After a brief dent in 2020, the trend of students travelling overseas for higher education is back in full gusto. The total number of Indian students overseas rose from 66,000 in 2000 to over 301,000 in 2016, a 22% CAGR during the said period. After a 55% drop in 2020, over 71k students travelled abroad for education during the first two months this year [1].
Almost 94% of Indian students are more eager to study overseas as compared to last year. The easing of higher education and immigration policies in countries like the US and the UK, access to early vaccinations, healthcare, and general infrastructure are some of the reasons behind this boost in interest.
The duration of your education can be anywhere between one to four years or even longer. Hence, it becomes imperative to open a bank account in the foreign country. The account helps you pay for your day-to-day expenses and make other transactions like payment of fees, rent, etc., more manageable.
With traditional banks, however, you will have to wait to arrive in your host country before you can manage to open an account. We will see how you can avoid that later in this article.
Most Indian students prefer the United States for further studies. There are several kinds of student accounts that you can open. Services fees are charged every month and range between $6 – $50, depending on the bank and the type of account.
Most banks in the UK target students hoping that once you graduate and begin to earn, you will stick with them. If you intend to study in the UK for more than a few months, opening a bank account is a good idea.
However, if you are an international student, you are generally not eligible for local student account facilities like an overdraft. An overdraft means a facility where a bank lets you spend more money than you have, of course, up to a certain limit.
One can open a basic bank account that allows you to deposit and withdraw money which you can use for day-to-day expenses. A basic bank account will not enable facilities like overdraft, checkbook, or credit card. You may get a debit card, depending on the account.
An international student bank account is specifically aimed at students coming to the UK for studies. While this will allow more flexibility than a basic account, there will be conditions like a monthly account fee or a minimum balance requirement.
Opening an account in the UK will generally take two weeks. So, the earlier you begin, the better. You don’t need to wait until your term begins. You can apply for an account as soon as you receive your UCAS (Universities and Colleges Admissions Service) confirmation letter. Some major banks in the UK include Barclays, HSBC, Lloyds Bank, RBS, and Natwest.
Here are some general requirements:
Most universities in the European Union have tie-ups with local banks to open bank accounts for their international students. In case your university has no such facility, you can opt for any local bank.
The documentation may vary from bank to bank and from one EU country to another.
An easier way to navigate all these hassles is to open a Multi-Currency Account with Winvesta. The multi-currency account enables you to transact in over 30 currencies, including the US Dollar, the British Pound, and the Euro. The built-in currency conversion feature allows you to exchange money whenever required, and you can smoothly withdraw funds to India at competitive exchange rates.
Each user gets unique account details for each currency, including UK Sort Code, Account number, SWIFT code, etc. One can receive foreign currency in these accounts and send money to over 180 countries.
With Winvesta, students can open foreign accounts in minutes using PAN and Aadhar card and start with as little as $50 or 35 pounds. Money from India gets credited within a few hours to 2 business days, making it fast and convenient.
Learn more about Winvesta’s Multi-Currency Accounts.