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In the UK we have Pounds (GBP or £) and Pence (p) There are 100p to £1 There are both bank notes and coins Bank Notes: These are £5, £10, £20 and £50 Coins: 1p, 2p, 5p, 10p, 20p, 50p, £1, £2 and £5 You can visit the Post Office to change your currency into GBP. There is no commission charged for this service. You are also able to use banks and Bureau de Change but a commission is charged. |
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You can get most currencies changed in the UK. Only go to reputable places and ask for a receipt for the transaction. Places to change money include most high-street banks, Post Offices and Bureau de Change in travel agencies and some larger shops. Most places will charge a commission for this service. Always check currency rates and commission charges with a few different places. |
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A Debit Card is given by the bank for you to use to pay for goods and services. It is called "Debit" Card because it debits money immediately from your bank account. It is quicker than a cheque and safer than using cash. |
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A Credit Card is also used for paying for goods and services. However, the money does not leave your bank account immediately. Instead you pay monthly when your statement arrives. It is a good way to buy things and pay for them a few weeks later and in instalments. However, the interest rate can be high if you do not clear your balance each month. |
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A chequebook can be used to pay for items or services. The benefits of cheques are that they can be sent safely in the post and can be given to people instead of cash. |
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Paying-in book or bank giro credit |
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This is a small book you take to the bank each time you want to pay money into your account. It is always advisable to take the book with you and ask the cashier to stamp your book as proof that you have paid the money into your account. |
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It is advisable to talk with your bank at home to inform them of your intentions to come to live and work in the UK. They can write a supporting letter to make it easier for you to open a UK bank account. You may also be able to use your cash card from your country to withdraw GBP from UK cash machines on the high street. You should check with your bank the cost of doing this as a charge is normally made. Transferring money can be organised electronically from one bank to another. A charge is made for this so check before you authorise it. |
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In the UK Chip and PIN cards are used. This is for both Bank Debit and Credit Cards. The card has a chip and when you use the card to withdraw cash or pay for something you will be asked to type in your four number PIN code. This is a safety device to prevent fraud and keep your account safe. Important PIN information: 1- You must keep you PIN secret – never tell anyone your number. 2- Never write down your PIN or keep it with your card. 3- If you think someone knows your PIN, you can change it at a cash machine. You must notify your bank if you think it has been used without your permission. |
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Cash machines can be found on all high streets, at Supermarkets, Shopping Centres and in many other places. The machines should be free to use and will make you aware if they will charge you a handling fee. When using the cash machines you need to be aware of people around you. Be careful to keep your PIN safe and hide the money away as soon as it comes out of the machine. Some banks have indoor areas that may make you feel safer. If the machine retains your card go into the bank and report it. They will then be able to offer you advice and retrieve your card. You might have to wait until they close before they can retrieve it. This may mean you have to collect it the following day or they will post it to you. You will need to prove your identity to get your card back. |
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If you have had your card lost or stolen you must contact your bank immediately. It is a good idea to save the phone number written on your card into your phone or address book. The 24-hour emergency number is also written on your statement. If you are the victim of card fraud the most you will ever have to pay is £50. However, if you have acted fraudulently or without reasonable care, for example, by keeping your PIN written down with your card, you may be liable for all the losses. |
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Money 
