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Finance

It is advisable to open a bank or building society account and deposit your money as soon as possible after arrival in the UK.

Before you leave home, talk to your bank and find out it they have any links with banks in the UK. It may also help to bring a letter from your bank manager with you to confirm your account history. Different banks or building societies may ask you for different documents to open an account; you may want to check this with them before arriving.

There are lots of different banks/building societies and accounts to choose from, and we recommend that you look into the various options to see which is best for you. Two banks - NatWest and Santander - have branches on our University Park campus, and NatWest also have a branch on our Jubilee and Sutton Bonnington Campuses. There are also plenty of other banks in the areas surrounding the University.

Your bank or building society may give you a card and cheque book, which are safer ways to make transactions and access your money, rather than carrying cash around with you.

Cost of Living

There will be various costs associated with living in the UK that you should allow for when preparing for your move.

  • Rent/Mortgage
    Rents can vary from around around £450+ per month for a house (https://www.zoopla.co.uk/market/nottingham/). You would be expected to pay a deposit when you sign a rental agreement. Sometimes, a rental agreement will also include some of the other bills listed below.
  • Water
    Rates can are on average £354 per year depending on the size and usage of the property. Severn Trent supply water to Nottingham.
  • Gas and Electricity
    There are a number of suppliers and costs will vary.
  • Council Tax
    A Tax paid to local authorities for the provision of services such as rubbish collection, police, fire services and street maintenance. The cost depends on the value of the property you are living in, and the number of people over 18 years of age living there.
  • Television Licence
    You need a licence if you have a television, and you could be fined if you don’t have one. The cost of £154.50 can be spread over the year.
  • Telephone and internet
    Various deals are available with a variety of internet service providers. Packages range from £15+ per month for Broadband depending on your requirements. Most companies ask you sign a 12 month contract, so ensure you have the right package for you.
  • Insurance
    Most people choose to insure personal belongings and household possessions.  There are comparison websites which can help you compare prices, for example moneysupermarket.comcheaphomeinsurance.com and
    https://www.comparethemarket.com/insurance/.
  • Car Costs
    Road tax, MOT and Car insurance are all requirements to run a car in the UK. See the DVLA (Driver and Vehicle Licensing Agency) website for more information. Take care if you are buying a second hand car, although new cars are more costly.
  • Public Transport Costs - link to about nottingham section
    The University is well served by public transport, including frequent and reliable bus links to the city centre, railway station and other areas of Nottingham.

currency calculator can help you to understand the costs compared to the currency in your home country.

Compare broadband, TV and phone deals Cable.co.uk, which is an Ofcom approved independent broadband comparison site. "Our comparison listings are completely impartial and updated on a daily basis to ensure prices are always correct."

 

Financial Support for visas and the immigration health surcharge