[AlvinLuo]

It is not a good idea to carry around large sums of money and you would therefore be well advised to open a bank account as soon as possible. Choose a branch of one of the main banks, which is convenience in opening times and location. You will find branches of the following banks on campus and each has a cash dispensing point.

Opening an Account
When you go to open an account always take the following items with you:
1. Passport
2. University Letter and ID Card
3. Proof of Address
4. Cash (Some Bankís will require immediately deposit of fund into the account)

Current Account
The most useful account is the current account. You can pay in money received in any form and then draw it out when you need it. Usually Student Accounts are free of charge; provided that you keep your account in credit (some banks like Barclay and
HSBC will require a minimum amount in the bank account usually around £1000 to £3000). Most banks will have a fixed limit on the amount you can drawout in a single day. If you need to draw more than that amount, you will need to make a request at
the bank and it usually takes around 3 working days.

Saving Account
Money you do not need immediately can be placed in a deposit account, which could earn a higher interest than the current account. You cannot issue cheques from your deposit account but it is still possible to withdraw cash from the account via cash machines.

Credit Card and Cheques
Some banks do offer student credit cards and cheque books on certain accounts which you will need to check with the individual bank. Foreign or local cheques that are paid in usually will take around 3-5 working days to clear for the money to go into your account.

Cash Dispensing Machines
Many banks provide cash dispensing machines for use when the bank is closed or crowded. All banks will issue a cash card which will allow you to draw up to £250 from the dispensing machine. You will be given a personal P.I.N number which has to be keyed in at the machine every time you wish to withdraw money. You could change your P.I.N onto other personal number at the cash machine. If at anytime you suspect anyone know yours P.I.N, get it change immediately.

Foreign Currency
Travellersí cheques or foreign currency can be cashed at any bank or official money changer such as Marks and Spencer, Western Union etc. Do not change money with anyone who appears to be suspicious or offer money changing services on the street.

Rules and Regulations
International Students should take note that the regulations of the banks in UK may be different from your home country especially regarding overdraft charges, late payment, direct debit etc. So it is advisable always to read through all the terms and conditions for all bank accounts you set up.

Plan your spending
Try not to get overdraw without careful budget planning as student then exceeds their overdraft limit. For student who have credit card, it is advisable to use it wisely and
do not spent over your limit as all bank imposed a penalty or interest for overdraft and credit card bills that is not clear within the period given.

I hope this article will give you some good information and I would advice you to open Lloyds account. Why?

1. Natwest only offer solo debit card which you will have a lot trouble buying stuff online.
2. Barclay and HSBC will require you to have minimum of £2k in current account. If less than that, they will charge you £5 each month. Although there is a limit of charges for that.