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OPENING A UK BANK ACCOUNT

OPENING A UK BANK ACCOUNT. 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 account You cannot set up direct debits (eg for a telephone contract) from an overseas account You will receive bank statements.

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OPENING A UK BANK ACCOUNT

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  1. OPENING A UK BANK ACCOUNT

  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 account • You cannot set up direct debits (eg for a telephone contract) from an overseas account • You will receive bank statements.

  3. What sort of account? • Basic bank account which allows you to pay money in and take money out • Usually provided with an ATM card to withdraw money at cash point • No Credit or overdraft facilities

  4. How to open a bank account? • Proof of identity • Tenancy agreement if you are NOT living in College accommodation • Utility bills showing your name – you will not have these if you have only just arrived in the UK • Formal letter from KCL confirming your student status; start and end dates of your course; confirmation of both your overseas and UK address. Needs address of the bank

  5. Which to choose • Do your own research – find a bank that suits your needs • A-Z of Financial Terms explains some of the acronyms and terms used in British Banking – available to take away

  6. Local banks in Camberwell • HSBC, 23 Denmark Hill, London SE5 8RP • Barclays, 1-3 Butterfly Walk, Camberwell, London SE5 8RW • NatWest,70 Denmark Hill, London SE5 8TT • Lloyds TSB, 25 Camberwell Green, London SE5 7AB • Santander, 34 Denmark Hill, London SE5

  7. More information • KCL Student Information & Advice www.kcl.ac.uk/advice • Email advice@kcl.ac.uk • The Compass www.kcl.ac.uk/thecompass • The Financial Services Authority: www.moneymadeclear.fsa.gov.uk • IoP Student support adviser: Charlotte.townsend@kcl.ac.uk

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