Banking

Hello all,

I know this is a money issue but it is also a int'l student issue.  I have been looking at banks and almost to the point of pulling my hair over which to choose.  The main issue is setting one up in the US before I get there because I will need to use it almost immediately.  I found a couple that I may like but the ridiculous monthly charges for things that I honestly do not plan to use. 

If anyone has advice about banking as an int'l student, that would be wonderful.

The odds of getting an account before you get here are practically zero unless you open a HSBC global account.  I don't know exactly how it works, but someone else might have one and could tell you.

The banks here will require proof of address and sometimes some kind of letter from your university stating that you're a student.  Sort of like a letter of introduction to show that you're legitimate.

Does your uni have an International Student Office or something of the kind?  I found them to be very helpful when sorting this out last year, as well as this site. 

Also, you're not really going to be able to have much to choose from when getting an account.  They usually stick you with the most basic account that will give you a debit card, since you will have no credit rating.  That's what RBS gave me and I don't think there are even any charges because it's such a basic account.

From my own experience as well as my friends', RBS, Bank of Scotland, and Lloyds were the least amount of trouble to open an account with as a student, at least in Scotland.  Barclays was a nightmare. 

If you get all your ducks in a row when you get here, you could probably have an account in a week or so.

I can second everything what Nose said.

I went with Lloyds and it was really simple opening an account, although it did take a few weeks. You need to call a bank the moment you get here (maybe even shortly before) to schedule an appointment to open an account. Yes, what I have is a very basic account, but it does what I need it to and I don't pay any fees. Lloyds has also been great about receiving wire transfers from the US and don't charge me anything to receive them.

At my uni RBS actually comes to matriculation/orientation to sign students up, including international students, and all the banks in town had signs up about making appointments for students to sign up. Your uni might have a similar arrangement with a bank, so might be worth checking out the info for international students and orientation stuff.

This may help, it's from the Uni Leeds office, but the student banking info doesn't seem like it's only for that university:

http://www.leeds.ac.uk/international/Leaflets%20to%20download/Guide%20to%20opening%20a%20bank%20account.pdf

Also, I was planning on going with Barclays, their requirements didn't seem that bad, account up in 24 hours, and they are the sister bank to Bank of America in the states, so no atm fees for my boa cards.

I opened an HSBC account online, but you would have to wait to get your card in the mail.  I will open an HSBC account when I arrive, U of Nottingham will have bank booths during welcome week and I already know HSBC will be there (there is also an HSBC branch on campus).  I will be able to use the card I have now over there with no ATM fees at HSBC ATMs, except for the currency exchange fee.  Also, I will be able to see both accounts in the same page/online access site, but will not be able to do transfers between them (I called and asked).  However, if you have HSBC Global I believe you can do the international transfers yourself, for this account you need a minimum balance of $10k.  I'm not 100% certain of this information.

I have other USA-based accounts and it was very easy to set them up at the HSBC site so that I can transfer from the USA accounts to the HSBC(USA) account.  I would then withdraw the money from an HSBC ATM in the UK with no fees.  The transfers take a few days and are free if you are depositing them to HSBC.

It was easy to set up a bank account with Natwest yet it took a week to use. Unfortunately, I spoke with Barclays and HSBC and Barclays needed two to three weeks to set up while HSBC could set up an International student bank account immediately, it required a monthly fee.

This may help, it's from the Uni Leeds office, but the student banking info doesn't seem like it's only for that university:

http://www.leeds.ac.uk/international/Leaflets%20to%20download/Guide%20to%20opening%20a%20bank%20account.pdf

Also, I was planning on going with Barclays, their requirements didn't seem that bad, account up in 24 hours, and they are the sister bank to Bank of America in the states, so no atm fees for my boa cards.

Yeah, that's what I thought when I came over last year, but they are really picky about proving an address.  You'll need to have a TV license, or a UK utility bill, something official, which is difficult to get when you just move over and need an account quickly.

All I needed for RBS was the letter from my uni confirming my address and my passport.

Maybe you'll have better luck, but just be aware that they're sticklers! 

ooo good to know!  I thought it said you only had to prove your home (usa) address?  I have the acceptance letter addressed to my usa addy, but I also have my apartment deposit agreement as well... If they can't get me up and running pretty quickly I'll try somewhere else, maybe hsbc.

They'll definitely be wanting proof pertaining to your UK address, not the one in the US.  They want you to prove that you're a resident and not setting up some scam account for something. I had a letter from my uni confirming my address and specifically addressed to Barclay's for banking purposes, plus my contract with uni accommodation.  Wasn't enough for them!   

Luna- I got an email yesterday from the guy in charge of student loans and he said it's easy to get a letter of support for a bank account from the student affairs office. 

I too have been wondering about the difficulity of this. I was thinking about getting a pre-paid international visa card before I go, similar to travelers cheques. Has anyone else done this?

I too have been wondering about the difficulity of this. I was thinking about getting a pre-paid international visa card before I go, similar to travelers cheques. Has anyone else done this?

I thought of this but I just ended up using one of my credit cards to keep me going because it took them (sallie mae) ages to send out my first disbursement.

I thought of this but I just ended up using one of my credit cards to keep me going because it took them (sallie mae) ages to send out my first disbursement.

it tooks ages for sallie mae to send out the money?! Thats not good to hear my disbursement is end of month lol.

Anyways im wondering about the proof of residency bit.... im gonna be staying with my gf's family until i find a place of my own...would having my uni send out my "student status" letter to the address im staying at be good enough? If not what other options do i have as a student just getting over there with nothing?

it tooks ages for sallie mae to send out the money?! Thats not good to hear my disbursement is end of month lol.

Anyways im wondering about the proof of residency bit.... im gonna be staying with my gf's family until i find a place of my own...would having my uni send out my "student status" letter to the address im staying at be good enough? If not what other options do i have as a student just getting over there with nothing?

That should be fine.  My letter was originally for my address in Uni accommodation, but I only ended up staying there a month before I realized it was too expensive and ended up moving into a private flat with someone from my course.  I can't see how that was any different than what you'll be doing. 

And as for disbursements, depending on your uni it could just be a matter of a couple of weeks for the funds to come through. Mine were always disbursed to the uni from Sallie Mae on time.  My registry office would have me come in to sign the checks in $ from Sallie Mae over to them.  A week later I'd come back and collect the difference in £ after they took their cut, and it would take, at most, 5 or 6 business days for the check to clear in my account.