How does a student account vary from a regular one?

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They are based on the standard accounts but offer some perks to students like freebies and interest-free overdrafts (however, most of these may not be available for international students).

 

Do I need to open a British bank account if I already have one in my home country?

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There are many disadvantages to using a foreign bank account in the UK such as:

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1. You'll be charged currency conversion fees everytime you use your debit card or withdraw cash in the UK.

2. Currency exchange rates fluctuate, making it harder to keep to a budget (convert currency using TransferWise for the best rates).

3. If you're planning on working part-time, employers will want to pay your wages into a UK bank account.

4. Your accommodation provider will likely prefer payments from a UK account.

5. Setting up recurring payments (Direct Debits and standing orders) will be tricky or impossible. These are needed for paying mobile phone contracts, gym memberships and monthly rent.

6. Paying back friends in the UK would be complicated.

7. In some countries, like France for example, banks require you to send them hand-written letters to set up Direct Debits to foreign accounts. Plus they'll charge you a fee for the transfer!

8. If you get locked out of your account because you've forgotten your PIN code, it's definitely easier to deal with it locally as opposed to over the phone to another country.

 

source: https://www.savethestudent.org/international-students/top-international-bank-accounts-uk.html

 

Click here to compare the major banks’ international student bank accounts!

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TOP TIP: If you require money to be transferred regularly from your parents to your British bank account, there is a hefty transaction fee of 4-6% on each deposit. For this reason, consider making large deposits once a term or create a Forex account that doesn’t charge currency exchange fees.

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Budgeting

Your parents will likely deposit a certain fixed amount into your bank every month/every few months. However, what you do with that money is completely up to you. It’s all too easy to go a little crazy if you’re not careful and have to ask for more (which is super embarrassing). 

 

Can you hold a job during medical school?

Why not? During the first and second years, your schedule will be the most free it will ever be and there’s plenty of time to dedicate a least 10 hours a week to earning some additional income! (Note: VISA holders have a cap at 20 hours). If you’d like to get some experience in the NHS, you could work as a healthcare assistant where you can go in for work whenever you’re free. Otherwise, there are jobs at the students union or small cafes etc.

 

We recommend maintaining a budget on Excel that tracks where your income goes. Everyone spends their money differently but as a rule of thumb, you could use the following sub-headings:

• Rent and Bills

• Groceries

• Course materials

• Transport

• Eating-out 

• Monthly subscriptions(phone bills, Netflix, Spotify)

• Nights out

• Shopping

Click here  for more info on how to budget!

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Online banking

 There are several online banking apps that have sprung up that make it easier to track where your money is going and makes budgeting and saving easier. Most people use a traditional account (for rent, salary, bills and other big transactions) in conjunction with an app( for day-to-day expenses). Check out this link to find out more about the various options out there!​