Changing money

The UK use the pound, not the Euro as many people think. We are part of the EU, but not part of the European Monetary Union. We work in pounds and pence. 1 pound is divided up into 100 pence. You will find the following coins and notes in circulation:

1p coin
2p coin
5p coin
10p coin
20p coin
50p coin
£1.00 coin
£2.00 coin
£5.00 note
£10.00 note
£20.00 note
£50.00 note

You may also find that you are given a different kind of note. Scotland has their own notes, and often you will be given Scottish £5.00 notes in your change. Don’t worry,  they are still valid in England.

Banks are located everywhere in London. Most of them are open Monday-Friday 9.30am-5.00pm and some are open on Saturday morning. All banks are closed on Sundays.

Opening a bank account

As the majority of our students are only here for a short period of time it is unlikely you will need to open a bank account but this information might help you if you are here for a longer period. Unless you are here for a whole year it is quite difficult to set up a bank account. You would normally need proof of having lived in the UK for a certain period of time. You cannot normally open an account before you arrive in the UK.  However, should you be staying for a period of 3 months or longer and wish to open account then Anglo American have a special arrangement with a branch of Barclay’s Bank which allows you to open an account in the UK.  If you wish to do this then please contact us

If you do want to open a bank account then you will need to take the following along with you:

• Proof of your residency in the UK
• Proof of your identity (normally a passport)
• Proof of your address in the UK (this will need to be an official letter or document)
• Proof of your address in your home country
• Some kind of reference from your bank in your home country
• Information on your sources of income, such as a letter from your employers, or some kind of proof that your parents or university are funding your stay
• Proof of your student status

Changing currency

Travellers cheques
Travellers cheques can be cashed at many places, for a small fee. If you have American Express Travellers cheques in UK pounds they can be cashed at Amex bureaus free of charge. For a list of the bureaux in London please see here. Please note, in some countries you may not be able to obtain sterling cheques, or you may need to order them in advance.

Currency
You will often see, located along main roads, Bureau de Change offices. Please check the exchange rate before you use them. Some of them, although not all, will offer very poor rates of exchange. Many of them do not charge commission, although sometimes in the long run, depending on the rate you get you might be better off going elsewhere.

Many of the high street banks offer a commission free currency exchange service.   The Post Office also offers a commission free currency exchange service, but many people have reported that the rate obtained can be lower than that of the banks. It is always a good idea just to check the exchange rate before you change money.  The best exchange rates in London can be found on http://travelmoney.moneysavingexpert.com/

ATM machines

Most American ATM/bank cards/credit cards will also work in the UK. However, always notify your bank before you begin using your cards, so that the transactions you make are not flagged as “suspicious activity.” If banks notice that someone in another country is making withdrawals from your account, they often assume your cards have been stolen and may cancel them to prevent fraud. Also, ensure that your PIN consists of a 4-digit number. If your PIN is 5 or more digits or a combination of letters, ask the bank to change it, as some ATMs only accept 4 digits and most keypads are not alphanumerical. You should make sure you know your PIN before you travel, as it is often required both in shops, and to withdraw money

ATM machines can be found everywhere in the UK. Increasingly they are found in hotels, shops and nightclubs/bars. However, if you are planning to use one of these machines please be aware that you may incur high costs as they do charge commission fees.

Machines should always tell you if you are going to be charged for the transaction but in many cases it has been found that the machines are badly labelled. The banks do not charge you any kind of transaction fee, so the only fee you will incur is the one that your bank back home charges.