Money and your Student Bank Account
As an International Student studying at a UK University, you will need to open a Student Bank Account, but first a few words about the type of money we use in the UK! The currency used in the UK is the Great Britain Pound (GBP) illustrated by the “£” symbol. There are 100 pence in £1. Coins in use in the UK are 1p (1penny), 2p, 5p, 10p, 20p, 50p, £1 and £2. Bank notes (paper money) are £5, £10, £20 and £50. It is not advisable to bring large amounts of cash with you. £500 should be sufficient to cover your initial travel and accommodation expenses for the first few days.
Opening your Bank AccountYou are advised to open a Student bank account as soon as possible after you arrive. It can take a week or two to open a new account. There is quite a lot of paperwork involved. You'll need to provide your passport and confirmation that you have been accepted as a student at your chosen UK University or College. Once your bank account is open, you'll be able to arrange for the transfer of funds from your bank account at home. Please note that transfers through the international banking system can take several days – sometimes over a week. You may be familiar with the following International Banks operating in the UK: - HSBC - Lloyds TSB - Royal Bank of Scotland Many Banks offer special Student accounts with low running costs and other benefits. To check out the range of accounts available to you and benefits offered by the banks, follow the link below.
How to get money sent from home in 10 minutes!Yes it's true - you really CAN get money sent from home in 10 minutes! There are several organisations that offer an Emergency “same day” system for transferring funds from your home country to the UK. The service can be used online, so in reality, the funds are often available for collection almost immediately after they are sent. Funds can be picked up in cash near to your UK University or College just minutes after being sent by your family or from your bank account at home. However, as you might expect with such an efficient system, the charges may be higher than those for a conventional transfer, so ask before you use the service. The following organisations offer a same day online funds transfer system, but if you really do need funds in the next 10 minutes, ask before you use them!
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