Bank account for Summer Internship - London

Hi everyone,

I am a European student with an offer for a Summer in London.

I was wondering which bank account I should give to my firm to receive my salary.

Do I risk to get high fees, or disadvantageous GBP/EUR rate if I use my standard local account? Would you open a British account just for the Summer? May a GBP account at Revolut be the solution?

I already did an OC internship at a BB in my country, and there was no problem for the salary as I was paid in euro by the local entity of my BB, but my food and taxi expenses were paid back by London entity and my bank took a 15€ flat fee on each transfer. 

Very curious to hear about your experience if you did your SA in the past few years.

Thx

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Comments (17)

Mar 14, 2021 - 7:34pm

Unironically, yes definitely get a local bank account. Any of the high Street banks in the UK will give you a debit card basically for free and then there are much better ways to convert to eur than your current bank at home.

  • Analyst 1 in S&T - FI
Mar 14, 2021 - 7:45pm

Revolut was fine when I did my internship - not sure they still offer UK accounts after Brexit though

  • Intern in IB-M&A
Mar 15, 2021 - 5:52pm

Hey man not to hijack your thread but I was wondering if your firm is gonna bring you back into the office? If not, are you gonna work remotely from your home country or still work from London? Also what's the visa situation like with you? Thanks, a fellow incoming summer intern in a similar position.

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  • Intern in IB - Ind
Mar 15, 2021 - 7:48pm

My firm is GS, they're trying to organise the Summer in-person, but I don't believe it will be possible. In that case I will work remotely from my home country. (But I have family in London so I am quite flexible)

Regarding the visa, I am a EU citizen. HR told me that I will require a visa, but their lawyers will assist in the process.

  • Intern in IB-M&A
Mar 18, 2021 - 10:16am

Thanks for the reply man -- I'm in a really similar situation. But do you need to have a visa if you're working remotely / can you even get one if you're working remotely from your home country and not enter the UK? My bank's HR seems like they don't have any idea regarding this so I'm trying to ask around lol

  • Intern in IB - Ind
Mar 15, 2021 - 7:41pm

Thank you all for your answers. 

About the opening of a UK bank account, is it possible if I do not have an address in the UK?

After the Summer I'd like to be able to use the money in my home country, so Revolut (or TransferWise?) sounds like the best option, as it will offer better rates than a multi-currency account at a high street bank. 

  • Intern in IB - Ind
Apr 8, 2021 - 7:40am

My bank just asked me in which country I had bank accounts, I answered my home country and Lithuania (for Revolut), but they did not give me any recommandation yet.

For the moment I plan to use Revolut. Some mates who did SA last year used Revolut as well 

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