Studying abroad is a trend among students, and the UK stands out as a favoured destination.
However, ensuring you're well-prepared for this journey, particularly regarding your finances, is paramount. After all, no one wants to encounter unexpected financial challenges in a foreign land.
With that in mind, let's delve into a comprehensive guide for financial preparation specifically tailored to the UK.
In the following sections, we will explore the top five bank cards ideal for students embarking on their educational journey in the UK.
HSBC is a strong choice for students pursuing their education in the UK. The advantages of this account are manifold, starting with the ease of opening it.
HSBC offers students the convenience of opening an International Student Bank account.
Furthermore, the associated fees are notably affordable. International transfer fees can vary between £0 to £5, making it cost-effective for international transactions.
There is also a modest 2.75 per cent fee on transactions conducted abroad.
Beyond these cost-saving features, this bank account comes with many additional benefits. It includes valuable theft protection and financial guidance.
What's more, you can also enjoy discounts at various online stores, including popular retailers like ASOS.
Natwest offers a student-friendly account known as the Natwest Select Account, which comes with low fees, making it an economical choice.
Students can benefit from the cost-effective nature of this account, as it doesn't impose any monthly maintenance fees, lightening the financial load on students.
One standout feature of this account is its fee structure for international transactions.
Sending money abroad is free for all currencies. Receiving money in Euros incurs no charges, but for international receipts, there is a nominal £1 fee for amounts under £100, rising to £7 for larger sums.
Moreover, Natwest provides students with a practical mobile banking app for easy account management and offers assistance with budgeting. While students can apply for an overdraft, it's important to note that it comes with interest charges.
Students have the option to open a Barclays Bank Account. One potential drawback is that it requires a UK biometric residence permit for account opening.
On the positive side, this account boasts several advantages. It offers low fees and is free from any monthly maintenance costs. Additionally, students have the flexibility to opt for an arranged overdraft.
When it comes to transactions, there are no fees for sending money and receiving fees vary, starting from £0 and going up to a maximum of £6.
Moreover, this account grants students access to convenient online and mobile banking services, enhancing their financial management experience.
Opting for RBS provides the opportunity to open an RBS Select account, known for its low fees and student-friendly features.
Sending money abroad in any currency incurs no charges, making it cost-effective.
Similarly, receiving money in Euros is fee-free. However, international receipts have a minor £1 fee for transactions under £100 and a £7 fee for larger sums.
Additionally, the RBS Select account offers the convenience of mobile banking, further enhancing the banking experience for students.
Santander offers students the flexibility to choose between two account options: the Santander Basic Current Account or the Everyday Current Account.
One standout feature is the potential for cashback of up to 15 per cent at major retailers.
Additionally, for environmentally-conscious students, Santander promotes a paper-free approach.
Regarding international transactions, sending money to SEPA countries is free, but sending money to non-SEPA countries incurs a fee of £25.
On the receiving end, there are no charges for funds received from abroad in any currency.
All in all, there are several good bank options to choose from if you want to study abroad in the UK.
It is important to find out what your requirements are in a bank account. Once you know that, you can weigh the differences and determine which account suits you best.
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