Opening a bank account in a different country might seem like a daunting task to some but we’ve made it much easier for you by providing a handy guide and comparison of the accounts offered by major banks in the UK!
How Do I Open A Bank Account?
- Book a bank appointment
Unlike in Malaysia where you can just walk-in to a bank and take a number, most UK banks will have an appointment system for opening new accounts where they will check your documents. Since September is such a busy season for banks with new students trying to open bank accounts at the same time, it’s a great idea to start applying online and booking an appointment at your preferred bank branch. This can be done even before you arrive in the UK if you have the necessary information. If you’re unable to book one, fear not as we have heard from some friends that certain banks such as Lloyds Bank accept walk-ins. - Bring your documents
All banks will require proof of identity such as a valid passport or your Biometric Residence Permit (BRP) card (some may even require both). It is also likely that you will need to provide proof of address and proof of student status. For University of Southampton students, you can print a proof of student enrolment letter from SUSSED, the university’s intranet portal, once you have received your university email account. This self-generated letter can be used as a proof of address because it contains your term-time address. It is valid for Barclays, HSBC and Santander in Southampton and if you wish to use a different bank, you can obtain a bank letter from your faculty’s student office (or try printing one and checking if your bank will accept it!). - Deposit your money
Once you have opened an account, you can deposit your cash over the counter at the bank or you can electronically wire your funds from your bank in Malaysia using the IBAN and SWIFT code which you should receive at your bank appointment.
Bank Accounts for International Students
| Bank | Eligibility | Documents needed | Fees | Benefits & freebies |
|---|---|---|---|---|
| -Be 18 years of age or older. -Undergraduate course must be 2 years or longer. -Postgraduate course must be 1 year or longer. | -Passport or BRP -Proof of address. -Proof of student status. | -Monthly fee: £0 -Receiving money (EU): £0 -Receiving money (outside EU): £6 | -Contactless card -Apple/Google Pay -Mobile banking & Pingit app -Cashback from retailers |
|
| -Be 18 years of age or older. -Course must be 1 year or longer. | -Passport or BRP -Proof of address. -Proof of student status. | -Monthly fee: £1 -Receiving money(worldwide): £0 | -Contactless card -Apple/Google Pay -Mobile banking -Cashback from retailers |
|
| -Be 18 years of age or older. | -Passport or BRP -Proof of address | -Monthly fee: £0 -Receiving money (foreign currency): £0 for less than £100 and £8 for £100 or more --Receiving money (pounds): £0 for less than £100 and £6 for £100 or more | -Contactless card -Apple/Google Pay -Mobile banking |
|
| -Be 18 years of age or older. -Hold or qualify for a HSBC Premier Account in another country (you need to apply for this through your HSBC Malaysia branch) | -Passport or BRP -Proof of address | -Monthly fee: £0 -Receiving money: Fee-free transfers between HSBC accounts in different countries using Global Transfer | -Contactless card -Apple/Google Pay -Mobile banking -24/7 telephone support -Hold foreign currency accounts |
|
| -Be 18 years of age or older | -Passport or BRP -Proof of address | -Monthly fee: £0 -Receiving money (pounds): £1 for less than £100 and £7 for £100 or more | -Contactless card -Apple/Google Pay -Mobile banking |
|
| -Be 18 years of age or older | -Passport or BRP -Proof of address | -Receiving money (pounds): £2 for £100 or less and £7 for over £100 | -Contactless card -Apple/Google Pay -Mobile banking |
|
Monzo Bank (Mobile-only) | -Be 16 years of age or older | -Passport or BRP -You don't need a proof of address | -Monthly fee: £0 -Free cash withdrawls in the UK -Free withdrawals up to £200/month outside the UK, after which a 3% fee is applied. -Receiving money: Coming soon | -Contactless card -Apple/Google Pay -Mobile banking -No fees when using your card abroad & exchange rate follows the Mastercard rate (similar to BigPay in Malaysia). |
Barclays Student Additions Account (International)
Barclays is a popular choice for students in Southampton because there’s a Barclays branch on campus. Unfortunately, you will need to open your account at the Barclays branch in the city centre because the campus branch does not handle account openings but you can go there to deposit cash and make enquiries. Your account comes with a contactless VISA debit card (which you can personalise with your own photo!), a mobile banking app and it supports Apply Pay/Google Pay. There are no monthly fees and it charges £6 for receiving international payments.
Nearest branches: Highfield Campus, Above Bar St, Shirley
Santander Essentials Current Account
Santander also has a branch on campus but similarly, since we last checked, you have to go to the branch in the city centre to open an account. It also comes with a contactless card, mobile app and Apply Pay/Google Pay. There is a £1 monthly fee for this account though so it isn’t that popular among students. However, you get to receive international payments for free.
Nearest branches: Highfield Campus, Above Bar St
HSBC is popular because of the international presence of the bank so you can access your money at HSBC branches abroad. It also comes with a contactless card, mobile app and Apply Pay/Google Pay. There are no monthly fees and it charges £6 for receiving international payments above £100.
Nearest branches: Above Bar St
HSBC Premier Bank Account
If you have a minimum of RM200,000 (approximately equivalent to 2 years x £20k university tuition fees), you can open a HSBC Premier Account joint account with your parents in Malaysia which will then give you the benefit of setting up a separate HSBC UK Premier account from Malaysia. Although the process varies, you might be able to save some time and get your bank cards sent to you before arriving in the UK. Another cool thing is that you can send/receive money between HSBC accounts for free and almost instantaneously using Global Transfer, so it’s convenient for receiving money from Malaysia. Alternatively, Global Transfer is also available to you if you have a HSBC Advance Account in Malaysia (minimum RM30,000). Your account comes with a contactless debit card, mobile app, Apple Pay/Google Pay, 24 hours telephone support and zero-fee overseas ATM withdrawals.
Nearest branches: Above Bar St
NatWest Select Current Account
NatWest is known for their swanky and easy-to-use app. While they do offer a £10 monthly fee student bank account for international students which comes with a free National Express Coachcard, it’s probably not worth it. Instead, their free Select Current Account is very similar to the accounts offered by other banks. It also comes with a contactless card, mobile app and Apply Pay/Google Pay.
Nearest branches: Above Bar St
We have been told that some Malaysian students were able to walk-in and open their accounts at Lloyds without booking an appointment so this might be the one for you if you hate the hassle. It also comes with a contactless card, mobile app and Apply Pay/Google Pay.
P.S. Elwynn recommends going to the Shirley branch because the crowd there is a lot smaller and the staff there is really friendly as well!
Nearest branches: Above Bar St, Shirley
Monzo might be a new concept to some where they do not have physical bank branches. It is a digital, mobile-only bank where you perform all your banking transactions through their mobile app. It’s an actual licensed bank though, protected by the Financial Services Compensation Scheme. Many international students love using it because you can open an account without proof of address and you can use your card overseas without any fees at a pretty decent MasterCard exchange rate. You can typically deposit money into your account using another debit card or by bank transfer from another UK bank. I’m not too sure how you can receive international payments yet as Monzo has said on their blog that this feature is still being worked on. It comes with a contactless card, mobile app and Apply Pay/Google Pay. If you are interested in signing up for this bank, click here so that you can get 5£ for free in your bank account upon sign up!
Note: If you’re interested in digital banks, you can also check out Revolut, a personal favourite of mine.
Disclaimer: While we have tried our best to ensure all the information is correct, we are not banking experts and some of the details may become out of date by the time you read this article. We hope you’ll be able to make an informed decision using information from both our article and official bank websites. All the recommendations here are based on our own personal opinion, we are not affiliated with any banks and we did not receive any compensation for this article.
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