Non-resident bank account in UK: Why Do You Need It And How To Open?
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There are tons of things to consider when deciding to live abroad, especially in the UK. On top of that, choosing a non-resident bank account in UK can be a daunting task as there are lots of types of accounts and documentation to prepare.
Therefore, our DNBC Financial Group has compiled a list of the 4 top reliable banks as well as instructing you on opening a non resident bank account in UK. Let’s explore together!
Non-resident bank account in UK: Why Do You Need It And How To Open?
Why do you need to open a non-resident bank account?
Even if you may use your Visa or MasterCard overseas, the fees associated with doing so, notably the one that converts foreign money into British pounds, are usually rather hefty. A non-resident bank account in UK is more recommended than utilizing an account in the native country.
Once you've opened an account, deposits from your home country may be made quickly and easily. There will be a cost for converting foreign money, but it will be less than what you'd pay with a Visa or Mastercard....
In addition, creating a non-resident bank account in UK is a need if you plan on working part-time while in the UK for your studies. Given that many British businesses choose to deposit payroll checks into UK bank accounts. Simply said, it's a lot less difficult to send cash to pals and pay recurring expenses like rent, utilities, and more.
How to open a non-resident bank account in UK?
Opening a non-resident bank account in UK offers many benefits for international students. Therefore, as soon as you receive an offer of admission, you should learn about the major banks in the UK and the cards that are suitable for international students' spending. From there, find the most suitable bank and card type.
Regarding the time to open the card, you should open a bank account in the first month when you first come to the UK to study. When opening an account, you will need to prepare some basic documents such as:
- Student card/school acceptance letter
- UK student visa
- Proof of residential address….
How to open a non-resident bank account in UK is as challenging as you think. You can call in advance to the bank's hotline to ask for a consultant, or visit the website for instructions on opening a new account.
Top 4 big banks in the UK for you to trust
A survey of major banks in the UK shows that the bank with the best foreign currency conversion costs is Barclays. No matter which country you are from, you can open a non-resident bank account in UK at Barclays to freely transfer and receive money without worrying about transaction costs. The reason is that here you can transact with very low fees, or even none.
If you are a frequent banker, you can open a non-resident bank account in UK at NatWest. This is also one of the big 5 banks in the UK with a wide range of cards suitable for international students. One of them is the NatWest International Student line of cards.
In terms of advantages, the NatWest International Student card line in particular and the NatWest bank account in general have low transfer costs. However, you will have to pay a flat fee of 10 Euros per month. In addition, when opening a NatWest International Student card, you also enjoy many practical benefits such as:
- 50% discount on food prices at major restaurants and cinemas in the UK for 4 years.
- Get an Amazon Prime membership for 1 year and get a 10 Euro Amazon gift card.
- The National Express Coachcard helps you save money traveling by bus for 4 years.
To open this account, you just need to make sure: attending an undergraduate degree program of at least 2 years / studying a graduate program lasting at least 1 year / attending a nursing training course at college or university in the UK.
The third name in the top 4 big banks in the UK is HSBC. With this bank, international students can open the HSBC Basic line of cards. This line of cards allows you to send and receive money in Euros completely free of charge. In case you want to send money from the UK abroad, there will be a small fee of about 4 Euros….
In general, this is also a card with low transaction fees, suitable for international students who want to save costs. But to open this tagline, you need to ensure the following conditions:
- From 16 years old and up
- If you have opened another UK bank account, you need to close the account before opening an HSBC Basic card.
The last big UK bank you need to know about is Lloyds. At this bank, international students can open a Lloyds Classic card. The difference between this card line and most other card lines is the overdraft. It can be quite helpful to students who are struggling financially.
However, you need to use your overdraft carefully. Because overdraft users often have to pay fees. If the payment is overdue, the fee payable will increase greatly. Moreover, compared to accounts of other banks, Lloyds Classic accounts have a higher cost of receiving and transferring money.
About DNBC Financial Group
The DNBC Financial Group is a leading financial services provider. Personal accounts, corporate accounts, foreign currency, and cashless international transfers are all part of the company's financial offerings. To the best of their abilities, they all promise to be cheap, quick, safe, easy to use, and convenient.
Note: The content in this article is for general informative purposes only. You should conduct your own research or ask for specialist advice before making any financial decisions. All information in this article is current as of the date of publication, and DNBC Financial Group reserves the right to modify, add, or remove any information. We don’t provide any express or implied representations, warranties, or guarantees regarding the accuracy, completeness, or currency of the content within this publication.
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