Opening a UK bank account｜Do students really need one?
A question we get a lot: "I pay for everything with my Taiwanese card — can I skip the UK account?"
You can, but we would not.
Even if your living costs and tuition come from Taiwan, every student should have at least one UK account. Opening one is easy — it all happens in the bank's app, with none of the paperwork you might expect.
Once you are living here you find that:
Friends settle up in sterling, events on and off campus want a UK account, and rent and bills are paid by local transfer
So even if your Taiwanese card does most of the spending, a UK account is not optional.
You get a debit card, not a credit card
Open an account here as a student and what arrives is:
A debit card, and not: a credit card
A debit card takes the money straight out of your balance, so there is no monthly bill to settle.
You can also add it to Apple Pay or Google Pay, and 99% of everyday life here is paid for by tapping a phone. Add the card to your phone — it makes an enormous difference.
Which banks do students use?
High street banks
HSBC UK
Why:
1The one Taiwanese students use most, 2Lots of branches, 3A full-featured app, 4Multi-currency accounts, 5Easy to get a bank letter
- If you already hold HSBC Premier in Taiwan, HSBC UK will upgrade you to Premier free. Transfers from Taiwan then arrive instantly with no fee, which is genuinely useful.
Lloyds Bank
Why:
1Plenty of branches around the UK, 2Widely used by British students
Digital banks
Revolut
All but essential, and the one most students have.
Why:
- 1Opens in minutes in the app
- 2One-tap transfers to friends
- 3Multi-currency accounts
- 4Excellent exchange rates
- 5Handy travelling in Europe
- 6Investing built into the app
Monzo
Why:
1Excellent budgeting tools, 2Clear spending categories and a very good app
Chase UK
Why:
1A slick app, 2Cashback on spending, 3Good savings rates
What we would set up
If the choice is making your head spin, do this:
HSBC UK + Revolut
The high street account handles:
1Money arriving from abroad (register it as a designated payee back home), 2The bulk of your money (you can add a savings account), 3Anything needing a branch
The digital account handles:
Day-to-day spending, splitting with friends, paying for events, currency for travel
This is the setup most students end up with.
What you need to open one
Banks vary a little, but broadly:
1Passport, 2eVisa, 3A bank letter (confirmation of study letter), 4Proof of your UK address
- Most universities let you download a bank letter straight from the student portal. If you cannot find it, ask them.
Some digital banks only want:
A passport, your eVisa and a UK mobile number
and the whole thing happens in the app.
Common questions
I have a Taiwanese credit card — do I still need a UK account?
Yes, open one.
Transfers, splitting bills, rent, signing up for things — sooner or later they all want a UK account.
Do you need two accounts?
Not strictly, but we would still go one plus one.
Most people run one high street account and one digital account, as a main and a backup.
- If you only open one, make it the high street bank — international transfers and branch service both matter.
Is everything really Apple Pay and Google Pay here?
Very nearly.
Almost every business in the UK (99.99%) takes:
1Apple Pay, 2Google Pay, 3Other contactless payments
You can leave the house without cash or a wallet. Just add the card to your phone first.