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Finances

Open a bank account and spend wisely.

Contents

There are many UK banks but opening one from HSBC should be the most straightforward and convenient for us.

Opening an overseas HSBC UK Bank Account in Hong Kong

Simply apply online via https://internationalservices.hsbc.com/overseas-account-opening,
Application process takes approximately 14 days.
Alternatively, visit a HSBC branch in Hong Kong and let the staff do it for you,
HSBC staff will guide you through the process.
Another useful link: https://wise.com/zh-hk/blog/open-hsbc-uk-account

Opening a HSBC International Student Account in the UK

Upon arrival, you can apply for an international student bank account as you now should have a UK address (i.e. your accommodation address)
No credit or overdraft and must be opened upon arrival
https://www.hsbc.co.uk/current-accounts/products/international-student/

Opening a Local HSBC Student Account in the UK

Upon arrival, you can visit an HSBC branch to apply for a UK bank account as you now have a UK address (i.e. your accommodation address)
The online account-opening process may take more than the 7 working days that they estimate
This account will NOT be linked to your HSBC HK account. However, there will be no transaction fees when transferring money between HSBC HK and UK accounts.
Tip: Visit a branch in person with all relevant documents and tell them you are an international student running out of cash and need an account to buy books for the start of university urgently. They will sort out the entire process and complete the account opening on the spot.
For more info on opening banks accounts, visit: https://www.hsbc.co.uk/current-accounts/products/bank-account/

Other UK Student Bank Accounts

Points to Note:

Student bank accounts come with different benefits such as:
Sign-up incentives, pre-arranged interest-free overdrafts (trust me, this will come in handy…) etc.
Comparison between different banks that offer a student bank account: https://www.savethestudent.org/money/student-banking/student-bank-accounts.html
Note eligibility differs between banks, but most of them require you to have lived in the UK for the past 3 years. Please check your eligibility!

Virtual Banks

Commonly used virtual banks: Revolut, Monzo, Chase
Why use virtual banks?
- Virtual banks’ offers can be better than traditional banks, often with cashback, no foreign transaction fees,
  no fee currency exchange etc. Good for spending and travelling!
Comparison between different virtual banks in the UK:
https://www.comparebanks.co.uk/banking/top-10-best-digital-banks/

Opening more than one Bank Account

Helps you control the amount of money you spend.
- Your parents may transfer money to your HSBC UK account, while you spend money from another account
  (e.g. a virtual bank account).
- Every time you spend money, you move your funds to that other account. The act of moving money around,
  as well as statistics from virtual banking, can help you have a better grasp on your monthly spending.
We advise you not to carry all of your bank cards when going out (i.e. both HSBC and virtual bank debit cards in our example). This is to minimise losses if your wallet gets stolen.

Getting a Budgeting App

This helps you create your budget every month. It defines categories for your incomes and expenses, such as bills, groceries, transportation, entertainment, etc.
If you are saving for something big (e.g. a vacation), it is also useful to set a ceiling in your budget to save a certain amount of money bit by bit!
Useful links:

General Tips

Make an account on UNiDAYS and UniBeam! These websites offer great discounts on all sorts of things
Use the UNiDAYS Amazon Prime promo code to get 6 months of free Amazon Prime membership. Amazon Prime waives the delivery fee per order.
Always ask for student discounts when you make a purchase
Watch out for Black Friday (24th November 2023) and Cyber Monday (27th November 2023), large companies tend to offer great discounts on these days, so be sure to make your big purchases then!

Food and Drink

Use 2Good2Go to buy leftover food from restaurants and shops at a discounted price
Buy food at the end of the day, as it may be discounted at certain places (e.g. Yo! Sushi, supermarkets)
If you are a coffee-lover, consider joining Pret subscription which allows you to get 5 drinks a day with discount on food for £30 per month. You may also consider sharing the subscription among your friends. See https://www.pret.co.uk/en-GB/club-pret for more details
Eating out in London is expensive. Cooking yourself and bringing lunch can save you tons of money.