The first thought that crosses a student’s mind when planning to study abroad is how to handle their finances. It is one of the most difficult aspects of studying abroad, and having a bank account is crucial for effective money management. No matter where you decide to go, it is always a good idea to have a bank account. We will walk you through every step of setting up a Santander international student account while you study in UK through this blog.
|Card Name||123 Student Current Account|
|Minimum opening balance||£0.01INR 1.00|
|Daily cash machine limit||£300INR 30066|
|At end of the term||Automatic account transfer to graduate account|
|Maximum overdraft in year 1,2 and 3||£1,500(INR 1.50 Lakh)|
|Maximum overdraft in year 4||£1,800(INR 1.80 Lakh)|
|Maximum overdraft in year 5||£2000(INR 2 Lakh)|
|International card transactions||2.95%|
|Benefits||For new clients, a 16–25 Railcard is free. Four-year validity; students can save up to one-third off of most rail fares. Free access to 123 World’s preferential prices, exclusive deals, and discounts. Students have the option to sign up for Santander Boosts to receive cashback, gift cards, incentives, and entry into prize draws from particular businesses. For students to be eligible, they must have both online and mobile banking set up.|
About Santander International Student Account
Santander International Student Account is the perfect option if you intend to study in the UK. You may qualify for a student account from Santander if you are currently enrolled in an undergraduate study or a level 4–7 apprenticeship. Santander, a leader in financial services globally, offers a variety of advantages to international students including discounts on rail fares and an overdraft facility. However, there are some fees you should be aware of, particularly if you plan to use your account to make and receive money internationally or to pay for your expenses while travelling.
Also Read: Best Student Bank Account to Open for Study Abroad
The 123 Student Current Account is specially designed for students. The account is paperless and has internet banking capabilities. Interest is paid on balances between £300 ( and £2,000.
Depending on how you handle your account, you’ll receive an overdraft facility and a debit card1. You can use your debit card abroad and send and receive payments from other countries.
Eligibility for Santander International Student Account
Students must be enrolled in an undergraduate programme for at least two years or an apprenticeship to qualify for a Santander 123 Student Current Account (levels 4 to 7).
Also Read: Best Bank Accounts for International Students in USA
- Students are at least 18 years old,
- Have a permanent address in the UK
- Close or change from any current Santander bank account.
- Also, students must contribute at least £500 (INR 50111) each academic term to keep the account’s benefits. Santander will terminate your account or move you to a 123 Graduate Account once you graduate.
How to Open Santander International Student Account
Once students have accepted an unconditional or “confirmed conditional” offer, they are eligible to open an account. Students have both options: online and branch accounts available to them. Students are required to enter their UCAS number along with certain personal information, financial information, and evidence of enrollment in the course when creating an account.
Benefits to Open Santander International Student Account
- For the first three years of your education, you will be granted a £1,500 (1.50 Lakh) interest-free overdraft through this account. If your education lasts that long, you can raise this to £1,800 (INR 1.80 Lakh) in year 4 and £2,000 (INR 2 Lakh) in year 5.
- A four-year free 16–25 railcard. Worth £100 (10k) and a total average rail price savings of £636 (63,781). Which means a savings of £159 (INR 15,945) annually.
- Santander Accelerates Receive offers that are tailored to you, such as cashback, coupons, prize drawings, and more.
Ans. Students must be enrolled in an undergraduate programme for at least two years or an apprenticeship to qualify for a Santander 123 Student Current Account (level 4 to 7) and must be aged over 18 years.
Ans. For international students, the Santander 123 Student Account is a fantastic all-around option. In exchange for signing up, it offers a free 16–25 railcard and an interest-free overdraft.
Ans. Santander Basic Current Account, Natwest International Student Account, TSB Cash Account and Barclays Student Additions Account (International) are some of the popular choices among students.
Worried about your finances while studying abroad? Get in touch with our team of experts at Fly Finance.