You’ll need money to get by on a daily basis. As a student in the United States, carrying about a large amount of cash is not a smart idea.
In addition, unless you have a work visa and are on the path to financial independence, your parents will need to send money online to keep you afloat if you don’t. Bank accounts are essential in this situation since they are the sole means to receive these monies. That being said, it’s essential that you know which bank to select and what sort of account should be created.
Choosing the Correct Financial Institution:
Keep in mind the most crucial component for sending money online effortlessly and discover answers to these questions before deciding.
Do you need any specific banking services?
Check with the bank to see whether they provide digital banking, debit cards, and credit cards, as well as other services.
Do you know how much money you’ll be sending each month?
Based on the amount of money you transfer, and the amount of money you choose to maintain in your account, the bank charges you a fee.
Is the closest branch and its ATM close enough to your home for you to use?
Select a bank that has a branch and ATM close to where you want to live in the United States.
Are the bank insured by the FDIC?
Ideally, you want to go with a bank that is insured by the FDIC. Even if the bank goes bankrupt, you will still get your money.
Banks that provide student bank accounts for those studying abroad:
International students may establish a bank account at a number of different financial institutions. Like a regular bank account, these institutions enable overseas students to send and receive money online and through family members. These are some of the most common banking institutions and account types:
HSBC Basic Account:
An HSBC Basic Account may be created by anybody in the EU, even though it isn’t built with foreign students in mind especially. If you’re from Europe, you can even set it up from the comfort of your own home! It simplifies the process of creating a bank account in the UK for overseas students. Sending money to other HSBC accounts and to non-HSBC accounts in euros is free for account holders. This bank account does not have an overdraft, so be careful to keep to your budget! To be eligible for an HSBC Basic Account, you must be at least 16 years old and reside in the European Union. You must also have no other UK bank accounts. For overseas students, this is one of the best bank accounts in the UK.
Barclays Student Additions Account (International):
When it comes to sending and receiving money from overseas, the Barclays Student Additions Account (Foreign) is the ideal option for international students in the UK. In addition, it may be one of the top current accounts in the UK. You must be at least 18 years old and enrolled in a two-year undergraduate or one-year postgraduate programme in the United Kingdom in order to open this bank account. This account has some of the most reasonable costs for sending and receiving money. The only negative is that there is a fee of £6 per transaction when transferring or receiving money outside of Europe or when the amount sent or received exceeds £100. To be honest, this is still a very low number!
NatWest International Student Account:
One of the few UK bank accounts that can only be opened online is the Natwest International Student Account. Second best foreign student bank account in the United Kingdom. This account caters mostly to foreign students studying in the United Kingdom, as suggested by its name. For free, you may transfer money to other countries using this bank account. In addition, you have the option of picking one of three deals. These include a year of Amazon Prime student membership, a 4 year national express card for 1/3 off all coach travel, or a 4 year free taste card that gives you 50% off meals in restaurants throughout the United Kingdom for the duration of your subscription. To help you get through your academic years, here are some fantastic deals. You must be at least 17 years old and have resided in the UK for no more than three years before applying for this bank account. For overseas students in the UK, the NatWest International Student Account is one of the best bank accounts available.
Santander Basic Current Account:
This is yet another great UK student bank account for international students. It is open to UK and EU residents so, if you’re currently living in the EU, you could actually open this one before you even arrive. Sending and receiving money from abroad in Euros is free. However, sending and receiving any other type of currency incurs a £25 fee. To be eligible for a Santander Basic Current Account, you only need to be over 16 years old and live in the UK. This is on the list of best bank accounts for international students in the UK.
TSB Cash Account:
As an international student in the United Kingdom, you may want to create an account with TSB, which includes a feature that enables you save money. It saves the difference between the actual cost of items and the rounded-up amount. This might be a huge assistance if you’re trying to save costs. Euros are also a cost-free method of sending and receiving funds! To open a TSB Cash Account, you must be at least 18 years old and have never had a bank account in the UK before. If you’re being paid in a different currency, you’ll have to pay a charge. £2 if you’re receiving less than £100 / $7 if you’re getting more than that. One of the best UK bank accounts for overseas students, without a question.