Bank Accounts

How will I access money while living in England?

Opening a bank account is something most students will probably want to do upon arrival in the UK. If you will be working, or you just want easier access to money when you are studying in London, you should think about opening an account.

There are many choices in terms of types of accounts and providers. HSBC, NatWest, Barclays, and Lloyds TSB are just some of the banks that you will find in the London area.

There is one thing that is common to all banks in the UK...it takes time to open an account!! Sometimes it may take a few visits and appointments before you are successful. So be patient, and do not expect to walk into the bank and leave with a new debit card and cheque book on the day.

Before visiting one of the banks, you will want to make sure that you have all of the necessary documentation in order to open an account--if you do not, you will need to make another appointment and return on a different occasion. Generally all of the banks will need you to bring a letter from the University verifying your enrolment, along with your passport. All letters to support you in obtaining a bank account can be provided by the Department of Student Affairs.

Since it could take up to a couple of weeks for you to open a bank account upon arrival to the UK, you want to be sure that you have access to money.
Ways in which you can do this:

1.) Debit/Credit Card:
You may travel to the UK with a debit or charge card attached to an account from your home country. Please be sure to call your bank/credit cardy company to notify them of your plans to travel/live in the UK so that they do not 'block' the card for use overseas. When you call them, it is also advised that you ask the following questions which are helpful when using your card abroad:
Question 1: Are there any fee changes to your account for transactions or withdrawing your money from ATM machines abroad?
Question 2: Does your bank/credit card work with any of the UK banks to waive ATM or transaction fees? If so, what are the names of the UK banks that they work with? (This information can be helpful to you so that you only use these banks when withdrawing funds from your account to minimize charges.)

2.) Western Union/Money Gram
If you can't bring a bank card with you from home, then make sure your parents/guardians can wire you money via Western Union or Money Gram. You may want to go online and see where the closest operating stores are located in relation to campus.

3.) Bringing Cash (Pounds Sterling is the currency used in the UK):
We don't recommend that you bring large amounts of cash with you, as it would be terrible if your money was stolen or accidentally lost. If you do bring a small amount of cash with you, be sure to make yourself aware of the exchange rate so that you aren't left with less money than you planned!

For more information and assistance with specific terms relating to banking and specific documents you will need, please see this information sheet produced by the Financial Services Authority.

Link to this page: http://www.richmond.ac.uk/s/524.aspx