Are you an international student studying in the UK? If so, it makes good financial sense to have a British bank account. One such account that can really work for students from abroad is the NatWest International Student Account.
Why Should I Open a British Bank Account?
If you manage your money from your foreign bank account while you’re in the UK, it can work out expensive. Here’s why:
Every time you use your debit card or withdraw cash, you’ll pay a currency conversion fee. These can really add up.
Exchange rates are very changeable, and this makes it hard to manage your money, especially if you’re on a budget.
Want to get a part-time job while you’re here? Your employer will expect you to have a British bank account for your wages.
Are you going to be renting a flat or shared house? Most landlords will ask for payments from a British bank account.
Joining a gym or signing up for a phone contract? It can be tricky (or impossible!) to set up direct debits and other recurring payments with a foreign bank account.
Why Should I Bank With NatWest?
The bank used to have their NatWest International Student Account, however it’s no longer available. Instead, international students can apply for a NatWest Select Account.
Benefits of this account include:
There’s an overdraft option. Note that unlike most student bank accounts, you’ll be charged interest.
The Select Account is free to open and use. The NatWest International Student Account had a monthly fee.
International money transfer fees are very low (unless you want to send the money urgently.)
You can apply online, even before you’ve left your home country.
Who is Eligible for a NatWest Select Account
You’re eligible to open an account if you are aged 18 or over and you’re resident in the UK.
How Can I Apply for a NatWest Select Account?
If you’re eligible to open an account, you’ll need to:
Gather acceptable identification
This includes:
Driver’s Licence (UK/EU/EEA)
UK passport, Foreign passport, & Visa
EU and EEA National Identity Card
Proof of address documents*:
Driver’s Licence
UK utility bill (gas, electricity, water, home telephone)
Bank/Building Society statement
Council tax bill
*Just arrived in the UK as an international student? You can get a bank statement from your existing bank which is addressed to your new UK address.
When you apply online, NatWest may verify your identity by matching the photo on your ID to a short selfie video.
If you’re moving to the UK to study, you don’t necessarily need a dedicated student account. In fact, current accounts like the NatWest Select Account can sometimes offer you a better deal.
Got questions about this account? Find FAQs, contact details, and more here.