Money, Banks & Bills

The UK currency is pounds sterling, symbolized by £. Euros and other currencies are not accepted. You can change money into pounds without charge at the Post Office.

Getting a Bank Account

Banking in the UK is conducted by banks and some building socieities. A bank account will give you a debit card which can be used to withdraw money and pay for goods; a cheque book; the opportunity to save money and earn interest on it; or the means to send money home. For greater convenience, online banking is available. Many employers prefer to pay wages directly into a bank account.

To open a bank account you will need proof of your indentity and address. Identity cards from other countries may not be accepted. Documents that may be accepted include passports, driving licences, birth certificates, marriage certificates, tenancy agreements, letters from landlord or employers, and pay slips. You can get advice on different types of current accounts at The Banking Guide. If you are refused a bank account you can complain. If you do not have a bank account, you may be able to open an account with a credit union. Credit unions are community banks or financial co-operatives.

Coastal Credit Union Ltd
531/533,
Christchurch Road,
Bournemouth,
Dorset BH1 4AG

First Dorset Credit Union Ltd
42 High Street,
Dorchester,
Dorset DT1 1HN

Savings Accounts

These offer a higher rate of interest than a current account but do not have the same range of services and you may not be able to access your cash immediately. One of the many websites to compare interest rates and other details is moneysupermarket.com.

Sending Money Home

Some travel agencies provide a cash transfer system for sending money to another country. Post Offices are located in towns and some villages; they also have banking and cash transfer services.

Using Credit

You may wish to borrow money to pay for goods. There a several types of credit such as loans and credit cards. You should be given a credit agreement to read and sign. Interest rates vary and can be quite high, so you should compare them before signing the agreement. Borrowing from lenders who come to your mome can be expensive and even risky. You can get advice on credit and debt from Citizens Advice Bureau or The Banking Guide.