Orientation Book 2013-14 - St. George's University

Banking
Opening a bank account should be one of your first priorities after settling into your accommodation. It is important to
discuss with your bank at home how to transfer funds into your UK bank account, as there can be delays when clearing
a personal check drawn on a bank outside the United Kingdom. You will also need to find out how much you can bring
into the country in cash or traveler’s checks and choose which will best suit your needs while remembering the risk
involved with carrying large amounts of cash. Make arrangements well in advance.
The four major UK banks are LloydsTSB, Nat West, HSBC, and Barclays, but there are others like the Royal Bank of
Scotland and Yorkshire Bank. They compete for student accounts, so it’s best to explore the incentives of offers from
each before making a decision. Bank opening hours vary but all are open Monday through Friday from 9:00 am to
4:30 pm, some are open Saturday mornings and all are closed on Sundays. Money can be changed at a Bureau de
Change, usually at a travel, agent or in a store like Marks and Spencer which is open on Sunday. There are also many
cashpoint machines (ATMs) in the United Kingdom where you have access to cash 24 hours a day.
Opening a Bank Account
Student Services publishes a leaflet for international students entitled Opening a Bank Account.
You may find that some banks in your country have links with a UK bank which will simplify the transfer of money and
enable you to use a cashpoint; however, it is unlikely that you will be able to open a bank account prior to your arrival
in the United Kingdom.
To open a bank account in the United Kingdom, you will need a passport and proof of your UK address. You will be
given a form in your Welcome Pack to complete for an ‘introductory bank letter’, please complete the form and return
it to the Academic Office. Banks will ask for confirmation of your address in your home country. Please note that PO
Box addresses or agent’s addresses are not acceptable. Check that you can transfer funds into the account from
outside the United Kingdom, and if you have a credit card, ensure it can be used in the United Kingdom as it’s unlikely
that a UK bank will issue you with one.
Most banks will offer international students only basic banking services, such as paying in and withdrawing cash, and
paying bills by direct debit or standing order. You will be given a cash card so that you can withdraw money from a
cashpoint but only if you have available funds; credit will not be available. If you require more than this you will need to
find a bank that is prepared to extend what is on offer. Investigate different options carefully and then shop around to
find the bank that offers the most advantageous deal.
If you enter the United Kingdom with a large sum, it will be of benefit to open a deposit account on which interest is
paid gross, free of tax. A form will need to be completed to ensure that tax is waived and the bank should be able to
provide this. You can then transfer funds from this account into a current account when necessary.
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