Money and banking

Opening a bank account

High Street banks usually offer the option to open an account by completing an application form online. You may be required to provide documents to verify your identity or address. In addition, there are now numerous 'online only' banks which may be more suitable if you will only be in the UK for a short period.

If you move from overseas, it can take up to two weeks to receive a debit card which can be used to withdraw money from local cash machines. Your home country bank may be able to advise you on how to transfer funds to the UK if you have not yet opened a UK bank account. There are also many specialist companies that provide money transfer services, such as Western Union.

Cash on arrival 

If you are arriving in the UK from overseas, it's useful to have some local currency (Great British Pounds or GBP) for situations where card payments are not accepted. You can exchange currency at: the John Lewis bureau de change in Westgate shopping centre, Currency Exchange on Cornmarket and the Post Office’s St. Aldate’s and Woodstock Road branches. Traveller’s cheques are another option, as they can be purchased in your home country and exchanged for local currency. You can use them in banks, Post Offices, bureaux de change and some shops, hotels and restaurants. 

Most shops in the UK accept credit cards from other countries. Check the terms and conditions outlined in your credit card agreement to find out if you will be charged for using your card abroad. 

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To open a UK bank account, you will need to provide proof of identity and proof of address. 

 

Accepted forms of photographic identification: 

  • Passport: UK or international 
  • UK photocard driving licence 
  • EU/EEA ID card: Usually accepted for EU/EEA citizens 

 

Accepted forms of proof of address: 

  • A utility bill or bank statement from the last three months 
  • A current council tax bill 

 

Other: some banks accept documents such as mortgage statements or letters from HMRC 

You may also be asked to supply a letter from the University/college confirming your employment status. 

'High street banks' is the collective term for retail banks and building societies that offer banking services (for example, current accounts, credit cards and loans) to individuals and businesses.  

Building societies in Oxford: 

Banks in Oxford: 

Once you open your bank account, your bank will issue a debit card which allows you to withdraw money from Automated Teller Machines (ATMs), also known as cash points or cash machines. Most ATMs allow you to withdraw cash without paying a fee, but machines operated by private retailers may charge. You can use your debit card to pay for goods from your current account and make 'contactless' payments for purchases up to £100. 

Credit limits vary depending on your income. If your salary is paid directly into your bank account each month, you may be able to set up a credit card account in as little as two to three weeks. Some banks, however, will require you to have a credit history of at least three months.

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