Banking in the UK

UK bank accounts

You will need to open a bank account when you come to London. It is the safest place to keep your money. It is advisable to open an account with one of the major high street banks. These banks are National Westminster, HSBC, and Lloyds. All these banks offer special student accounts, however it is important to note that as an international student you will not necessarily be eligible for all the facilities offered to UK resident students and it may be difficult to open a bank account. If you are on a course for less than six months, it may be virtually impossible to open an account. See the information sheet Opening a UK Bank Account (pdf).

When you go to open a bank account you should take some documentation with you. Most banks ask you to bring:

Valid passport
A letter from the relevant admissions office saying you are enrolled
Student ID card
Evidence of your address
Substantial evidence of funding for your studies.
A letter of introduction from your bank at home is very helpful.

Banking for International Students

As an international student your eligibility for various banking services will depend upon your personal circumstances. Visit a few banks and find out which can provide the best service for you.

Banking for Study Abroad / Exchange Students

Students studying at Westminster for 6 months or less may not necessarily be eligible to open a bank account or may find it difficult. Where possible students should try to find out whether their bank at home has a link with a UK bank that they could use. Further advice on opening a bank account will be offered during the Orientation.

Current Accounts

The most useful type of account is a current account (a student account is a current account with special concessions for students).

You can pay money in, in any form, and then draw it out as you need it using your chequebook. Payments to other people can be made by writing cheques out in their name. If you want to draw out cash yourself, make the cheque payable in your own name or "to cash" If you wish to write cheques in shops you will need a cheque card. This is really an identity card, which guarantees that correctly written cheques up to the value stated on the card will be honoured by the bank. You can also use it with your cheque book to withdraw money from almost any bank in Britain.

Overdrafts

An overdraft is the facility to withdraw more money from your account than you have in it. You should not do this without permission from your bank. Overdrafts usually incur charges, though some banks offer interest free overdrafts to some students.

Cash cards

You can withdraw cash from a cash point machine with a cash card. They are extremely useful in that they enable you to withdraw cash from your account at almost any time of the day or night. There is also a card facility called Switch or Delta, which enables you to use the card to pay for items in shops. This facility takes the money straight out of your account.

Savings Accounts

If you have more money than you need for month-to-month expenses, it is a good idea to open a savings or deposit account for some of it where it can earn interest. The interest is taxable but if your bank knows that you are not normally resident in Britain then you do not pay tax on it. You can't pay by cheque on a savings account, but you can usually ask for a cash card on it.

Bank Opening Hours

Banks have traditionally been open from 9.30am to 3.30pm, from Monday to Friday. Many main branches are now open until 4.30pm or 5.30pm on weekdays.