Set up a bank account
We recommend setting up a student bank account as they can be more beneficial than a standard current account.
Student bank accounts
It’s worth setting up a student bank account for when you start university – they offer a wider range of services than current accounts, so it’s important to consider your options and shop around to see what the different banks offer.
Try not to be tempted by instant cash or gift incentives – £100 of vouchers is much less than what you will save over time with a better interest rate.
A main benefit of student bank accounts is that they usually offer quite substantial, interest-free overdrafts, which can be very handy during your studies. Make sure you don’t go over the agreed interest-free overdraft limit though – you'll be charged for this, so remember to check your balance if you think you’re getting close to your limit.
If you want to pay your tuition fees or University accommodation fees in instalments by direct debit, you will need to set up a UK bank account.
It’s also more convenient and you can make sure you avoid any transactional charges or currency conversion charges that you may incur using your foreign bank card in the UK.
When can I do it?
You won’t be able to open your UK account with a high street bank until you arrive in Manchester, and your registration is complete.
The exception is if you’re from China. The Bank of China offer the facility to open a UK bank account once you arrive in the UK, and before your registration is complete.
What do I need?
- Your passport;
- Biometric Residence Permit card (if you have one);
- Bank letter from the University showing home and Manchester addresses.
How do I do it?
- Bank letters will be issued in pdf format to all EU and international students from early to mid September and once steps 1-9 of registration have been completed via My Manchester.
Setting up a UK bank account while studying remotely
If you’re a new overseas student who will be studying remotely during Semester 1, we appreciate that the majority of high street banks in the UK require students to provide proof of residency in order to open an account, something which isn't possible if you're studying remotely.
However, there are a number of online banks that do offer the facility to open a UK bank account from overseas, without proof of residency, and we would encourage prospective students to take a moment to read the Monito article and consider their options.