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Banking
Services
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There is
no restriction on the amount of money that you can bring
into the UK, nor on its form (cash, traveller’s cheques,
banker’s drafts or letters of credit). Although it is
advisable to bring some cash (sterling) with you when
you first arrive, you should not have any problems changing
money in the UK.
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There are exchange
facilities at airports and major railway stations, and banks and
building societies will also change currency (usually at lower
commission rates). The easiest way to transfer money is by electronic
transfer from your bank in your home country into your UK bank
account. The bank in you home country will need to know the UK
bank's name, full address and sort code, your name and your account
number.
For some international
students it is possible that restrictions may apply to the transfer
of money out of your own country. Some countries apply an upper
limit to the amount of currency which may be converted in any
one year. You will need to make arrangements to transfer money
well before your course starts, letting the authorities know
what course you are studying and where, and depositing money
in a UK bank or building society once permission is granted.
Once you are
in UK you will probably need to choose a bank or building society
and open an account. All our Partner Universities have various
banks on campus. The most useful form of account is a current
account which allows you to pay in money and draw it out using
a cheque book or automatic cash dispenser. If you have money
which you do not need immediately it is advisable to open a
deposit account which will earn you interest (however, some
require advance notice if you wish to make a withdrawal without
losing any interest).
Most banks will
give students a cheque book and guarantee cards, as well as
a cash dispenser (ATM) card. In addition, many banks offer special
terms to students with regard to bank charges and overdraft
facilities but check first as not all banks extend these benefits
to international students! To open an account you will have
to complete an application form from your chosen bank or building
society. You will have to show proof of identity (e.g. passport),
UK address (e.g. a utility bill) and student status (e.g university
enrolment letter or student card). You may also need to show
evidence of income (from sponsor or family) or savings, and
to make an initial deposit into the account. It may be helpful
to bring references from your bank at home, if you already have
one.
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