Information Centre - living Abroad - Bank and Finance
The banks in the UK are the best choice for assisting the students to manage their money.  We have agreement with the Hongkong and Shanghai Banking Corporation Limited (HSBC) in the UK to help students open bank accounts and manage their finances.  If the students do not want to use the HSBC, they should learn some basic concepts of finances management:
The British monetary system
British money is based on the decimal system – there are one hundred pence to each pound. Coins have the values of 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2. Notes have the values of £5, £10, £20 and £50. Scottish £1 notes are still in circulation in Scotland. The Channel Islands and the Isle of Man have some different coins and notes from the mainland but the monetary system is the same.
Bringing money to the UK
If you are an EU citizen and travelling from within the EU you can bring in and take out bank notes, travellers' cheques, letters of credit etc. in any currency and up to any amount.
Please note that from 15 June 2007, if you are travelling to or from a country outside the European Union (EU), you will need to declare any sums of cash of 10,000 Euro or more (or the equivalent in another currency) to HM Revenue & Customs (HMRC).
Changing money & exchange rates
Foreign currency can easily be exchanged at banks, post offices, some hotels and Bureau de Change kiosks, which are found at international airports and most city centres. To see today’s exchange rate visit the Financial Times currencies
Should I need to put the money into the bank?
- Yes.  To put the money into the bank means the money is kept at a safe place, and helps us plan and use the money more convenient.  Opening hours for most of the banks in the UK are from 9:00 am to 4:30 pm, Monday to Friday.  Some banks also open on Saturday morning.  And most of them have ATM machines providing service for 24 hours a day, we can withdraw money anytime if we have the ATM card.  Moreover the ATM machines can be set inside or outside of the banks or somewhere else, such as the outside the supermarkets, or inside the mall.  General speaking, no handling fee will be charged even using other banks’ ATM machines as long as they are in the same group.  Otherwise, 1.5% will be charged as handling fee.
1. Current Account
The bank will provide cheque book and ATM card.  The most active account which is easy for cash deposit and withdrawal. But the interest of this account is very low.
2. Saving Account
Also called ‘Fixed Saving Account’, the money will not be used temporarily and put into the bank for a fixed period in order to gain higher interest.  If the money needs to be used, advanced notice to the bank is needed; and no cheque can be used for this account.
3. Student Account
Students cannot open bank account in Britain if the course is shorter than 6 months; but if the course is longer than 6 months (particularly for the university and postgraduate overseas students) can open this bank account.  Nevertheless, banks sometimes reject students just study long linguistic course to open this account, but another bank account – Saving Account.  Bank will not provide cheque book to this Saving Account.
Can I handle these matters in China?
- This is the best way.  Before going to Britain, our Chinese agents can give you advice if you need our help.  Otherwise you had better check with your bank in China for the details of transferring your money to Britain, if they have direct business with any British banks, and if your Chinese ATM card can be used in the UK, such as ‘Cirrus’.
Since the short course students cannot open bank account in Britain, we suggest those students open a ‘Comprehensive Saving Account’ at the HSBC in China.  They can use their ATM card in Britain as well because the HSBC is an international bank with branches everywhere in Britain. However there is a drawback, handling fee will be charged for every transaction.