The UK’s sophisticated financial services industry makes managing your money easy

• UK currency: pound sterling (£). Coins are produced in denominations of 1 penny, 2 pence, 5 pence, 10 pence, 20 pence, 50 pence, £1 and £2. Sterling notes come in £5, £10, £20 and £50.
• Exchange rate: there are no limits on exchanging cash or travellers’ cheques in the UK. High street banks tend to charge lower commission rates than bureaux de change. Calculate the value of sterling against your currency.
• Tax: the current basic rate of income tax is 22%. The highest rate is 40%. Find out more about tax.
• Tipping: this is discretionary in the UK, although some restaurants include an optional service charge in the final bill. The general rule in restaurants and taxis is to tip around 10% of the bill.
• Setting up a bank account: you’ll need an account to receive your salary and pay essential bills such as rent and utilities. If your current bank has branches or an affiliate network in the UK, try starting here. Although many UK consumer banking services are free of charge, shop around for the best deals and read the small print — most banks levy charges for some services. Click here for more information on our select list of banking partners: Barclays, HSBC and Royal Bank of Scotland.
• Bank opening hours: most major banks are open Monday to Friday (9.30am to 5.30pm), with some opening on Saturday morning. Register for online banking to manage your finances through the internet 24 hours a day, seven days a week.
• To set up a bank account you will need:
  • proof of identity, address and UK residency
  • a rental contract or utility bill — for example water, gas, telephone
  • some banks accept letters of recommendation from your employer
  • banking history, eg. a recent statement, from your current bank may be useful
• How to use your account:
  • once you’ve set up an account, you’ll be issued with bank cards, online banking access details (if required), a personal identification number (PIN) and a cheque book. PIN numbers have been introduced to combat fraud, and you will be required to enter this number when purchasing goods or services in most stores.
  • most shops, restaurants and hotels accept all major credit and debit cards.
  • use your cheque book to pay bills by post.
  • cashpoint machines (ATM) are plentiful in the UK and allow you to withdraw cash 24 hours a day – usually free of charge.