Money & Banking

The unit of currency in the UK is the pound sterling (£). One pound is divided into 100 pence (p). Coins and notes There are coins for 1p, 2p, 5p, 10p, 20p, 50p, £1 & £2, and paper notes for £5, £10, £20 & £50. In Scotland, you might receive notes issued by a Scottish Bank – you can use these notes in all parts of the UK. Changing money

You may change your own currency into pounds sterling at a bank, building society, some post offices and at some travel agencies. Ports, airports and larger railway stations often have places for changing money.

You will pay a charge for changing money. When you are arriving in the UK, if you can, bring a small amount of sterling with you to allow for taxi fares, food and so on.

A bank account

Even if you are only going to be in the UK for a few months, it is worth opening a bank account. You may need proof of your home address from your home bank. Some banks do not let you open an account unless you are going to stay for at least 9 months. Banks and building societies offer many types of account. You are most likely to need a ‘current’ or ‘student’ account.

Most current accounts remain free of charge provided you do not go ‘overdrawn’, that is, take out more money than you have in the bank. Quite large charges may then be incurred so keep careful note of the money you put in and take out of your current account.

It normally does not matter which bank you open an account with: conditions and rates are about the same. If you are keeping a lot of money in the UK you should think about opening another account, which will give you interest on your money. In this case ask student welfare at your college for advice.