Managing your money

Looking back to my first visit to the UK, when everyone just uses their cards or contactless for payment. And me, taking out cash, counting every penny and pound to pay. You could really tell the importance of opening a local bank account xd This allows you to consume, pay your fees, and all installment payments. Trust me, it is not that complex. In this blog, I am going to share thoughts on banking and money management.

To open a current account or sometimes, an international student banking account depending on your preference. You will have to prepare the following documents for your application: 

  • Passport
  • BRP
  • Proof of UK address – this is usually any bills or bank statement. However, from my experience, banks also accept documents issued by the school. You could visit HIVE and ask for proof of address if you are living on campus!
  • Confirmation letter from the school – this is your acceptance letter issued by the school. 

Then you will have to fill in application forms either through banks’ websites or apps. Then, you will receive a code or message asking you to bring relevant documents to the nearest bank for verification. And after processing, if you are successful, you will receive an email!

Finally, you will receive the card via post for activation. Then you are done!  

Here are some of the common accounts available for international students: 

Some of you may consider opening an overseas account. As you could open an account for free before arriving at your destination. For instance, you could open an account in Hong Kong before arriving in the UK. For more information, please visit the HSBC website

Besides the traditional banks, there are a couple of virtual banks available as well. I personally find them much easier to open and use. To open an account is as simple as just downloading the app. You don’t need proof of address, unlike other traditional bank accounts which makes the application process much simpler. One of the most popular is Monzo. It is popular among university students. And what’s more exciting is that you could easily use Monzo in any country that accepts MasterCard without extra charges! This will be super convenient if you are planning to visit European countries often😊 

And here in Surrey, if you have got any money or financial issues, you are well supported by the Student Finance and Money support team. Hope you have found this blog useful.