There are coins for 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2, and paper notes for £5, £10, £20 and £50. In Scotland, you might receive notes issued by a Scottish Bank – you can use these notes in all parts of the UK.
Opening a Bank Account
unless you are going to stay for at least 9 months. Banks and building societies offer many types of account. You are most likely to need a ‘current’ or ‘student’ account. Most current accounts remain free of charge provided you do not go ‘overdrawn’, that is, take out more money than you have in the bank. Quite large
charges may then be incurred so keep careful note of the money you put in and take out of your current account.It normally does not matter which bank you open an account with: conditions and rates are about the same. If you are keeping a lot of money in the UK you should think about opening another account which will give you interest on your money. In this case ask student welfare at your college for advice.
Credit Cards and Cheques
There are two main types, Visa and Mastercard. The different types are identical in operation. There are many shops that take these types of card in the UK. Items purchased on the card must be paid for on a monthly basis. If you do not pay all the money outstanding on the card in one month, the balance is carried over to the next. You pay a substantial interest charge on any money carried over to the next month. You may spend on each card any amount up to your credit limit, which is usually £500-£2000. Credit cards are useful for purchasing items like concert tickets over the phone or the internet. You can also use some foreign credit cards in some bank cash machines. Many companies offer credit cards – a good starting point is to have a look at the cards offered by the main banks. But be careful! It is very easy to run up large debts with credit cards.
Identification Number (PIN). The machine will then ask you what service you require. You may see how much money you have in your account, order a statement or withdraw money.