Presentation on theme: "OPENING A UK BANK ACCOUNT"— Presentation transcript:
1 OPENING A UK BANK ACCOUNT All information is taken from the KCL International Advice on Opening a UK bank account leaflet – copies are available for you to take away.
2 Why open a UK Account Advantages: it’s cheaper! If you get a job, your employer will want to pay your money directly into a UK accountYou cannot set up direct debits (eg for a telephone contract) from an overseas accountYou will receive bank statements – useful for visa renewals, CRB checksIf you are using a non-UK bank card you will be charged every time you withdraw money from cash machinesIf you have a student visa you will be required to send bank statements to the Home Office if you apply to extend your leave. The Home Office specifies that funds should be in pounds sterling, so it is better to have a UK bank account so that you can meet this requirement.
3 What sort of account?A Basic bank account allows you to pay money in and take money outUsually provided with an ATM card to withdraw money at cash pointNo Credit or overdraft facilities
4 Where to find ATMs/Cashpoints On shopping streets – usually outside banks, post offices; outside supermarketsLocally, in King’s College HospitalIn smaller shops and stations – check if you will be charged; there will be a message on screen, before the transactionIn most high street banks there will be a cashpoint / ATM inside. At Denmark Hill station – you will be charged £1.50 per withdrawal.
5 How to open a bank account? Proof of identityTenancy agreement if you are NOT living in College accommodationUtility bills showing your name – you will not have these if you have only just arrived in the UKFormal letter from KCL confirming your student status; start and end dates of your course; confirmation of both your overseas and UK address.This letter is slightly different from the confirmation of student status that you received at campus registration. Please complete a Letter Request form and include the name and address of your bank of choice.
6 Which to chooseDo your own research – find a bank that suits your needsA-Z of Financial Terms explains some of the acronyms and terms used in British Banking – available to take awayShow A-Z of Financial terms – make sure copies are available for students to take away
7 Local banks in Camberwell HSBC, 23 Denmark Hill, London SE5 8RPBarclays, 1-3 Butterfly Walk, Camberwell, London SE5 8RWNatWest,70 Denmark Hill, London SE5 8TTLloyds TSB, 25 Camberwell Green, London SE5 7ABSantander, 34 Denmark Hill, London SE5
8 More information KCL Student Information & Advice www.kcl.ac.uk/advice The CompassThe Financial Services Authority:IoP Student support adviser:
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