Currency

British currency is the Pound Sterling, commonly called the pound or the GBP, and symbolized by £. "Quid" is the slang term for pound.

There are 100 pence (p) to the pound (£). Notes come in denominations of £5, £10, £20 and £50. Coins come in 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2.

You will usually hear British people say "pee" rather than pence, as in 50p (50 pee). More colloquially, £1 pound is known as a "quid", a £5 note is a "fiver" and a £10 note a "tenner".

ATM and Credit Cards

ATMs are plentiful and can be found almost anywhere. Sometimes called "cash points", you should be able to use Visa, MasterCard, Amex, Cirrus, Plus and Maestro cards.

Cash withdrawals from some ATMs may be subject to an exchange or transaction commission depending on the vendor and your bank. Although, withdrawing cash is free from the ATMs of your bank, cash withdrawals from other banks may be subject to fees. All ATMs accept both debit and credit cards and a map of ATMs can be found on the website of your bank.

Exchange

In the past, the best place to exchange money was a bank ATM machine, but some banks are now adding a fee on to foreign ATM withdrawals. Although this amount will depend on your home bank, it is true that this continues to be the safest and cheapest way to exchange.

Another exchange place are moneychangers, which are frequently advertised at country entry points, such as airports, harbors, train stations, etc. and in the downtown area. Make sure you understand the rates before committing.

Changers at moneychangers are usually the best deal.

Electronic Transfers

Banks in the UK offer a wide range of services electronically - both online and via mobile - often making it unnecessary to visit a bank branch in person once the bank account has been open. As a rule, while electronic services are largely free of charge or cost only a little, performing the same operations in a bank branch costs significantly more.

The costs of electronic transfers differ from one bank to another. Typically, electronic transfers between accounts in the same bank are free of charge and are completed within minutes. Transfers between different banks within the UK might have a little fee depending on your bank.
Payments outside the UK and in currencies other than the "pounds" can get really expensive, so make sure you read all conditions carefully before any transaction.

International Transfers

UK electronic transfers are free on the Internet. However, international money transfers require some effort and can be expensive with a fee and/or margin on currency exchange rate.

Necessary Information to complete an international transaction:

• Complete name of the bank
• Name of branch and/or branch number
• Address of the branch
• Branch's SWIFT number (this is an internationally used system of numbers which identifies each branch of each bank, in each country)
• Name on the account
• Account number that the funds should be deposited into (IBAN for European transfers)

The easiest way to complete an international transfer is if you have a dual-currency account, such as the connection between Deutsche bank and Bank of America.

Open an Account

Banking in the UK is usually easy to set-up. Most banks offer similar quality services and online banking is standard. However, do shop around to find the best fit for you with agreeable fees.

Opening a bank account is not really complicated, but it can take time to establish yourself as a foreigner and receive a debit or credit card. Proof of employment offers greatest credibility, especially if you have a letter of recommendation from your employer. You will need to demonstrate proof you are a resident with an address.
Proof includes: utility bills (gas, telephone, electricity) or a rental contract. A letter of recommendation from your current bank (in English) may also speed the process. One of the easiest options is to open an account with a partner bank in your country.

British banking language and practices can be a bit different:

• Standing order: Regular bank transfers to a company or person. These are often arranged for rents and utility bills. Ask your landlord for a standing order form, fill it in and give the completed form to your bank.
• Direct debit: Similar to a standing order, but instead of returning the completed form to the bank, you return it back to the company and it authorizes them to make debits from your account.
• Chip and pin: In the UK (and across Europe) people use a card with a microchip and key in a pin number when using their credit and debit cards.
• Checks or cheques: Not used much in the UK, but still offered.

Bank cards

You have a difference between a Debit Card (e.g. Maestro, Visa Electron) and a Credit Card (Visa or Master Card).

With the first one, your money will be debited directly from your bank account; with the second one, you are debited from a specific account that you will pay back according to your wishes and in agreement with the bank, usually once a month (you may get gift points for use).

Banks

High-street banks

Many of the U.K.'s major banks also offer international or offshore accounts.

Standard banking hours are Monday to Friday from 9:00 until 16:00 (some remain open until 17:30). Many banks offer one day a week that they stay open late. They may also be open on Saturdays (9:00-9:30 until 12:30 or 15:30).

• HSBC
• Lloyds Banking Group
• Barclays
• Standard Chartered
• Citibank
• Santander
• Royal Bank of Scotland
• Nationwide Building Society
• Coventry Building Society

Digital banks

Mobile-only banks are revolutionizing personal banking, offering an alternative to traditional brick-and-mortar banks with fast, secure and easy to use apps for iOS and Android.

Mobile banks also offer competitive banking services such as current accounts, savings accounts, loans, insurance, and debit/credit cards, often at a cheaper rate than traditional banks.

Moreover, their low exchange rates and low/no ATM withdrawal fees worldwide make traveling a whole lot easier (and cheaper) than with traditional banks- especially in the eurozone. And for added safety, lock or unlock your debit card while you travel, directly in the app.

They are also known as digital banks or challenger banks, should not be confused with an online account from your traditional bank. Mobile-only banks are 100% app-based, offering more transparency and convenience with fewer restrictions and waiting times than your common bank.

Among the most popular ones in the UK, we can find:

• Monzo - best for budgeting.
• Monese - best for overseas student/non-UK resident.
• Revolut - best for holidays and payments with other currencies
• Starling Bank - flexible and best for small businesses

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