts for your Apple/Google Pay.