Banking and finance

Before you arrive

Before you come to the UK, you must:

• calculate how much money you think you will need
• know where your money will come from
• arrange a way of transferring money from your own country to the UK

Banking

You will need to open a bank account when you arrive here.

There are a number of major banks in the UK, including NatWest, Barclays, Lloyds, HSBC, Royal Bank of Scotland and Halifax, which all have branches throughout the country.

There are two cash machines in the Atrium at Kedleston Road. There is also a cash machine located in Buxton.

Each bank has its own systems, and may require different information from you, so if you want to open an account, make an appointment with the bank's student accounts manager.

There are two main types of bank account:

• Current account - you will have immediate access to your money, and a range of facilities including standing order and direct debit payment services, and a debit card.
• Deposit or savings account - you will get a higher rate of interest on your money, but there may be restrictions on how quickly you can access it. And you won't have direct debit or standing order payment facilities.

Most major banks offer online accounts too - you may receive a higher rate of interest on savings if you choose this option.

All major banks can arrange international transfers, bankers drafts, and travellers cheques.

Lloyds, HSBC and the Al Rayan Bank all offer banking services that are compliant with Sharia law.

Closing your bank account

When you've finished your course, you will need to close your account, either by withdrawing the remaining funds as cash, or by transferring the money to your bank at home.

You should arrange this with the bank before you leave, and it's advisable to give them about two weeks' notice.