Money, Banking & Credit
The UK currency is pounds sterling, symbolized by £. Euros and other currencies are not accepted. You can change money into pounds without charge at the Post Office.
Getting a Bank Account
Banking in the UK is done by banks and some building societies. A bank account will give you a debit card which can be used to withdraw money and pay for goods; a cheque book; the opportunity to save money and earn interest on it; or the means to send money home. Online banking is also available. Many employers prefer to pay wages directly into a bank account.
Savings Accounts
These offer a higher rate of interest than a current account but do not have the same range of services and you may not be able to access your money immediately. One of the many websites to compare interest rates and other details is moneysupermarket.com.
Sending Money Abroad
Some travel agencies provide a cash transfer system for sending money to another country. Post Offices are located in towns and some villages; they also have banking and cash transfer services.
Using Credit
You may wish to borrow money to pay for goods. There are several types of credit such as loans and credit cards. You should be given a credit agreement to read and sign. Interest rates vary and can be quite high, so you should compare them before signing the agreement. Borrowing from lenders who come to your home can be expensive and even risky. You can get advice on credit and debt from Citizens Advice Bureau or The Banking Guide.
