If you’re an international student studying at a UK university, opening a UK bank account is a savvy move. But which is the best one for your needs? Let’s look at what’s on offer from Lloyds bank for international students.
Why Consider Opening a British Bank Account?
Managing your money from your foreign bank account while you’re studying in the UK could be tricky. Here’s why.
- You’ll pay currency conversion fees for debit card transactions or cash machine withdrawals.
- If the exchange rates massively change, this can have a big impact on your ability to budget.
- If you want to get a student job, your employer will want to pay your wages into a British bank account. The same goes for rent payments or direct debits you may set up such as gym memberships or phone contracts. You’ll need a British bank account.
Things to Consider When Choosing a British Bank Account
- Does your foreign bank have branches in the UK? It may make sense to stay with them. Opening an account will be easier and money transfers to and from abroad may be cheaper.
- How much are the transfer fees for sending or receiving money from your home country? Sometimes banks will charge a conversion fee of 4-6% on top of the fee for sending or receiving your money. It’s worth knowing exactly how much you’ll pay.
- Is the free stuff worth it? Many banks offer something for free when you open an account with them. It could be free cash or something like a gift card. While this sounds good, if you’ll be paying sky high fees, is it really worth it?
- Is there a branch close by? It can be handy to choose a bank that has a branch near your university campus or where you live.
What’s on Offer from Lloyds Bank for International Students?
Lloyds offer a classic account, which is great for students who haven’t been a UK resident for at least three years. Be aware though that you won’t be eligible for an overdraft with this account if that applies to you.
Lloyds Bank International Transfer Fees at a Glance
Sending money abroad in euros: free
Sending money abroad in all other currencies: £9.50
Receiving money from abroad in euros: free
Receiving money from abroad in all other currencies: £2 to receive under £100 and £7 for amounts over £100.
Who is Eligible for a Lloyds Classic Account?
As long as you are aged 18 or over and are resident in the UK, you can apply. To open an account, you’ll need some approved forms of identification. You can find out more about acceptable forms of identity here. Once you’ve got your identification ready, you can apply to open a classic account here.
Is it Worth Trying Lloyds Bank for International Students?
There’s no fee for managing this account which is always a bonus. However, if you’ll be receiving a lot of money from your home country, it might be worth shopping around for an account with lower receiving fees.
