If you are moving to the UK as an international student one of the things you will need to sort out is a UK bank account. The fastest and most convenient way to do this is to open an online pre-paid current account.
Advantages of opening an online pre-paid current include:
- Fast online application (normally takes 3 to 5 minutes)
- In some instances, you can open the account from overseas and make an initial deposit
- Fast dispatch of contactless debit card
- Free online and in-store transactions
- The account will enable you to receive international and domestic bank transfers
- 24/7 online banking to check balance, set-up direct debits, standing orders and get your questions answered
- Cash withdrawals from ATMs
- Cashback for using the debit card
- Customer helpline
Best pre-paid current accounts for international students
Features | Cashplus Deluxe | Pockit | CardOneMoney |
Open account before arrive in the UK | No | No | Yes |
Deposit money into account before arriving in the UK | No | No | Yes |
Debit card issue fee | £5.95 | 99p | Free |
Additional Cards | £5.95 | Not available | £5 |
Monthly Account Fee | £9.95 | 1.99p | £6.25 |
Max account deposit | £5,0000 | £35,000 | £50,000 |
Debit card usage in the UK | Free | Free | Free |
Electronic Payments | Free | Free | Free |
Direct Debits | Free | 99p | 30p |
Standing orders | Free | Not available | 30p |
Pay cash into the account in the UK | 0.3% will apply to the total amount paid in | 99p | 0.75% fee to pay in cash |
Pay in by UK Bank Transfer | Free | Free | 30p |
ATM withdrawals (UK) | Free | 99p | £1.50 |
ATM withdrawals (Non-UK) | £3 | £2.25 plus 4% of the transaction value | £3.00 plus 2.75% of the transaction value |
International transfer into the account | £15 per transaction (Note cannot receive transfers from all countries) | N/A | £15 per transaction (Note cannot receive transfers from all countries) |
Send money internationally | Not available | £0.99 + exchange rate (3.5% or less). Cannot send money to India or Brazil | £30 |
24/7 banking | Yes | Yes | Yes |
Customer helpline (office hours) | Yes | Yes | Yes |
Good features for international students | Monthly fee allows you to build up your credit rating in the UK | Get cashback when you use the card at leading retailers | Open account before you arrive in the UK and get debit card within 48 hours after arriving in the UK |
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