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Banking in the UK
It is advisable for you to speak to your bank in your home country
before you leave. Ask their advice about running a bank account in
the UK, what methods of transferring money are available and how
much it will cost. You may also want to ask if your bank has any
special relationships with banks in the UK, and if you can use a
cash card from your home country bank account in UK cash machines.
If you have access to the internet, have a look at the UK banks’
websites before you arrive.
It is not always straightforward to open a bank account in the UK
as different banks have different policies and conditions. It can
take at least two or three weeks to open a bank account, so you will
need to ensure you have enough money with you for this period.
There is often more than one type of bank account available
to international students, so make sure the
account you choose is the right one for you.
How do I find out about
banks and accounts?
You can find information about choosing and opening a bank
account in these documents:
International students: opening a UK bank
account - British Bankers Association
the Money Advice Service - Basic Bank Accounts
the Money Advice Service - Types of Bank
Account
Banks in the UK must, by law, carry out checks
on your identity and so cannot always open an account for you.
Please note that on any documents or
cheques your name must be written exactly as it appears in
your passport.
All the major banks usually have branches in
town centres. In Colchester and Southend most banks are located in
the High Street. There are branches of
Santander,
Barclays and
Lloyds TSB located at the Colchester campus.
What documents will I need to open an account?
All banks will need proof of your identity, this can be your
passport and valid visa (entry clearance or Biometric Residence
Permit) or; if you are from the EEA (European Economic Area), your
national identity card, except Bulgarian and Romanian nationals who
must have their passport.
You may also need to provide a letter of
introduction from the University (a bank letter) and/or other documents as proof of
address such as bank statements or utility bills, this will depend
on the bank you choose. We have compiled some information regarding
what documents the banks located on the Colchester campus require.
If you are studying at the Southend or Loughton campus you should
visit your Student Support service
for more information.
How do I request a bank letter?
This will depend what time of year you
commence your course and your studies, please see
our website for more information.
What should I do if a bank won't open an account
for me?
Banks have their own policies and procedures for opening accounts
and the University is not able to influence a bank to open an
account for a student. We recommend you try an
alternative bank. All UK banks are regulated by the Financial
Services Authority (FSA) and must operate in accordance with their
requirements and those of the Joint Money Laundering Steering Group.
Credit Cards
There are two major types of credit cards,
Visa and Mastercard, which are widely accepted in Britain. American
Express and Diners Club charge cards are also fairly widely
accepted. Credit cards may also be used in other European countries.
You may wish to check with your home bank if your current credit
card can be used in Europe.
How much money will I need whilst I am
waiting for my account to be opened?
You should bring an easily accessible source of money (travellers
cheques or cash) for your day to day living
expenses whilst your account is being
opened. A sum of £500 should be enough for the first four
weeks. This should enable you to buy books and other essentials, as
well as to socialise. Please do not bring large denominations of
travellers cheques or sizeable amounts of cash.
Please note that some banks will not accept
€500.00 notes.
Further information
UKCISA produce helpful information for students on many
different issues including opening a bank account.
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