Studying in UK is thrilling, and this is one of the early things that you will need to organize about your banking. International students must go through a major choice most of the time whereas should you open a high street bank or use a digital one? Both are associated with their own benefits and disadvantages, and, knowing about them early, you can save time, money, and stress.

The common alternative would be high street banks. They do have their physical branches, physical customer service, and traditional old reputation. They will be a reliable option if you like face-to-face channels of interaction and require services such as bank drafts or certified checks. Nevertheless, their services are at times more costly, and it can also take additional documentation to open an account, particularly when non-residents do so.

As per expert UK education consultants Digital banks, however, are convenient. Nearly all their operations are via apps and websites, and their fees are usually lower, accounts can be opened quicker and the exchange rates better. This can be a big benefit to international students making international travel or remittance. They, however, have no physical strengths and therefore if you have an issue which requires face-to-face assistance, this can take some time.

It is up to your needs whether to make the right one. High Street Bank can be of interest to you if you prefer face-to-face assistance and conventional services. A digital bank may suit you better if you want to access an account with international connections and would like to have access to minimal costs and fast operations. What matters is to make a comparison of the fees charged on the accounts, the rates of transfer of money and the features or services offered.

Also Read: Affordable Universities in the UK

High Street Banks Explanation to International Students

The Question is What are High Street Banks?

High street banks are established banks accessible in the cities and towns. They offer complete banking services such as checking accounts, savings accounts, loans and credit cards. Such examples include HSBC, Barclays, Lloyds and Santander.

The benefit of High Street Banks

•          Customer care on-site assurance There is a physical place to visit to attend to intricate matters.

•          World recognition- They are accepted by landlords, employers, and visa departments.

•          Able to get a variety of services - Overdrafts, credit cards, student account specific.

The Downsides of High Street Banks

•          Increased fees on accounts with high numbers of accounts having monthly charges.

•          Greater length of setup period- A transaction account can take days/weeks to open.

•          Lack of flexibility in foreign countries - Money conversion and international exchanges are usually expensive.

 International Student Guide to Digital Banks

Digital banks are what?

There are digital banks that do not have branches. All the activities are done using web sites or mobile apps. They are famous under the names of Revolut, Monzo, and N26.

Benefits of Digital Banks

•          Quick in opening an account- Opening of most of accounts can be done within minutes using your passport.

•          Reduced fees- Most of them do not require monthly fees or lower exchange rates on transactions abroad.

•          Best at cross-border payment - It is usually cheap and faster making and receiving money.

The Cons of Digital Banks

•          No brick-and-mortar stores Support usually comes by chats or emails.

•          They may be restricted in cash facilities- It can be challenging to deposit or withdraw cash.

•          Less tolerance of formality - Some landlords/institutions want a normal bank account.

 Which one to Choose?

The decision you make is based on how you intend to utilize your bank account:

Select a high street bank when you need hands-on support, old world credibility and availability of full banking services.

The digital bank is the best option in case you need a low-cost and swift banking network, particularly international banking.

•          Think of opening both- Several students open a high street account to have credibility and a digital account to ensure cheaper transfers and budgeting.