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.

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

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

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

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

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