Access to UK banking for students from Mexico
The UK is a popular destination for international students from Mexico, and is often praised for offering value for money, which is crucial when paying the kinds of fees that are often asked of international students.
Access to UK bank accounts for students from Mexico is equally important, giving you a way to pay for your tuition and living costs using an account in the local currency, and cutting down on unnecessary foreign exchange charges that needlessly add to the amount you pay.
But is it easy to get a UK bank account as a Mexican international student? Although there is no reason why you should be rejected, the application process can sometimes be quite slow, with lots of in-person meetings with an international banking advisor – and if you didn’t bring the right paperwork with you from home, you might struggle to give your preferred bank the proof of ID or income that they ask for.
The UK and money for Mexican students
In a survey carried out by the UK’s National Union of Students in 2014, nearly 70% of Mexican students in the UK said they would recommend studying here to friends and family, and another 20% were not sure – leaving just over one in ten who would not recommend the UK for international study.
But in the same survey, when asked about an increase of £150 in the annual cost of study, nearly 90% of Mexican international students said this would make it harder or impossible to pursue their studies in the UK.
This compares with an overall average of 74% and, in fact, Mexico topped the list of 16 nationalities when asked this question – showing how important it is to save every pound possible when studying in the UK.
Save on banking fees when studying in the UK
Holding a UK bank account as an international student from Mexico may incur certain fees, for example transaction fees when you receive money from back home, or a percentage deduction if the money is transferred in a foreign currency.
You may also face fees for basic transactions like setting up Direct Debits to pay bills from your UK account – some of the most common reasons to want an account with a balance in pounds sterling in the first place.
With every pound making such a difference to the affordability of studying in the UK, it’s sensible to look for an account that offers only minimal transaction charges, all published upfront so you know what you might have to pay.
Arro Money – The fast and easy alternative
An Arro Personal Account is an alternative to traditional UK bank accounts that offers the solution to the problems mentioned above.
We guarantee to accept all eligible applications – you just need to be over 18, you must have arrived in the UK, and you must pass our Fair Fit eligibility test – and with an application process that takes just three minutes, there’s no unnecessary delay on getting your account.
Some of the most common account activities cost nothing at all, including applying for a new Arro Personal Account, paying into your account, and setting up new Direct Debits, and many of the other fees are completely avoidable as long as you manage your account well.
All of our fees are published in full, so you always know if you will need to pay anything for a transaction – and the costs are low on the most common account activities, such as moving your money around, paying people, and making ATM withdrawals.
How to get an Arro Personal Account
You must be living in the UK in order to qualify for an Arro Personal Account, so please wait until you have arrived in the UK before you apply for an account.
However, we recognise that you need your account as quickly as possible once you arrive – which is why the signup process can take as little as three minutes.
Just fill in the simple online form to tell us:
- Your name.
- The UK address where you will be living.
- Your date of birth (you must be over 18).
Apart from that we also ask for some basic contact details, which we will use to send you your account number and the details of the MasterCard® debit card that comes with your account.
There are no credit checks or awkward questions about your financial history, just a quick automated online ID check which, in most cases, will allow us to approve your account within minutes.