Music intro
http://www.youtube.com/watch?v=iTh6
kLnotfw complete banker
http://www.youtube.com/watch?v=WCk
OmcIl79s money money money
www.kcl.ac.uk/moneydoctors
International students –
opening a bank account in the UK
Gretta Gavin – Student Adviser (Guy’s Campus)
Steve Hawdon – Student Adviser (Strand and Guy’s Campus)
www.kcl.ac.uk/moneydoctors
Banking Jargon
Banking terms can differ from country to country, what
could these terms mean?
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Basic Bank Account
Direct Debit
Standing Order
APR
Switch
Credit Card
ATM
Overdraft
Debit card
Opening a Bank Account
 International students, new to the UK, want to be
settled as soon as possible

Opening a bank account helps achieve this

Opening a bank account in the UK is the safest and
most effective way of managing your money as a fulltime student

It is also easier if you seek part time employment, as
most employers will pay your earnings directly into a
UK bank account
What sort of bank account?
Often students have difficulty opening accounts in
foreign countries because the banks:
• take a while to process new accounts
• conduct additional credit checks for international
applicants
• usually ask for extra supporting documentation
Basic bank accounts
The majority of international students should be
allowed to open what is called a ‘basic bank account’:
• Allowing students to pay money in and take it out
• Providing a cash-point (ATM) card to withdraw money at
cash-points
• Basic bank accounts do not offer students any form of
credit, so you will not be given any overdraft facility,
chequebook or credit card
• Most basic accounts will not accept standing orders so
you will have difficulty transferring money in from abroad
Current account
International students who are here for longer than six
months should be able to open a student account with
more flexibility than a basic bank account with:
• a debit card for withdrawing cash and paying for
purchases
• should accept direct debits/standing orders
allowing you to transfer money from abroad
• internet banking
Which bank is best for you?
Only you know the answer to this question!
Consider:
1. What sort of bank account is being offered –
perhaps go for one that is most generous in its
facilities
2. Are there any charges?
3. What documentation is required to open the
account and can you provide it all
4. Does the bank have a branch on or near campus or
where you will be living? And is this important to
you?
What do the different banks offer?
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HSBC “Passport Account”
NatWest “Advantage Blue International”
Lloyd’s TSB “Classic Account”
Barclays “International Student Account”
Santander “International Student Account”
Some banks have a monthly fee between £5 and
£8/month; Visa debit card or cash card;
International Money Transfer;
24/7 Internet and Telephone Banking
How to open a bank account in the
UK?
You will normally be required to provide documentary
evidence of:
• Your identity
• Student status
• Proof of UK address
• Proof of previous overseas address
• If you deposit a large sum of money it is more
likely banks may offer you a more generous
account
How to open a bank account in the
UK?
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Proof of identity: Valid Passport or EU National Identity Card
–
Proof of Student Status, UK Address and Overseas
Address:
Confirmation of Study letter (given out at campus registration)
which will confirm:
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Name
Course
Start and end date of the course of study
Current UK address
Overseas address
Must be signed and display the College stamp
If you did not receive a letter at registration or the bank requires
more information request a Confirmation of Study letter via
Compass online.
Important things to consider
Your name:
The spelling of your name in our system needs to be
identical to the spelling in your passport. If it is not,
go to your campus records centre to change it.
Your address:
Your UK address and overseas address need to be
up-to date. If they are not,log into Student Records
portal and change it
How to order your bank letter
• You need to be enrolled in order to get a letter –
you CANNOT get it before
• Your addresses need to be up-to-date. If they are
not, you CANNOT get a letter
• The production time is FIVE working days (if you
have not received a letter at campus registration)
• Apply online at www.kcl.ac.uk/thecompass
Banks we have an agreement with
You are free to open you account with any bank you like,
but the following three banks have approved our student
letter, and been helpful to international students.
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HSBC Charing Cross Branch
 NatWest Aldwych Branch
 Lloyd’s TSB Law Courts Branch
How long does it take to open a
bank account in the UK?
If you decide to bank with HSBC Charing Cross and
Lloyd’s Temple, you can usually get an account number
immediately, so you can pay money in or set up a direct
debit.
However, it will take approximately 7 – 14 days before
your account will be fully functional (your debit card and
pin numbers to be sent to you etc.)
Any questions
Some British banking humour…
Monty Python
http://www.youtube.com/watch?v=YUhb0
XII93I