This page is for international and EU students at QMUL, who are new to the UK and who need to open a bank account here. The information on this page explains:
- What documents will I need to open a UK bank account?
- Choosing a bank
- Types of bank accounts
- How long does it take to open an account?
- Will I have to pay a charge to run a bank account?
- Banking safety
What documents will I need to open a UK bank account?
Most banks will need you to have photographic proof of ID, such as a passport, or if you are an EU national, a national identity card.
Banks and building societies have to make a status check on all new applicants for a current account. Banks and building societies must not open a current account for a person who requires immigration permission to be in the UK but who does not have it, ie someone who is in the UK as an overstayer. If you require immigration permission, you will need to show this to the bank - this will usually be your Biometric Residence Permit, or if you are here for six months or less it will be the sticker in your passport. It expected that in the near future banks will be required to make regular immigration checks on all account holders, and to close the account if someone no longer has legal status in the UK.
The bank will also need proof of your address in the UK and in your home country, such as a bank letter from QMUL. You must be fully enrolled in order to get a bank letter. You can request a bank letter when you attend enrolment, in the enrolment centre, where there will be a desk specifically for requesting letters. You need to know which bank you are going to apply to open an account with, so that the bank name can be included in the letter. You can only get a bank letter from QMUL once you have provided a UK term-time address. You can normally do this in MySIS, either when you pre-enrol, or if you don't know your UK address at the pre-enrolment stage, you can go back into MySIS later, through the 'My Details' page, and update your UK term-time address.You must do this before enrolment.
Outside the enrolment period, you can request a bank letter by visiting the Student Enquiry Centre or via MySIS - this is explained (including what information the letter will contain) on the SEC website.
Other documents may be required by a bank, depending on which bank you are applying to, and what type of account you are applying for. Individual banks will be able to let you know of any other documents they need you to provide.
It is your decision which bank you choose to look after your money. You might like to consider some of the following factors when choosing:
- what type of account(s) can the bank offer you?
- will the account pay interest?
- how do you want to bank - is it important to you to be able to visit the bank, or would you prefer to bank online or by phone?
- does the account offer any incentives?
- is there a fee to pay for running the account?
- is it easy to transfer money to or from your home country via this account?
The features of the two main types of bank account are explained on the Money Advice Service website:
As well as a current or basic account for easy access to your money for everyday spending, you might consider opening a savings account. These may offer slightly higher interest, but some will restrict how often you can withdraw money, or they might require you to give a fixed period of notice before you can make a withdrawal. If you have a lot of money in the UK, and if you can find a savings account which pays a higher interest rate than your basic or current account, you could consider putting most of your money into a savings account, and then transferring the money you need into your basic or current account each month, for example. This can also be a useful way of helping you to manage your money and avoid overspending.
If you require Shariah compliant banking, some high street banks now offer Shariah compliant accounts, and there are also specialist Shariah compliant banks.
This will depend on the bank, but accounts can take at least one or two weeks to open, and often significantly longer. During this time you might not be able to use the account, so you should bring enough money with you to the UK to pay for your living costs for the first few weeks of your stay.
Banks in the UK offer a range of accounts. Most current accounts do not charge a monthly fee, but some do. If there is a fee, the bank account may give you other advantages such as holiday insurance or preferential interest rates. If you are considering a bank account which charges you a monthly fee, check exactly what the additional benefits are, so you can decide whether it is worth paying the monthly fee. A basic bank account does not normally require you to pay any fee for running the account.
Most banks charge a high fee if you try to withdraw more money than you actually have in your account and you do not have an arranged overdraft facility, or if you go over any agreed overdraft limit. Also a charge may be made if a direct debit does not go through because there is not enough money in your account to cover these payments. It is therefore important to manage your account carefully, and check that you have enough money in it to cover your spending. Online banking can help you to check your account regularly. There is useful information on our website about how to plan a budget and manage your money.
You can find out about using online banking safely, and also be aware of common fraud issues from the Financial Fraud Action website.