Student visa financial requirements
Health surcharge
Any applicant for student immigration permission in the UK will need to pay an Immigration Health Surcharge (IHS) before they arrive in the UK. This allows you to receive hospital treatment while you’re here, should you need it.
You’ll need to pay £776 per year (rounded to the nearest 6 months) of the ‘student immigration permission’ you’ve been granted. This’ll normally be longer than the duration of your university course. For example, a three-year undergraduate degree will have an IHS cost of £2,716 (3.5 years).
Showing funds
As part of your student visa, you may need to show that you have enough money to cover the cost of your university course and support yourself while living in the UK.
If you’ve been in the UK with a valid visa for 12 months or more before applying for your student visa, or are applying to a recognised postgraduate medical or dental foundation programme, you don’t need to provide evidence of your finances.
If you’re from a country listed under the differential evidence requirement list, you also aren’t required to provide evidence of your finances. However, it’s recommended that you prepare financial records anyway, as you may be asked for them during your university application.
The amount of money you need to show will differ depending on your personal circumstances, the course you’re applying for, and where you’ll be living. The minimum amounts set by government may also change from year to year. You’ll need to show evidence of enough money to pay for the course you’ve been accepted for, as well as funds to support yourself while studying. Funds to support yourself are calculated based on how many months you’ll be studying. You’ll need 9 months’ worth of money to support yourself per academic year.
This amount of money must be in your bank account for at least 28 days, with that period of 28 consecutive days ending no earlier than 31 days before your visa application date. Make sure to maintain the balance above the minimum amount during this time. You may also be asked for evidence of where the funds came from, particularly if they arrive in your account in a lump sum.
If you’re receiving sponsorship or a student loan, you must provide evidence of this from the funding body or organisation.
Moving costs
The cost of moving to the UK will depend on how many of your belongings you want to bring with you. Some international students bring nothing but their plane luggage and will purchase anything they need when they arrive. Other students may decide to bring additional items with them via a courier.
International removals companies and freight couriers can help you safely transport any belongings you can’t carry. They usually charge per box of a certain weight.
Household items
When you first arrive in the UK and settle into your accommodation, you’ll usually need to purchase some everyday items. This includes everything from kitchen equipment to cleaning products, bedding or even furniture, so it’s important to account for these costs in your budget.
There’s a range of supermarkets, chain stores and independent shops where you can buy all these items, and prices will be roughly the same anywhere in the UK.
If you're in university accommodation you might be offered a ‘starter pack’ with some basic items so you don’t need to rush to grab these when you’re fresh off the plane. It'll be left in your room for when you arrive.
Student bank accounts
We highly recommend opening a UK bank account as an international student. It’ll help you manage your money easily, while avoiding unnecessary international transfers, payments, or currency conversion fees.
Here’s a few tips for choosing the right bank account:
- Check if your existing bank operates in the UK. If you’re already with an international bank who offer accounts in the UK and your home country, you can open a UK account with them easily.
- Some banks offer specific international student accounts. These are usually just standard accounts, but you can rest assured that they’re designed for your needs.
- Check international transfer and currency conversion fees. This is the most important consideration. You’ll probably be transferring money from your home country and converting it to GBP, so it’s important to find an account that has low or no fees for this feature. Some accounts can be used for free abroad, so are a good option if you plan on travelling around Europe.
- Don’t pay for features you don’t need. Most people in the UK don’t pay any fees to have a bank account. There are some premium accounts that offer additional features, at a monthly cost. Think carefully before signing up to a fee-paying account – do you need it?
- Be careful with overdrafts. Some bank accounts offer overdrafts, which allow you to have a negative balance – for a fee. This can be costly and can result in fines if used improperly, so only do so if you absolutely need to.
- Credit as an international student. Other forms of credit, such a credit cards and loans, are possible but may be more difficult for people on international student visas to access. We would recommend only applying for credit in the UK if absolutely necessary and getting advice from the relevant student support services before doing so.
How to save money
Reducing your costs as a student in the UK allows you to save more of your money or use it to get even more out of your time here.
Sharing costs with housemates and friends
Many of the costs we’ve covered above can be shared between multiple people. The largest example of this is living with other people compared to living alone. By living together, you can split the cost of rent and bills.
You could go a step further and share the costs of food, household goods and equipment, and furniture, saving you even more each week.
Getting the best prices
Whatever you’re spending money on, there’s almost always a mix of cheaper and more expensive options. It pays to check out the different options before committing to spending your money.
You can compare the prices of things online, visit different shops, or ask other people for recommendations. In some cases, buying in bulk or subscribing to something could save you money or spread the costs.
Deals and discounts for students
Students in the UK enjoy a huge range of discounted prices and special offers, on everything from food to activities, clothes and travel.
One of the best ways to discover and access all these offers is through the International Student Identity Card (ISIC). This is the only student identity card that’s accepted internationally, connecting you to thousands of discounts around the world.
There are also UK-specific student discount hubs – these might offer their own card as well as online accounts. You can find further offers through your students’ union, including deals that are only for students in your city or university.
You can also read about five ways to save money at university, or discover what financial support you can get.