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Money Matters
Opening a bank account
When you come to the UK you will need to open a Bank Account. You should ensure that you bring sufficient cash to last from your arrival in the UK until you have opened, and can access your bank account. You should anticipate bringing £20.00 per day until you have a bank account. Before you can open a bank account you will need to enrol/pay your fees. Before you go to open an account, telephone the bank to ask what documents you need to bring because different banks ask for different documents. Though normally, you will need:
- Your green enrolment form
- Your passport
- A letter from the University (usually from your FIC or Exchange Coordinator). The letter must be addressed to your bank of choice and include your full name, confirmation of registration/enrolment and your Preston address.
Listed below are some of the UK’s biggest banks. Each one gives details of the types of accounts they offer and the rate of interest they will pay on your savings.
Royal Bank of Scotland
NatWest Bank
Barclays Bank
Lloyds TSB
Halifax
HSBC
Yorkshire Bank
Abbey National
Alliance and Leicester
Paying your course fees
Make sure you have enough money to cover your fees as you will be expected to pay your fees when you enrol. This is a requirement of obtaining a visa under the new Points Based System (PBS). Details of your enrolment date and location will be available from your Department. If you are receiving sponsorship from your home country you should check our Finance Department, before you leave your home country, to confirm how payment is made.
Managing your money - Cost of living
One of the reasons for choosing UCLan is that the cost of living is much lower than in many other parts of the UK. How much you spend depends on your own lifestyle and you should allow about £6,000 per year for food, accommodation, transport and other basic expenses when here. Please note that to obtain a visa under the new Points Based System (PBS) you will need to demonstrate that you have £5,400 in your bank account to cover the cost of living for the first year of your studies (if your course lasts nine months or more). This amount will rise if you bring your family with you. We strongly advise you to make sure you have sufficient money to cover all your expenses whilst studying in the UK. For more information on the funds that you will need to obtain a visa to study at UCLan, please click here.
Practical advice on budgeting:
1) Keep a chart of your income and living costs
2) Don’t carry around large amounts of cash or have your cards on display. There are plenty of ATMs you can use regularly
3) Do not keep your cheque book and cheque cards together and NEVER give your personal card number (PIN) to anybody
4) Don't forget to budget for hidden essentials
5) You may also decide to join one of the many clubs & societies at the University. If you are taking up a new hobby or pastime there may be a cost for specialist equipment or material
Household Bills
During your first year you are likely to take a place in Halls of Residence. Your accommodation fees will include fuel bills i.e. gas and electricity. In your second/third years you will need to pay for all services associated with living in a shared house or flat. Work out monthly expenses and set up direct debits or standing orders from your account to pay your bills - some providers offer discounts if you opt to pay by this method. University Halls of Residence have telephones - you can dial internally at no cost. To dial externally you can purchase telephone cards.
Council Tax
This is the UK’s local government tax. Students sharing a home with other full-time students or living alone will not normally have to pay it. If you get a bill don’t worry, just take it to The 'i' where they will help you.
Books and Stationery
Don’t buy your books too soon, wait until you arrive in the UK, as students progressing onto the second year of their course may have second hand books available for you to purchase - look out for second hand books and bargains. Check notice boards, book fairs and the university bookshop.
Travel
Student rail cards and bus passes offer cheaper travel. Taxis are expensive but consider sharing with other students where possible.
Shopping for food
- Apply for a University Smart Card - this can be credited with cash to pay for food at discounted prices.
- Sort out a weekly menu in advance and stick to it. It may be cheaper to make your own sandwiches than buy them!
- Shop in the cheaper supermarkets such as Aldi or Lidl.
- Remember that supermarkets are not the only place to shop, Preston also has an excellent covered market with a wide choice of goods. The indoor market is open every day except Sunday selling cheap fresh fruit/vegetables and fish.
UK Currency
The currency in the UK is the pound made up of 100 pence. Notes come as £5, £10, £20, £50. Coins which are in pence (p) are 1p, 5p, 10p, 20p, 50p, 100p, 200p.
Please click here for the google currency converter.
The International Student Calculator will help you plan and manage your money for your studies in the UK.
For other budgeting tips and advice see the following websites:
UCLan Students' Union
UK Student Life
UK Bank Accounts
Last updated: 03:04 20/10/2010
Author: Kate Legge
