Before coming to the UK there are certain financial implications you should consider.
It is likely you will require a UK bank account (generally a current account) in order for your salary to be paid to you.
The UK laws regarding bank accounts are very strict and it is advisable to check with your local bank if they have a relationship with a UK bank (before leaving to work in the UK). It is advisable to make sure you can use your card from your local bank in cash machines in the UK.
In order to open a bank account you will be required to confirm your identity. This should include: a letter from your employer with confirmation of your address and any employer payslips, proof of your previous address, passport, identity card, resident permit issued by the Home Office and a driving license, please note these must all be original documents. The bank may also require other documents depending on the type of account you wish to open.
Please see Natwest Global for more information.
You are likley going to require a current account. A current account is an account that is designed for daily use and can be used to deposit money, withdraw and often comes with a debit card that can be used for daily transactions such as buying things and paying bills etc.
For more information please see banking guidance this also includes information regarding how to deposit money and withdrawing money.
You can also apply for a credit card which generally enables you to pay for something within 20-30days. This can become rather expensive if you fail to pay the amount due by that time. Caution is recommended as some credit card companies charge high interest rates and sometimes you can end up owing more money than you originally paid.
Please be aware that as a foreign citizen it may be hard to obtain a credit card through lack of credit history. If you already have a credit card from your home country and wish to obtain one in the UK then please bring your old credit card with you to show to the proposed new credit card provider.
It is important to keep your pin and account details separate. Be aware that the bank will never ask for your pin nor will the police, thus do not disclose it to people claiming to be either of these.
If your card is kept by the cash machine, please notify your card issuer immediately. If you are the victim of fraud where someone uses your card, depending on the bank, the most you will have to pay will generally be around £50. However if the card was treated carelessly by yourself the bank is within their right to charge you for the activity. Please go to your bank for specific information.
If you are a non-resident of the UK you can still open a bank account, please see Barclays for more information.
Once you begin employment with the University of Southampton you will automatically be enrolled in a specific pension scheme. It is up to you whether you wish to opt out. Please see information on specific pension schemes for more information.
The British Pound is the currency of the United Kingdom. For up to date currency conversions, please see relevant exchange rates.