Banks and banking

Banks in the UK are subject to Government regulations, you cannot simply walk into a bank and open an account. There are requirements that must be fulfilled. You cannot start to open an account until you are in London. UK students are attractive customers and most UK Banks offer competitive deals. Students should compare them for the best deals on gifts, benefits, facilities, overdrafts and rates of interest.

Non UK students are generally offered limited facilities because they do not have a permanent UK address and are considered a ‘high risk’ for debt when they return to their home countries. Non UK students should consider whether they actually need a UK bank account, a cash card and credit card from their home bank might be enough; but be sure to inform your home bank and card issuer that you are in the UK and likely to make large transactions (Fees and Rent).  If you need a UK account, look to compare what facilities the banks have to offer.
 

Opening a UK Bank Account
 

You cannot start to do anything about opening an account until you have arrived in London and have all the required documents. Because banks have to make a variety of checks on your identity, address, credit record, and then print/produce card and/or cheque book, it may take 3 weeks or more to open an account after you have presented all the required documents.

Essential Documents to Open an Account

There is nothing you can do until you are actually in London.
All banks will require all or most of these, but check with your chosen bank.

• Proof of Identity – Passport

• Proof of London Address – they may require more than one, such as the lease on a flat or room in Halls which shows both your name and the address, tax letter from local government with your name and the address, or a utility bill such as gas or electric which has your name and the address.

• Proof of home address – offer of admission letter, something official which shows your name and home address such as a bank statement or credit card statement.

• Proof of student status – certificate or registration (you can get this through LSE for YOU) and student card.

• Possibly a letter of introduction (Citibank only – to our knowledge)

List of Local Banks

Citibank

There is a branch of Citibank close to LSE which has a special arrangement with LSE. In the USA, Citibank is a normal ‘high street’ bank, but in the UK it is what Americans call a ‘private bank’. It offers restricted facilities to LSE students but with the big advantage of a dual currency account to enable easy transfers of currencies and a ‘spot’ exchange rate in ‘real time’ which is a benefit no other bank is able to offer. Citibank is also able to open an account in about a week and for American students, Citibank will also ‘specially’ clear the first US student loan cheque in a few days to help getting started. Other nationalities needing a dual currency account may also be interested. You cannot simply go to Citibank, you need a letter of introduction from the Fees Office. For more information click the link below.
 

Where to next?

• Citibank
• Back to fees Office
• Leaflets
• Contacting the Fees Office

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