Banking information and money matters. Banking information: How to open a bank account in the UK.

Banking informationand

money matters

Banking information:How to open a bank

account in the UK

Why do you need a UK bank account?

• To set up a Direct Debit if you want to pay your fees or accommodation by instalments

• Safety and security for your money• Extending your visa

Main banks near the Campus

• Barclays www.barclays.com • HSBC www.hsbc.co.uk • Lloyds TSB www.lloydstsbgroup.co.uk • Nat-West www.natwest.com • Royal Bank of Scotland www.rbs.co.uk

Branches of international banks in or around Manchester include:

• Bank of China www.bocukltd.co.uk• State Bank of India www.sbilondon.com

University Place

Precinct Centre[RBOS + Nat West] Grove House & Whitworth Park

[Barclays, Lloyds TSB, HSBC]

Barclays

HSBC

Nat West

Location of main banks near campus

Nat West

Things to consider

• Branches closest to campus will have staff who best understand your needs

• Read publicity material carefully (eg ‘student’ accounts may only apply to UK/EU residents)

• Most banks open Monday to Friday during business hours. Some may be open on Saturday mornings

• Some of the campus banks are represented at the Services Fair for International Students and at registration in the Whitworth Hall during Fresher’s Week.

Types of Account

• Each bank offers different services• Specific bank services for

international students (eg no overdraft facility)

• Choice of accounts• Check with individual banks for

specific needs (eg sharia-approved accounts or US dollar accounts)

Types of Account

• The University has prepared a document summarising the various bank accounts available from the Campus Banks.

• For more information please see: http://www.studentnet.manchester.ac.uk/crucial-guide/financial-life/bank-accounts/

What is required to open an account?

• Need to prove who you areyour passport

• Need to prove where you liveProof of one or both of the following addresses may be required

– Home address – copy of unconditional offer letter (not a PO box or agent’s address)

– Term time address - copy of University accommodation contract

If you do not have proof of your address

The University can help you if you have lost or forgotten your proof of address documents.

You can attend a number of our swipe card issue venues to obtain a bank letter confirming your details.

Services Fair for International Students

• Representatives from a number of banks will be happy to answer your questions at the Services Fair for International Students:

• 1pm-5pm Friday 18 September • 10am-4pm Saturday 19 September• Location: University Place

Concourse

Top Tips

• You are the customer so choose the bank that suits YOUR needs

• If there are monthly fees for additional services consider whether you really need them

• Check carefully what a bank requires to open an account – it will save you time.

• Choose paper statements that are issued monthly as you will need these for your visa extension applications. (Internet printouts from online accounts will not be accepted.)

Security Tips

• Don’t carry large amounts of cash with you

• Don’t use cash points (ATMs) late at night

• Guard your PIN carefully• Don’t lend your card to anyone• If you use internet banking, be

careful when accessing your account in public clusters of PCs

Terminology

‘telephone banking’ ‘internet/online banking’

‘current account’ ‘savings account’

‘interest’ ‘exchange rate’

‘debit card’ ‘credit card’

‘deposit’ ‘withdraw’

‘overdrawn’ ‘overdraft’

‘direct debit’ ‘standing order’

’clearing a cheque’ ‘cashpoint’ ‘ATM’

‘chip and pin’ ‘branch’ ‘sort code’

Useful websites

For more information, tips and terminology about banks see:

www.ukstudentlife.com/Life/Money.htm

Exchange rates - to find the current value of pounds in your currency

www.xe.com

Compare current account interest rates www.moneyextra.com/compare/current

Money matters:Tools and tips

International Student Calculator

To help you plan, budget and manage your money during your studies in

the UK seewww.studentcalculator.org.uk/international

Quick Quiz - Question 1

1. What is the minimum wage an employer can pay someone aged 18-21?

a) £4.77 per hourb) £2.95 per hourc) £5.73 per hour

Quick Quiz - Question 2

2. How much do students spend on food shopping per week on average?

a) £15.20b) £43.73c) £29.52

Quick Quiz - Question 3

3. How much is loaf of bread?

a) £2-£3b) 20p-50pc) 80p-£1.35

Quick Quiz - Question 4

4. How much is a pint of milk?

a) 10p-25pb) 40p-80pc) £1

Quick Quiz - Question 5

5. How much does a colour television licence cost for a year?

a) £59.00b) £142.50c) £235.00

Useful Budgeting Tips

• Keep a record of your income and expenditure (everything you spend). This will help you see where your money goes

• Use internet calls like Skype www.skype.com/intl/en-gb • If you get a mobile phone, think about how much you will

use it and find the best deal. (If you get a contract, you will need a bank account)

• You can usually pay monthly household bills using Direct Debit from a UK account

• Save energy costs by: drawing curtains, have heating on a timer, have showers not baths

• Get cheaper haircuts and colours by going to one of the city’s hairdressing training academies or going to the Students’ Union

• If you are having financial difficulties (eg problems paying your fees) contact the Student Financial Team in the Student Services Centre, as soon as possible, so they can help you. Ask for help. Don’t struggle on your own.

Useful websites

UNIAID - a charity providing student-focused finance informationwww.uniaid.org.uk

UNIAID International Student Calculatorwww.studentcalculator.org.uk/international

The UK Council for International Student Affairswww.ukcisa.org.ukk/student/information_sheets.php

National Union of Students – ‘NUS Extra’ discount cardwww.nus.org.uk

Skype internet callswww.skype.com/intl/en-gb

University of Manchester Crucial Guide Livewww.studentnet.manchester.ac.uk/crucial-guide

Thank You!Any questions?

www.manchester.ac.uk/international/orientation