[MileCruncher]

On bank front a few things to note are:

1. Avoid Barclays as they require one to have a 2000 GBP as minimum balance on a student account or they charge 5gbp/mONTH.
2. Avoid Natwest as they will not give you a full debit card through which you can transact online.
3. HSBC charges 25GBP for every transfer of fund unless you are a premium customer.
4. Lloyds has a tie-up with ICICI
5. ICICI has its own set up in UK. So if you are around London, might make sense to open an account with them.

Cheers

[Thad E Ginathom]

HSBC charges 25GBP for every transfer of fund unless you are a premium customer.

Can you explain what you mean by that?

[abhinav.gupta88]

Originally Posted by Thad E Ginathom

Beware of credit cards.

They have an absurdly high rate of interest, which does not seem to have come down much despite UK interest rates hitting the ground.

It can be a hard thing, sometimes, when you're struggling, not to reach into your pocket for the credit card. It is better if it is not there to be reached for.

(...just an oldie recounting lessons I learnt the very-hard way!)

As to "premium" accounts that give you "freebies", and then charge for the privilege, weigh them up careful. I always found that my bank's premium account would cost me more than it saved me! £12 a month* (can it really be that much?) is an absurd amount of money to be giving to your bank; for a student, it is better spent on food! (or even, err.... drink? )


*Just think of that in rupees, for a minute! Although, that is a habit you will have to get out of if you are not to be permanently in shock!

Originally Posted by simply_sunny001

then go for HSBC and end of discussion as all banks are good here.

Originally Posted by MileCruncher

On bank front a few things to note are:

1. Avoid Barclays as they require one to have a 2000 GBP as minimum balance on a student account or they charge 5gbp/mONTH.
2. Avoid Natwest as they will not give you a full debit card through which you can transact online.
3. HSBC charges 25GBP for every transfer of fund unless you are a premium customer.
4. Lloyds has a tie-up with ICICI
5. ICICI has its own set up in UK. So if you are around London, might make sense to open an account with them.

Cheers

Makes sense.

Would any master card / visa credit card work.
Suppose i take a credit card here and use it there for 12 months.
Will there be any issue.


Is Lloyds the one to go for? Can i get the debit card in India itself.
Or should i opt for ICICI , HDFC or the likes?

[akj53]

dont use Indian credit cards abroad. Although they work but you get robbed on two fronts:-

1. Banks charge you a very poor exchange rate.
2. They charge you a service charge of about 2.5 to 3% on every transaction.

So use it only under extreme emergency.

Use British credit cards IF AND ONLY IF you can pay the full balance on due date, else pay cash only. Paying cash also restricts your unplanned and whimsical spending.

[MileCruncher]

Originally Posted by Thad E Ginathom

Can you explain what you mean by that?

HSBC deducts GBP 25on any incoming transfer into a current account in UK. So if you want to send say GBP 1000 to HSBC current account in the UK, apart from payingall the charges here, HSBC UK will only credit GBP 975 into the concerned current account.

[abhinav.gupta88]

I have thus far inferred, i don't need a CC ( or rather must not use)

HSBC is an option. Lloyds is the best if i can get the card here in India itself.

[Thad E Ginathom]

Originally Posted by MileCruncher

HSBC deducts GBP 25on any incoming transfer into a current account in UK. So if you want to send say GBP 1000 to HSBC current account in the UK, apart from payingall the charges here, HSBC UK will only credit GBP 975 into the concerned current account.

I am used to paying such a fee the other way around (UK to India), but what you say surprises me. Surprises, not shocks... the banks are basically profit-grabbing institutions!

Originally Posted by abhinav.gupta88

I have thus far inferred, i don't need a CC ( or rather must not use)

HSBC is an option. Lloyds is the best if i can get the card here in India itself.

Why worry about getting the card here? it is not a big deal!

If you have an account here that gives you an international ATM card then that is another thing you can use in emergency.

One useful thing about a credit card, assuming they give you sufficient credit, is that, in an emergency, it can get you a flight back to India. Just keep it locked up!

[abhinav.gupta88]

Not a bad option.
Would be helpful with the flight.
Would need to fly down 3 times back to India. Twice for cousin's wedding and once/twice in the holidays.

What would you suggest for the bank Thad?

[MileCruncher]

Originally Posted by Thad E Ginathom

I am used to paying such a fee the other way around (UK to India), but what you say surprises me. Surprises, not shocks... the banks are basically profit-grabbing institutions!

Why worry about getting the card here? it is not a big deal!

I

Now this surprises me. I had an account with Lloyds and used ICICI's Money to India. The service is free if the transfer is to ICICI account but charges a minimal 2/3 GBP if its any other bank. Best exchange rates and reliable service.

Cheers

[Thad E Ginathom]

Originally Posted by abhinav.gupta88

Not a bad option.
Would be helpful with the flight.
Would need to fly down 3 times back to India. Twice for cousin's wedding and once/twice in the holidays.

What would you suggest for the bank Thad?

I did say for emergency trips. Honestly: charge three round trips to your credit card and it could take you years before you pay that off.

Frankly, I suspect that the banks are much of a muchness, and it won't make a great deal of difference which you choose. My prejudices go back decades, and might, or might not be true these days. I bank with Royal Bank of Scotland (yes, a major bank in England!) just because they took over the smaller bank that I actually chose, more than twenty years ago.

[abhinav.gupta88]

Haha.

Ok will keep that in mind.
What about the bank?

Which one to go for. (The card of which can be made available to me right from india)

[Thad E Ginathom]

(The card of which can be made available to me right from india)

I doubt that there is a British bank that will do this.

I could be wrong... and Indians who have migrated are much better qualified to answer this one than this Brit who came here!

[abhinav.gupta88]

I meant the bank which is in India which has the best operations there ( like HSBC , Barclay's etc and the ATM's etc are easily accessible and do not charge for conversion etc)

[Thad E Ginathom]

I think we've said that HSBC is the only one of the big ones.

Many of the Indian banks have branches over there --- but probably one or two. You're probably better off with a Brit bank in UK.

The traveller's favourite, because their card is cheaper to use in Indian ATM's is Nationwide.

On the whole, there are factors to being an Indian ex-pat in UK that I may not be aware of, and the last word[s] on this one should go to Indians who have, or do, live, study or work there.

Not that you are not most welcome to my advice: just there may be stuff I am not seeing at all!

[abhinav.gupta88]

Thanks Sir.
I'll contact a few of my friends too who are currently studying there.


Will land in the thread soon again for more queries