Digital or International Banking Solutions
In recent years, many digital banking solutions have become available, allowing you to quickly access online banking and a contactless bank card after opening your account online. These options are beneficial for the initial weeks in the UK to avoid carrying large amounts of cash, which can be risky.
Common Features:
- Instant spending notifications
- Savings goals tracking
- Card management via app
- Bill-splitting functions
- Fee-free overseas spending within limits
Key Points:
- Digital banks typically offer online or telephone services only, with no local branches for cash deposits.
- Verify terms and conditions to ensure these solutions meet your needs and are regulated by recognized financial authorities like the UK's Financial Conduct Authority (FCA).
- Check how your home country’s banks perceive digital banks regarding your credit score.
Some examples of digital banks are listed below, but there are many options available.
The University does not recommend any one bank to you.
The information provided is correct to the best of our knowledge but may be subject to change.
General Steps Involved
While specifics may differ, here's a general outline of what you might expect when applying for a digital bank account
1. Choose a Digital Bank: Look for a digital bank that aligns with your needs and preferences. Consider factors such as the services offered, fees, customer reviews, and security features.
2. Download the App or Visit Website
- Mobile Apps: Most digital banks provide mobile apps for a seamless application process.
- Websites: Alternatively, you can apply via the bank’s website.
3. Provide Personal Information:
- Full name
- Date of birth
- Address
- Email address
- Phone number
4. Identity Verification: To comply with anti-money laundering regulations, digital banks often implement robust identity verification procedures. This might involve:
- Government-issued ID: Such as a passport or BRP.
- Selfie or Video Verification: To ensure the applicant's identity matches the provided ID.
- Proof of Address: Such as a utility bill or bank statement or Student Status letter
5. Account Type Selection: Choose the type of account you want to open (e.g., checking, savings, or other options).
6. Initial Deposit: Some banks might require an initial deposit to activate your account.
7. Security Setup: Create strong login credentials and enable additional security features like two-factor authentication (2FA).
8. Terms and Conditions: Review and accept the bank's terms and conditions to complete the setup of your account.
9. Account successfully opened: It usually takes only a few days to open your account. You may be offered a virtual card which you can store in your Apple Pay or Google Wallet, and you can start using it even before you receive the physical card.