When relocating to Cambridge, you should consider how you will manage your money and financial commitments in the UK.
When arriving in the UK, it is important to ensure:
- You have sufficient funds for a reasonable period when you reach the UK.
- If you plan to use a bank debit or credit card to withdraw cash from ATM’s, that you know how much your bank will charge you for this service.
- You know how to transfer funds to the UK if you have not yet opened a UK bank account.
Alternatively you may choose to bring British Pounds (sterling) or travellers’ cheques with you. It is best to avoid changing money at the bureau de change at airports and railway stations because of the high commission fees. Most shops in the UK accept debit and credit cards from other countries. You should check the terms and conditions with your bank or outlined in your credit card agreement, as you may incur fees for using your cards abroad.
Before you receive your first salary payment from the University, you will need to ensure that you sufficient funds to cover expenses such as transport, accommodation, food and personal expenses.
Setting up a UK bank account
If you intend to open a UK bank account, it is useful to make some preparations for this before you arrive – as it can take around 2 weeks for your account to be opened and for you be able to make transactions. Most banks will require you to make an appointment to open an account with them. If you can, try to contact them before you travel. Otherwise, it is sensible to arrange an appointment for when you arrive, otherwise you may find that at busy times of the year they are unable to see you for up to 3 weeks. The Citizens Advice Bureau has further guidance on banking services in the UK.
Types of Bank Accounts
- Current Account: The most common type of bank account in the UK, which tends to be used for day-to-day use.
- Joint Account: Two or more people have equal access to deposits, withdrawals, debit cards, wiring from abroad, electronic usage and many other services, depending on the bank.
- Premium Current Accounts: Offer additional benefits but often incur a monthly fee.
- Basic Account: Provides you with a deposit and withdrawal service only. It may be possible to upgrade this account to a current account after a period of time. You can service your account by visiting a branch, or via the internet or your telephone/mobile.
Identity Documentation
The documentation that you will need to set up a bank account in the UK will depend on which bank you choose and what type of account you open. You will need to confirm your identity before you can open an account. We strongly recommend bringing with you as much documentation as you can when you open an account.
Acceptable documentation may include:
- Passport
- National identity card
- UK Biometric Residence Permit (if you hold one)
- Residence permit (issued by UK Visas and Immigration)
- Driving licence
- UK Tenancy Agreement
- Your employment contract (if it holds your UK address)
- Proof of current address in UK (e.g. utility bill showing your name and address)
- Proof of your previous permanent address
It is important to remember that in order to satisfy the identify check to set up a bank account, you will need to provide original copies of the above documents. Photocopies or scans will not be accepted
Banks in Cambridge
| Barclays
35 Sidney Street
9-11 St Andrews Street Cambridge
CB2 3AX
Tel: 0345 734 5345
|
The Co-operative Bank
75 Burleigh Street
Cambridge
CB1 1D
Tel: 0345 600 6000
|
|
HSBC
63-64 St Andrews Street
62 Hills Road
Cambridge
Tel: 0345 740 4404
|
Lloyds
3 Sidney Street &
95-97 Regent Street
Cambridge
Tel: 0345 300 0000
|
|
Metro Bank
Unit 1 Christ’s Lane
Cambridge
CB2 3BZ
Tel: 0345 080 8500
|
Halifax
2/33 Petty Cury,
Cambridge
CB2 3NB
Tel: 0345 720 3040
|
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Santander
60 St Andrews Street
Cambridge
CB2 3RR
Tel: 0800 912 3123
|
NatWest
56 St Andrews Street, 36 Fitzroy Street & 23 Market Street
Cambridge
Tel: 0345 788 8444
|
