Open a Bank Account

Some big banking groups as for example the Deutsche Bank have in Great Britain partner enterprise with which their customers can redraw money free of charge. For a short stay (e.g., the Erasmus semester) you have the possibility to open a bank account in your country before departure. In this way, you get rid of the formalities and if necessary the language difficulty when opening a bank account in the host country. Besides, you don’t have to pay any charges when you redraw money. However, in some cases, like for example when terminating a mobile phone contract, a British account is required.

British banks often have special offers with far less fees for students, but some offer these only to British students. Here , you can find more pieces of information and an info pamphlet concerning the costs you might have to pay.

" Building Societies " were originally there to grant credits for real-estate business purchases. However, meanwhile you can also open an account. They often offer higher interest rates than the banks. Also post offices offer the possibility to open accounts. However, these are less flexible as a rule if it is about international transfers.

Before you open an account, you should also inform yourself at your bank in your home country which banks raise the lowest fees for international transfers. To open an account in Great Britain, you need a valid identification card and an official document with the current British address. Foreign students should address the university if they possess no such document. Here , you can find important tips.

Important:

•    before you open your bank account, you should compare the fees of different bank institutions. Here , you can take a look at different account forms.

Payment

With the British debit card account you can withdraw in many countries of the world money from ATMs. The opening times of British banks and savings banks are different, having open on weekdays usually between 9 and 16 o’clock. Many banks are also open Saturday from 9 to 15 o’clock, some even on Sunday morning. In Scotland and Northern Ireland, many banks are closed at noon for an hour.

Credit cards

Credit cards are very common in Britain and are almost universally accepted as payment. However, it is not easy to receive a credit card when you are a foreign student. Often, the account activity is observed some months before the bank issues a credit card.