As an international student who desires to work, study, and send some money across to your loved ones back home, trying to juggle different currencies can get a bit tiring and frustrating.

If you live and study in the UK, then you already know that most traditional banks don't just cut it when it comes to being flexible, especially for young students on a budget. 

This is why multi-currency bank accounts are important since they're designed to, among other things, meet the needs of international students who want to hold, send, and receive money in various currencies without having to pay exorbitant fees.

Several options now exist, among which are FinTech platforms like OhentPay, which lets you manage many currencies seamlessly. 

Let's look into the best multi-currency bank accounts for international students in the UK and how to select the right one for your needs.

What is a multi-currency bank account? 

A multi-currency bank account is a type of account that lets you hold, send, and receive money in different currencies.

Instead of having different accounts for every currency you transact with, you get to manage them together in a single account.

With a multi-currency account, you don’t need to worry about costly currency conversions every time you send or receive money abroad.

International students based in the UK can use multi-currency accounts to pay tuition, travel across the continent, earn from their side hustles in different currencies, or send money back home, with no hefty fees involved.

Top features to look for in a multi-currency account as a student.

Great mobile experience

As a student, your phone is like a resource bank and a lifeline. Having a bank account that is also available on mobile platforms is a huge plus because it lets you manage your finances on the go without needing to visit a physical branch.  

Low or no fees for currency exchange

As a student on a budget, you need an account that offers competitive or zero fees when converting between currencies, so you don’t lose money on every transaction.

 International money transfers

Money transfers should be fast and affordable since you’ll be paying tuition fees abroad, sending money to family, or getting paid from overseas gigs.

Easy verification & fast onboarding

Look out for a bank that does not require complicated documentation for its multi-currency accounts. They should offer quick sign-up processes and accept student ID documents.

As an international student, your non-UK documents should be sufficient verification for your bank account. 

Optional virtual or physical cards

There should be options for a virtual card or a physical card for everyday use to give you flexibility and security.  

Standard fees to watch out for with multi-currency accounts.

 When using multi-currency bank accounts in the UK, these are some fees you might encounter:

• FX markups (Currency exchange fees): This is the extra percentage that is added when converting money from one currency to another. Traditional banks often charge between 2% and 5% on currency exchanges, but fintech platforms often offer lower percentages. 
• ATM withdrawal charges: Some multi-currency accounts allow free ATM withdrawals up to a limit, but beyond that, fees apply. It’s important to check how and when your provider charges for ATM use or withdrawals.  
• Dormant account fees: If you don’t use your multi-currency account for a long period, some providers may charge a dormant fee. Please confirm this from your provider to avoid unexpected charges.  
• Subscriptions and monthly fees: Some multi-currency accounts are tiered and may require subscriptions to access extra perks. Find out if these fees are within your budget before going with any providers.  

Best multi-currency bank accounts in the UK for students. 

OhentPay

OhentPay is a UK-based fintech platform that supports over 40 currencies and allows money transfers across more than 190 countries.

It has a fast and easy onboarding process without the lengthy paperwork typical of traditional banks. It is affordable, easy to use, and can cater to the needs of international students.

Revolut

Revolut has a multi-currency account with low fees that supports over 30 currencies. It provides both virtual and physical cards and an app that is user-friendly and packed with features.  

Wise

Wise supports more than 40 currencies and is known for its transparent fee structure and mid-market exchange rates. Its multi-currency accounts make it easy to receive payments in different currencies without hidden costs. Wise also provides virtual and physical cards for international transfers.  

Starling Bank

Even though Starling has limited multi-currency support compared to fintech platforms like OhentPay or Wise, it offers accounts in GBP and EUR with low fees and a strong UK banking base. It also provides a physical card and a well-designed app that is easy to use.

How to open a multi-currency bank account in the UK as a student with OhentPay.

Unlike traditional banks that require lengthy paperwork and proof of a UK address, OhentPay has an easy and streamlined onboarding process.   

To open an account with OhentPay, follow the guide below: 

1. Download the OhentPay AppStart by downloading the OhentPay app from the Google Play Store or the Apple App Store. The app is designed to be mobile-first, making it easy to manage your money anytime, anywhere.
2. Sign Up and Provide Basic DetailsOpen the app and follow the prompts to enter your phone number, email, and personal details such as your full name and date of birth.
3. Verify Your IdentityUpload your passport or student ID for instant verification.  
4. Set Up Your Multi-Currency WalletOnce your account is verified and opened, you can start holding, sending, and receiving money in multiple currencies, including GBP, USD, EUR, NGN, and more.  

Tips to make the most of your multi-currency account 

Here are some practical tips to make the most of your multi-currency account:

• Set budget alerts: Set up notifications on spending to get alerts on your balance. This helps you stay on top of your finances and avoid overspending,  
• Use low-FX hours for transfers: Currency exchange rates can fluctuate during the day, so time your international transfers during market hours when FX rates are more favorable to get better value.
• Use virtual cards for online shopping: Virtual cards help to add security and help you avoid extra fees by paying directly in the merchant's currency.
• Refer friends for cashback :Some platforms have options for referral bonuses or cashback when you invite friends to sign up. This can be a nice way to save or earn extra credit on your account.

International students with a capable financial tool like a multi-currency account are unstoppable. Multi-currency accounts have become a necessity to stay in control of your finances, no matter where life takes you.

With OhentPay, you don’t just get another banking app. You also get seamless currency management, transparent fees, and instant access to your money in all the currencies you use. 

Take charge of your finances today. Sign up with OhentPay and start banking on your terms.