So forgive me if this is a duplicate, I’ve searched international students and not found anything relevant…
I was considering my postgrad student days the other day when my flatmates from Canada and the USA asked me about getting a bank account.
So when international students come to the UK they typically don’t have a UK bank account that can be used to direct debit or whatever but on the other side they probably don’t need some of the branch features like paying in cash and cheques…
As I understand it from my past experience and checked here, International students have to show their passport/visa and get a letter of introduction to UK banking which they take to whichever bank lures them in. How About Monzo?
With relatively few changes to its systems (limited probably to verifying the foreign ID and looking at the letters of introduction), it would be a great way to get new and unbiased customers. Campus marketing could also target these customers specifically before they come over, perhaps allowing a certain amount of pre-registration and partnering with organisations such as student unions or unis to market monzo as a thing for international students.
Just thought of this as a new and untapped source of customers who don’t already have allegiance to any UK bank, they get a card ASAP and might even show it off to some of their british student friends. Also couldn’t hurt to spread the word if monzo does want to go international .
Thoughts? Obviously, this might best be implemented next academic year with the new influx of students and once current accounts are working for all existing customers.
Update: Just to clarify, my reasoning is that in general its hard to compete for UK students who get a massive free overdraft and a free railcard. On the flipside, as international students would probably be less likely to be so set on the massive free overdraft (or even be eligible anyway), they might be a good source of new signups.