The unit of currency in Britain is the pound sterling.
For up-to-date exchange rates, go to www.xe.net/ucc .
It is highly recommended when travelling that you have more than one way to access money.
- Go to your local bank before you leave in order to get a small amount of cash in British pounds. This way, when you arrive in London you won't be scrambling to find an ATM or bank to get money for small initial costs such as lunch, a tube ride or a newspaper. An initial starting amout of 25-75 pounds is recommended.
- Have your local bank also issue you traveller's checks in both British pounds and US dollars. $2,500 - $4,500 is recommended to last you through the semester (this sum includes rent). There is a large variance in the spending habits of people - students who choose more expensive housing and/or who choose to eat out often and to travel extensively, will naturally spend more.
- ATM machines are widely available throughout London and Europe. Students tend to use ATMs frequently to withdraw money because the exchange rates given are usually the best available. The primary cards which will be useful for ATM withdrawals in London are those connected to the Cirrus/Plus network. Check with your card provider to make sure your card is connected to this network. If you card is not connected, or if you are unsure, we advise you to get yourself a new card which is. In addition, be sure to check with your ATM provider to make sure that your card will function overseas/internationally and find out if you will need an international pin number and if so, what it is. It is also always a good idea to let your provider know that you will be travelling so that they won't be surprised when they start to see international withdrawals. Be sure, also, that withdrawals made with your ATM card will automatically be withdrawn from your checking account. Many ATM machines will not give you the option to select a checking or savings account and will default to checking. One more thing: Bring an extra ATM card with you, just in case!
- It is also always a good idea to carry a major credit card when you are travelling, primarily in case of emergencies when large amounts of cash may be needed (or, of course, if you are a big spender!). Visa or Mastercard are the main credit cards which will work all over Europe (AmEx in widely accepted in the United Kingdom, but much less in other European countries), so leave any other credit cards at home. Be sure that your limit is set high enough to accomodate for emergency situations (at least $1000.00 is recommended). As is the case with ATM cards, it is always a good idea to let your provider know that you will be travelling so that they won't be surprised when they start to see international charges.
In order to estimate your monthly expenses and, ultimately to save money, the following is recommended:
