How to access UK banking for students from South Korea
Most leading UK universities have several hundred international students from South Korea, adding up to several thousand nationwide.
For example, the University of Sheffield has about 150 students from South Korea, and awarded its first degree to a South Korean international student back in 1972.
Meanwhile the University of Manchester has closer to 250 South Korean students among its academics, with particularly high numbers studying business and management, development policy and social sciences.
Not all international students – from South Korea or from other countries – study at universities in the UK, and there are many other specialist colleges, independent teaching organisations and on-the-job training opportunities that may qualify for anyone coming to the UK on a student visa.
Sponsorship and scholarships
Having a current account in the UK may make it easier to receive payments such as sponsorship and scholarships, as the money will be available to you in the local currency.
In some cases, scholarships may depend on you having an account in the UK that the money can be paid into – especially if it comes from a UK-based source – so if you are considering applying for a scholarship, bursary or other such funding, it is worth checking whether you need a UK account.
Remember that some scholarships are only available to self-funded students, so if you have sponsorship paid into your account – even if it does not go directly to your university – this may affect your eligibility for some scholarships.
With relatively few applicants for some scholarships, South Korean international students have a good chance of being selected, for example at the University of Sheffield there is one scholarship only available to students from South Korea, which only gets about ten applications each year.
Getting a bank account
Getting a bank account for an international student from South Korea can be difficult, as it may be hard or even impossible to apply before you arrive in the UK and the long distance makes it harder to bring large amounts of paperwork with you when you come to start your studies.
If you don’t have a specific document, past bank statement or proof of address, the bank may not be very helpful in finding an alternative option – leaving you locked out of the account you have chosen.
Even if everything goes well, it can take a long time for paperwork to be processed and you might be asked to attend lots of interviews in person with an international banking advisor, at a time when many other international students are trying to open accounts too – and that can mean a lot of waiting in line.
A faster, easier account
An Arro Personal Account is a faster and easier way to get a current account with a balance in pounds sterling, and access to the main methods used to pay people and buy things in the UK.
It’s free to apply and you only need to be aged over 18 and have a current UK address – and while that means you must be in the UK when you apply, the whole process from signup to approval takes just three minutes.
We guarantee to accept all eligible applications, no matter which country you come from, and we just need you name, address, date of birth and some contact details in order to check your ID and approve your account.
There are no credit checks – and your application will not show on your credit record at all – so applying for an Arro Personal Account will not prevent you from being able to take out credit cards or loans from elsewhere to help fund your studies.
How to apply
Just fill in our online signup form to apply – remember there are no credit checks, so all we need is:
- Your name.
- Your date of birth (you must be aged over 18).
- Your UK address.
- Your contact details.
As soon as we have verified your ID and checked that you meet our Fair Fit criteria, we will set up your Arro Personal Account in your name and issue a MasterCard® debit card to spend from your account and make ATM withdrawals.
We will send your sort code and account number to you immediately, as well as sending your debit card details via SMS, so that you can start moving money into your Arro Personal Account and using your virtual MasterCard® to authorise card payments online.