Study Abroad Finance Guide

Don’t let the stress of sorting out your finances get in the way of making the most of your study abroad experience. At Omnis FX we are experts in carrying out currency exchange transfers for Study Abroad students and offer advice on the best ways to manage this. Following is a guide to getting started by setting up a local bank account and details on how you can save money by transferring your funds to this new account through Omnis FX.

Setting up an Overseas Student Bank Account

One of the first things you should do when you arrive in the UK is to set up a local student bank account. You will often have to wait until you have enrolled at your university to do this so ensure you have access to enough money to see you through until you enrol.

Am I eligible for a Student Bank Account?

You will need to be able to show that you will be in the UK as a student for a year. If you are studying for a single semester you may have difficulties opening a student bank account but may still be able to set up a regular bank account.

How do I Choose a Bank Account?

Most universities will offer support and advice on opening bank accounts. You can compare student bank accounts here. For further information see Opening a UK Bank Account for International Students by the British Banker’s Association.

What Do I Need to Set up a Bank Account?

Evidence of Identity
1. Passport
2. ID Card (if from an EU country)
Evidence of Address
Evidence of Student Status

In order to set up an account you will often need a letter from your university. Here are the usual steps to obtaining the letter:

Enrol at your University
Contact Student Services reception and book an appointment with an administrator.
Choose which bank(s) you would like a letter for.
Show your enrolment card/form and photocopies of passport and visa details
Receive letter from university

Why do the banks need these documents?

In order to follow Money Laundering Regulations banks must prevent accounts being opened with false identities. They are regular checks carried out on any individual wishing to open an account and are required by law.

Transferring Money from Abroad to Your New Bank Account

Once you have set up your new bank account you will then need to transfer over your funds from overseas to pay for accommodation, living expenses and tuition fees. There are two main options to do this:

1. With your High Street Bank

Your current bank account can transfer money from your local currency into your study abroad currency. However, banks typically charge large commission and offer poor rates of exchange. On top of this they also charge transfer and receiving fees per transaction.

With your High Street Bank
2. With Dedicated FX Service

Foreign exchange services such as ours are becoming increasingly popular as we are able to give better rates for larger sums of money (5k +). Our exchange rates are much better than the banks and we don’t charge commissions or processing fees.

With Dedicated FX Service

Paying International Student Fees

Most universities require you to pay tuition fees in one large sum direct into their bank account. Many students do this directly from their overseas bank account without considering the rates of interest or charges banks apply.

By using Omnis FX you can save hundreds of pounds.

We are specialists in FX and not only get you better rates than the banks but can also give you advice to make sure you get the best out of fluctuating exchange rates. Once an account is set up (we can do this in a matter of hours) you will then speak to your personal account manager who can advise you and process your currency exchange, transferring the money from your bank straight to the university.