The UK does not restrict the amount of money you may bring into the country, but you may need permission from your own country's authorities. It sometimes takes two months or more to arrange for the transfer of funds, so do consult your own bank long before your departure. You should pay in advance for your course and accommodation, if you haven’t we will ask you to pay for all of this as soon as you arrive, so you may have problems if funds are not available. Bring with you evidence of these funds, as the Immigration Officer may want to see it.

 

There are a number of ways to transfer money, which include bankers' drafts, international money orders, travellers' cheques in sterling and Eurocheques. If payment is being made by bank transfer, ensure that the amount paid includes all charges for transmission both in your own country and in the UK.

 

Remember, although the UK is in the European Community its currency is Pounds Sterling, not Euros!

 

After you arrive you should exchange money or travellers' cheques at a bank (there is one in Newcastle airport, and lots in Newcastle city-centre), and some large travel agencies have exchange desks. Try not to use small foreign exchange bureaux or 'money shops'; even if they advertise a good rate, they usually charge a high commission.

 

Students who stay for six months or more can open an account at any bank, building society or post office. Ask the bank or building society for advice on the best type of account to open. International House Newcastle uses HSBC, 110 Grey St, Newcastle. Remember that banks have restricted opening hours and usually close by mid-afternoon.

 

International credit cards such as Visa and Mastercard are accepted by most shops and businesses, as well as by some schools.

        

       Coins and Banknotes

 

The money system is decimal, with the pound (£) divided into 100 pence (p).

        

       Value Added Tax (VAT)

 

If you spend more than £100 in one shop, you may be able to claim your tax back. Ask the shop assistant for details.

Last modified: Wednesday, 16 January 2008, 11:59 AM