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How To Open Student Bank Account Online
5 min read

How To Open Student Bank Account Online

Finance
5 min read
|
Uploaded on
May 20, 2023
|
Last updated on
Aug 25, 2023
Uploaded on
May 20, 2023
|
Last updated on
Aug 25, 2023
How To Open Student Bank Account Online

Imagine moving abroad for the first time, all on your own. What's the essential thing you need to sort out? Your finances, of course. To single-handedly manage your finances and make it seamless, having a student bank account in a local bank is crucial. 

If you are starting on this journey, this blog is for you! In this blog, you will find the easiest ways to get started with your student bank account and learn how to open a student bank account online. Let's get started! 

Why Have An International Student Bank Account? 

Having a student bank account in a local bank when you are an international student isn't a luxury but a necessity. If you are abroad for a short period, i.e., 2 to 3 months, managing your finances through a credit card is still possible. But opening a student bank account becomes the most reasonable choice if your course requires you to stay for a year or so. Having a local bank account also helps you save money on foreign exchange as an international student. And to make things even easier, you may opt to open a student bank account online! 

Why Open An Online Student Bank Account Rather Than An Offline One? 

Traditionally, to have a local bank account in a different country, you had to wait till you reached there and visit the bank in person. With so many things to sort out and settle down as soon as you move to the country of your dreams, opening a bank account may become overwhelming. So, what now? With technological advances and online banking facilities, you can open a student bank account effortlessly.  

After you open a student bank account online, you may use it in several ways, such as: 

  • Pay bills,
  • Transfer money from account to account,
  • Check your bank balance,
  • eTransfers,
  • Build your savings,
  • Check your bank statement, etc. 

With a secure internet connection and the knowledge of how to open a student bank account online, you can open and access your account from anywhere, at any time. The compatibility with various devices like laptops, smartphones, and tabs also makes the process of opening a student bank account online hassle-free and easy. 

Here are some common advantages you can avail yourself of when you open a student bank account online: 

1. Hassle-free and Convenient

Since you don't have to visit the bank, opening your student account becomes simpler. You can do it at your convenience, from the comfort of your living room! Opening the account online also helps you stay prepared beforehand as you move to a new country and try to get a hold of the new life on your own.  

2. Easier for Non-Residents

Banks that allow you to open a student bank account online tend to be more accepting of non-resident applicants. You may not even need proof of a local address or tax ID number to open your account. 

3. Flexible Process and Policies 

Opening an online student bank account is the best way to avoid the overwhelming process of filing paperwork and getting all your documents verified separately. All you need to do is submit it online and sit back as the bank sorts everything out. With online account applications, banks also tend to be more flexible regarding their policies as they aim to make the process as easy as possible for the applicants. 

4. Less Opening Requirements 

As you open a student bank account online, you may find that the banks require fewer documents and effort to apply. With relaxed standards for KYC and AML, an online account may not need additional documents like bank statements and bank reference letters, etc. Banks often allow online applicants to open their accounts without deposits or minimum balances. This is helpful if you are a student living abroad. 

5. 24/7 Availability 

One of the most significant advantages of opening a student bank account online is that you have access to your account 24/7. Even on bank holidays, when it is impossible to go to a bank in person, you can still get your transactions done with your online student bank account! 

Things to consider while applying for a student bank account online

The entire process of applying for a student bank account online may seem easy, but it still comes with its own share of challenges which you may or may not face. Make sure you keep the following things in mind.

  • As you are opening an international student bank account online, the process may require you to submit your documents in a digital format. Get scanned copies of your documents and submit them to the bank. 
  • If you plan on applying online, make sure you have digital copies, or if you plan to visit a bank branch in-person, make sure you bring all the original documents and photocopies to submit.
  • Read the eligibility criteria and the documents needed to apply for a student bank account online. 

General Requirements

When you are applying for a student bank account online, one has to fulfil some general requirements. These are generally the same for most banks but may vary in some cases. We have listed some of the common requirements.

1. The student should be a full-time student or a part-time student in an accredited institution.

2. The student should meet the minimum age requirement set by the bank. 

3. The student must possess valid identity documents such as a visa or a residence permit.

4. Some banks might require a minimum deposit to open a student bank account.

5. The student should have valid documents that act as proof of their residential address.

Steps To Open An International Student Bank Account Online

Opening a student bank account online is easy if you know what you are trying to do and what to expect from the other side. Here's the process to open a student bank account online in 9 simple steps for the countries listed down below

1. Choose your bank

Upon doing some research, find out the banks that allow you to open a student bank account online. Check out the banks' websites to go through their policies to get a general idea about the bank you think is your perfect match. You can find banks like UniZest that you can open online. 

2. Confirm requirements 

Get in touch with your bank and ask them plenty of questions about interest rates and account opening and maintenance policies. This will help you understand their process and the requirements that may come up. 

3. Understand the process 

Now that you have a general understanding of the bank you have chosen, you understand the process to open a student bank account online in that specific bank. Confirm the documents they require from you for the procedure. Ensure you fulfil all the requirements and are eligible to open your account. 

4. Compile documents 

Get the list of required documents and start by collecting them. Sort out the papers, compile them, and be ready for the following steps to open a student bank account online.   

Bank account opening documents for students: 

  • A copy of your passport.
  • A copy of your student visa. 
  • A copy of the student identity card issued by your university.
  • Admission confirmation letter issued by your university.
  • Passport-size colour photographs (2 to 3) 
  • Proof of address for your home and local student accommodation. 

5. Fill up the application form.

The bank may forward an online student bank account form to you, or you may find it in their website portal. The form will typically contain your name, address, contact details, bank account type, etc. 

6. Submit documents 

As you are opening your international student bank account online, the process may require you to submit your documents in a digital format. So, get scanned copies of your documents and submit them to the bank.  

7. Be available 

After you submit the documents and your application form, the bank might need you to be available for additional information. You can expect some inquiries and standard verification processes to open a student bank account online. 

8. Receive and confirm activation credentials. 

After completing all the above-written steps, the bank will send you the necessary credentials to activate your online student bank account. These credentials may include activation codes, pins, and other materials. 

9. Get started 

Received your credentials and codes? Activate your account using these and get started with your newly opened international student bank account. 

The process for applying for an online student bank account is common in almost all countries. However, the process might be a tad bit different in different countries. For example, a specific country might not ask for a document, whereas another country might. We have listed some of the top countries students visit and migrate to, where one might require a student bank account. The list below contains the documents other than the general documents that are mentioned above.

1. United Kingdom

When you apply for a student bank account online, you will come across that the documents needed are basic. Make sure you are ready with the following documents

  • A copy of your passport.
  • A copy of your student visa. 
  • A copy of the student identity card issued by your university.
  • Admission confirmation letter issued by your university.
  • Passport-size colour photographs (2 to 3) 
  • Proof of address for your home and local student accommodation. 

2. United States

There are several banks in the USA; here are the top 7 banks in the USA for international students! To open a student bank account online in the United States, make sure you compile the following documents.

  • A copy of your passport.
  • A copy of your student visa. 
  • A copy of the student identity card issued by your university.
  • Individual Taxpayer Identification Number (ITIN)
  • Admission confirmation letter issued by your university.
  • Cards and forms like the I-94 card, I-20, DS-2019, and I-797 
  • Passport-size colour photographs (2 to 3) 
  • Proof of address for your home and local student accommodation. 

3. Australia

The Australian government has established a points system for paperwork to prevent fraud. You will need to submit documents totalling 100 points in order to open your bank account. Here are the best banks for international students in Australia!

Regardless of your status as an Australian resident or international student, you must submit the same type of documents to reach 100 points. You can select which documents you want to submit so long as they total up to 100 points.

  • Mandatory Documents - 70 points:
  • Passport, Citizenship Certificate, or Birth Certificate (the primary form of identification)
  • Mandatory Documents - 40 points:
  • University/TAFE/College Student ID
  • Proof of age card/Australian Drivers Licence
  • Confirmation of enrolment from your educational institution
  • Health care card or Health insurance document
  • Additional Documents - 25 points:
  • Store account card
  • Library card
  • Credit card
  • Union card
  • Medicare card
  • Video Store Card

To avoid any last-minute stress, gathering all of these documents beforehand is advisable.

4. Austria

You need the following documents to apply for a student bank account online in Austria

  • A valid identification document like a passport with a photo
  • Valid proof of residency
  • Valid proof of employment/university admit card

5. Canada

Keep the following documents ready when you apply for a student bank account online for Canada.

  • Letter of Acceptance
  • Passport
  • Study Permit
  • Temporary permit (IMM Form- 1102, 1208, 1442)

6. Denmark

If you are applying for a student bank account online in Denmark, the process is similar as mentioned above. However, you need to submit the following documents

  • Passport
  • A CPR is a 10-digit unique identification number which is issued for all individuals residing in the country.
  • Identification card of the university

7. Germany

The land of germany is home to some excellent banks you can open an account in. Explore the best banks in Germany! German banks usually ask for the following documents when you are applying for banks in Germany:

  • Passport
  • Visa or a residence permit
  • Proof of address registration 

8. Hungary

Keep the following documents ready to open a student bank account in Hungary

  • Student card certificate
  • Proof of accommodation
  • Valid residence permit
  • passport/ID card

9. Ireland

You will require the following documents to open a student bank account in Ireland

  • National ID card
  • Bank statement/ Utility bill
  • Proof of Irish Address

10. Italy

You can go through this list of the top 10 banks in Ireland and decide where you want to apply for a student bank account. In order to open a student bank account in Italy, you will need to submit the following documents while applying

  • Identity Document
  • Codice Fiscale (Account Holder Tax Code)
  • Address Proof
  • Residence Proof

11. Netherlands

The Netherlands is a country of high-quality education and several beautiful cities that attract students from all over the world. You need to compile the following documents if you want to apply for a student bank account in the Netherlands.

  • Passport / Identification card
  • Enrollment Proof
  • Address Proof
  • Dutch Residence Permit Card

12. Poland

The process for applying for a student bank account in Poland is similar to other countries. If you're looking for a credit card or an overdraft facility, you have to submit your proof of employment or your banking history. However, you will need to submit the following documents while applying for a student bank account

  • Passport
  • National ID card
  • Residence card or rental contract

13. Portugal

If you are applying for a student bank account in Portugal, make sure to have the following documents compiled and ready to submit during the process.

  • Passport
  • Residence Permit in Portugal (only if you have it, not mandatory)
  • Tax Identification Number (NIF)
  • Proof of Address
  • Employment Letter

14. Singapore

To open a student bank account online in Singapore, you will have to submit the following documents

  • Residence Proof
  • Passport
  • Student Visa
  • National Identity Card

15. South Korea

If you are planning to open a student bank account in South Korea, keep the following documents ready to submit during the process.

  • Passport
  • Alien Registration Card (ARC)
  • Proof of Residence
  • University Documents

16. Spain

The Land of Spain attracts various students from the entire world. There are several banks in Spain where you can open an account. Take a look at the best 15 Banks in Spain. In order to open a student bank account in Spain, keep the following documents ready

  • Valid Identity Card
  • Spanish Address
  • NIE Number
  • Student Card

Starting a new journey abroad and managing your finances can be very overwhelming for people, especially if it's their first time. Opening a student bank account online is essential to avoid one additional hassle among all the big and tiny hassles of moving abroad. Here are some ways to guide you in choosing the best student bank for you

Doing so can ensure that the account is ready by the time you move and the transition is as smooth as possible!

Frequently Asked Questions

Why are student bank accounts offered?

Are student bank accounts and regular bank accounts the same?

Is it safe to open a student bank account?

Is an online student account better than an offline one?

Can you open a student bank account online with a zero balance?

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