Every country around the world will undoubtedly have different laws and policy requirements for opening up a bank account – especially if you’re not from the country itself.
The UK is no exception in this regard. If you are thinking of moving to the UK or indeed thinking of opening up an bank account there, then you will need to be aware of the laws that reside there.
The person will need to arrive at the bank in person. He/she will first of all need to decide if the bank in question will be suitable for him or her. If the bank gives the option to open a bank account online and offers some sort of incentive for doing so, then this is something they should factor into the equation.
Sometimes international students come to the UK to study, and different banks will offer them facilities like cash cards and cheque books to make their financial transaction life a lot easier.
The interest rate and the option of having telephone banking should also be considered when you compare bank accounts offered by different institutions.
Most banks in the UK will offer two types of accounts – A current account and a deposit account. The current account option will be best suited to those who regularly use small amounts of cash for day to day items. The deposit account, while having a higher rate of interest will need two weeks notice before you can withdraw any money from it. So this needs to be considered prior to deciding which account you’d like. There is nothing stopping you from opening up one of each and get the best of both worlds.
A deposit account will definitely benefit from the owner having a larger sum of money to deposit in it – therefore maximising the interest rate received.
If you are a foreign student then you will first of all need your passport. Also needed will be the letter that the college, organisation or university sent you detailing that you are in fact here to study.
The student will also be required to give the physical address of where he lives in his home country. This will need to be backed up by an official document which shows his native address such as an identity card or drivers licence.
Opening up a bank account can seem a daunting task for the foreign student at first, especially if his English isn’t great. But as long as the correct documents are on hand, then the process won’t be as complicated as it may seem initially.