Planning to study abroad? I’m guessing you must be following a guide to study abroad and preparing all the required documents for finances, scholarships, visas and accommodation. One thing you must have thought about is finding part-time work that you can do and earn some extra income. But in case you’re wondering where to deposit the money and organise your earnings, let me tell you about the best student bank accounts in the top three study destinations: The UK, The USA and Australia.
Best Student Bank Accounts In The UK
Here are the most popular student bank accounts in the UK –
Natwest International Student Account
The Natwest International Student Account is one of the few bank accounts in the UK that is only available online. This student account primarily targets international students in the UK. The bank account allows you to send money internationally free of cost. You can also choose 1 out of 3 offers. These are either a year of Amazon Prime student membership, a 4-year national express card for 1/3 off all coach travel or a 4-year free tastecard which gets you 50% off food in restaurants around the UK. All of these are incredible offers to get you through your university years. To be eligible for this bank account, you need to be 17 years of age or more and have lived in the UK for less than 3 years. The Natwest International Student Account is one of the best student bank accounts.
Al Rayan Current Account
Al Rayan Current Account is one of the best student bank accounts in the UK for those looking for a Sharia-compliant current account. You need to have some financial investment to operate this account. You must commit to paying your salary or stipends into this account or make an initial deposit of £500. You can also deposit the money you earn from doing part-time or full-time jobs as a student. You must transfer at least £100 to gain access to Al Rayan’s international money transfer services. The great part about this bank account is that receiving money from abroad in euros is free and also receiving money from abroad in all other currencies is free. To be eligible for an Al Rayan Current Account you must be 16 or older.
Santander Basic Current Account
This is yet another great student bank account for international students. It is open to UK and EU residents so, if you’re currently living or studying in the EU, it is possible to open this one before you even arrive. Sending and receiving money from abroad in Euros is free. However, sending and receiving any other type of currency incurs a £25 fee. To be eligible for a Santander Basic Current Account, you only need to be over 16 years old and live in the UK. This is the best student bank account for young international students.
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Best Student Bank Accounts In The USA
You will often find the following student bank accounts in the USA and are also recommended by pasts students.
College Checking Account By Chase
The College Checking Account offered by Chase and is especially targeting university and college students. This is one of the best student bank accounts for international students in the USA and only demands a minimum initial deposit of $25. You can send and receive money with Zelle Chase if you use a Chase account for students. Those who will keep the bank account open for a maximum of 5 years in college are not charged with any monthly service charge. However, when exceeded, a monthly charge of $6 is deducted. Moreover, you can easily find Chase ATMs around the top universities in the USA. The bank is well reputed to offer convenience and a seamless experience to university students.
Santander’s Student Value Checking | Best Bank Account For International Students
This is an account specially designed for students between the age of 14 and 25. The account offers simple and straightforward features that fit in the active and fast-paced student life. There are numerous Satender ATMs all over the USA and the charges for withdrawing from non-Santander ATMs for students is $2 per transaction. However, there is no minimum initial deposit for the account and you can maintain a minimum balance of $0. Once you cross the 25-year-old mark, your account is turned into a basic checking account.
Student Checking Account By Wells Fargo
Another one of the best student bank accounts in the USA is Wells Fargo. It offers college and university students a Student Checking Account with a monthly service fee of $0 for those between the ages of 17 and 24. For students above 24 years of age, a monthly service charge of $10 is deducted. However, the minimum initial deposit for the Student Checking Account is $25 for all students. All students get access to over 13,000 ATMs with 24×7 Fraud Monitoring Chip Technology.
Best Banks For Students In Australia
Here are the most popular and highly reliable bank accounts for students in Australia.
Westpac Choice Student
Westpac is one of Australia’s award-winning mobile banking services that offer fee-free savings accounts for international students. This is one of the best uni student bank accounts in Australia which you can open online 12 months before you arrive in Australia. Most international students enjoy using this service because of the low rates for transferring money overseas. You can even withdraw money from your Australian bank account from your home country with a 3% foreign exchange commission. Moreover, you can withdraw money from any other bank’s ATM in Australia as well with a $0 withdrawal fee.
Student Smart Access By Commonwealth Bank
Commonwealth Bank is one of Australia’s largest and biggest banks that was established in 1911. You can open a student bank account with Commonwealth for up to 3 months before you arrive in Australia. The savings account is offered to students with a $0 monthly maintenance fee which makes it highly preferred by Australian students. Moreover, The Commonwealth Bank app comes with a money tracker to help you save money and keep a budget.
We hope that this blog on Best Student Bank Accounts In The Top Countries To Study Abroad has answered your question to what are the best student bank accounts? If you are interested in learning about the scholarships offered to international students, the following may be of interest to you: