Please note that you will normally have to be a registered student before you can open a bank account, so be sure to bring enough funds to cover your expenses if you plan to move to London before your designated Registration| date. See below for details.
British banks have introduced strict regulations about opening bank accounts. Security procedures have been implemented which can lead to delays for students who try to open an account on arrival in the UK. While it is unlikely that you will be able to set up a bank account until after you arrive in London, it is a good idea to start to plan ahead by reading the information below as soon as possible.
Monetos|, an international, free of charge research portal which provides extensive information on European social and financial sectors, offers additional information and advice on opening a UK bank account.
International students may also consider reading over UKCISA's tips for opening a bank account in the UK|.
Before leaving home
Your bank in your home country may have a special relationship with a bank in the UK. It's a good idea to check with your home bank about this before you leave for the UK. If you plan on using a credit card or bank card from your home country in the UK, check with your bank before you leave to see if your card is compatible with UK bank machines, or if there will be any additional charges.
It may be necessary for you to bring some UK currency with you until you set up your account. If you plan to transfer money from your home bank account to your UK bank account, remember that transferring funds will depend upon your home bank's procedures. This can be problematic and may take more time than you expect. You should discuss this with your bank before leaving home, and remember to bring sufficient funds, such as cash, travellers' cheques or credit cards, to cover any delays. Always avoid travelling with large amounts of cash.
Whenever possible, try to choose a UK bank that best meets your needs before leaving the country to save time trying to select a bank after you have arrived.
Important issues to consider
Some issues you should consider before opening an account include:
-
The length of time it takes to open an account and receive your bank card. If you can begin, or even complete, the process before you arrive in the UK this will speed up the process. In some instances it can take 3 weeks or more to open an account. Remember to bring sufficient funds to cover any delays.
-
You may be required to book an appointment in advance to open a bank account at your chosen branch. Please note that this may also be time consuming as many students will also be setting up accounts at the same time. Be sure that your appointment falls after your Registration date so that you can be sure to have all of the necessary documents to open the account. If you cannot attend the appointment or do not have the necessary paperwork, be sure to contact the bank to rearrange the meeting.
-
The provision of a posted monthly statement and also a basic statement on demand in branch is helpful if you need to make an application to extend your student visa.
-
Some international student accounts may charge an initial or monthly fee. The additional services provided with these accounts will vary between each bank. Some banks will also offer a free but more basic account.
-
If you are expecting to receive money from overseas, such as US loan cheques, you should ask what charges may apply and how long it will take to make the money available in your account.
-
You may be required to obtain documentation from LSE. Please see Certificate of Registration for details on how to obtain this information.
Selecting a bank and opening your account
Banks will ask you to provide documentation that confirms some or all of the following details:
-
Your identity
-
Your student status
-
Your London address
-
Your overseas address
Different banks require different forms of documentation and it is very important that you allow for delays in obtaining these. The table below lists the names and addresses of the major bank branches nearest to the School. (Please note that this list is not exhaustive and does not constitute a recommendation as the School is not permitted to advise on which account you should open.) Some banks have informed us which documents you need to open accounts with them - simply follow the links in the table below for more information.