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Living in London

Setting up your bank account

By ResLifeComms 05 Sep 2023

Our handy guide makes it simple

Don't worry if you're finding it stressful to open a bank account — it's something that can take time, and some banks can only open an account once you've enrolled with LSE.

Why should you set up a UK bank account?

Setting up a bank account in the UK can be really useful if your friends or family want to send you money as well as pay in money from future employers. With the use of cards and contactless payment increasing more and more each day — you can use a UK card to pay for your shopping or even public transport.

a person using a contactless credit card to pay for a coffee

Which is the right bank for you?

The UK has a variety of banks, but when it comes to starting a student account many banks offer various complimentary services, cashback, or freebies. You may want to consider how easy it is to open an account when making a decision about which bank is right for you. Or consider if an online bank would be the better choice.

Also, keep in mind that banks require that your room number be included if you are living in halls of residence.

Take a look at MoneySavingExpert's best student bank accounts for a comprehensive overview of what's available.

You might need to request a bank letter from LSE

Some banks will ask you for documentation to confirm your enrolment status. You can use a Certificate of Enrolment to prove that you are a current, enrolled student at LSE. There is a self-service system for generating a Certificate of Enrolment for a bank that you can use.

If you are a new student, you can generate a letter after you have completed online pre-enrolment and campus enrolment.
If you are a continuing student, you should be able to generate a letter after you have re-enrolled online.

Tips for international students

Ask your bank to send you printed monthly bank statements as these can be helpful if you need to make an application to extend your student visa.
Some banks may charge international students an initial or monthly fee. The additional services provided will vary between each bank. Some banks will also offer a free, but more basic account.
If you are expecting to receive money from overseas, you should ask what charges may apply and how long it will take to make the money available in your account.
If you plan on using a credit or bank card from your home country while you are in the UK, check before you leave home that your card is compatible with UK bank machines, or if there will be any additional charges.

Setting up a bank account can be confusing at first, but it shouldn't be too complicated. If you have further questions, or need any more support then get in touch with our Financial Support team.