Bringing money

This is a particularly inappropriate way of bringing your money.There is no limit to the amount of money you can bring into Britain. However, you should check if there is a limit to how much money you can take out from your home country. A number of countries have strict foreign exchange controls. Your bank in your home country should be able to advise you. In addition, if you are coming from a country outside the European Union, you will need to declare any sum of cash of 10,000 euros or more (or the equivalent in another currency) at the airport. According to HM Revenue & Customs, the term ‘cash’ includes currency notes and coins, bankers' drafts and cheques of any kind, including travellers' cheques —this is particularly important for you to know, because you may be considering bringing a large sum of money with you to pay for your fees and living costs. It is worth finding out from your bank in your home country about the possibility of transferring funds to a bank in Britain (with whom it might have an arrangement); whether there are any restrictions on such transfers; how long they take; and how much they will cost you.

How much money you decide to bring with you and how much you decide to transfer later on will, therefore, vary, but it is essential you have enough on hand to cover your expenses for the first few weeks. Your tuition and accommodation fees will be payable almost immediately, or very soon after your arrival in Oxford. You may want to contact your college before your departure in order to find out the due date and accepted methods of payment, so that you can determine well in advance how you will cover these costs.

You should also bear in mind that in some cases it can take up to four weeks or more to open a bank account in Britain and we cannot emphasize enough how important it is to plan your finances before leaving your home country. In fact, it is a good idea to begin thinking about opening a bank account in Britain, while you are still at home. A number of big banks (such as, Barclays, Lloyds TSB, NatWest and HSBC) sometimes allow students to start the application process online, as early as 30 days before they arrive in Britain. This could save you a lot of time and effort! For more advice on bringing money into Britain and planning your finances before you leave home, visit the website of the International Student Advisory Service.

Credit cards can be a useful (yet expensive) source of funds in the first weeks before your bank account in Britain is opened. As it is very unusual for international students to be issued a credit card in Britain, consider applying for one yourself (or for a supplementary credit card through your parents) in your home country to bring with you. However, make sure that the type of card (e.g., Visa, MasterCard, American Express and the like) for which you apply is generally accepted in Britain. You should also find out about any charges and fees for foreign currency transactions and cash withdrawals.