International Students| Money Matters

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	Money Matters Bank Matters
	Banking You will need to open a bank account when you come to London. It is the safest place to keep your money. It is advisable to open an account with one of the major high street banks. These banks are National Westminster, HSBC, Barclays and Lloyds. All these banks offer special student accounts, however it is important to note that as an international student you will not necessarily be eligible for all the facilities offered to UK resident students and it may be difficult to open a bank account. If you are on a course for less than one year, it may be virtually impossible to open an account. When you go to open a bank account you should take some documentation with you. Most banks ask you to bring your passport, your letter or certificate of enrolment, evidence of your address and substantial evidence of funding for your studies. A letter of introduction from your bank or bank statement at home would be very helpful and some banks require this as essential information. The most useful type of account is a current account, and is the most common type of account given to an international student. As an International student do not expect to be given a student account in the UK as these offer special rates to home students (a student account is a current account with special concessions for students). Savings Accounts If you have more money than you need for month-to-month expenses, it is a good idea to open a savings or deposit account for some of it where it can earn interest. The interest is taxable but if your bank knows that you are not normally resident in Britain then you do not pay tax on it. You can't pay by cheque on a savings account, but you can usually ask for a cash card on it.		Current Accounts You can pay money in, in any form, and then draw it out as you need it using your chequebook. Payments to other people can be made by writing cheques out in their name. If you want to draw out cash yourself, make the cheque payable in your own name or "to cash" If you wish to write cheques in shops you will need a cheque guarantee card. This is really an identity card, which guarantees that correctly written cheques up to the value stated on the card will be honoured by the bank. You can also use it with your cheque book to withdraw money from almost any bank in Britain. You will find that cheques are becoming obsolete. Overdrafts An overdraft is the facility to withdraw more money from your account than you have in it. You should not do this without permission from your bank. Overdrafts usually incur charges, though some banks offer interest free overdrafts to some students. International students however will not normally be offered bank accounts with these facilities. Cash cards You can withdraw cash from a cash point machine with a cash card. They are extremely useful in that they enable you to withdraw cash from your account at almost any time of the day or night. There is also a card facility called Switch or Delta, which enables you to use the card to pay for items in shops. This facility takes the money straight out of your account. Banking for International Students As an international student your eligibility for these banking services will depend upon your personal circumstances. Visit a few banks and find out which can provide the best service for you. You will find that many of the banking facilities offered to home students will not extend to include you, at least not initially. Bank Opening Hours Banks have traditionally been open from 9.00am to 4.30pm, Monday to Friday. Many main branches are now open during the weekends but opening hours vary.

Start Up Costs
Most students will have to buy bedding, clothes and basic essentials at the beginning of their stay. London is, in general, milder than other parts of the UK. The summer tends to be warm; winter is usually cold and damp; spring and autumn are somewhere in between. You should arrange approximately £300 for additional clothing needs.

Buying Essentials
You will probably feel overwhelmed by the number and variety of shops that can be found in the UK. The aim of this section is to guide you in how to buy the essential items you need in the first few weeks.

Probably the most valuable item for you to buy is an A-Z street map of London. You can buy this from most newsagents and bookshops.

Buying Food
You will find that you can buy almost anything in large supermarkets such as Sainsbury and Tesco. They have the advantage of having everything under one roof. Supermarkets are substantially cheaper than local corner shops or late-night "delicatessens". You may find even cheaper, smaller supermarkets in your area such as Iceland or Budgens, but these may have a smaller range of products. Most supermarkets are now open till 10 pm during the week and are open during the weekend. The major supermarkets are now open twenty-four hours of the day.

Fresh fruit and vegetables are usually cheaper from open-air stalls and street markets.

If you share accommodation with other people, it is usually much cheaper to cook communally, provided you all have similar tastes and are prepared to share the work.

Off licenses are shops selling alcohol cigarettes etc and are usually open till 10.30pm on week nights and Saturdays. On Sundays they are open between 12am - 10pm.

Buying household items Prices in London vary enormously and it is advisable to check prices before buying your essential items. Though we cannot recommend particular shops a few key department stores selling household items are listed below.
	Argos is a cheap catalogue shop. Choose your item from a catalogue, complete the order form, pay for it and collect it from the collection desk.
	John Lewis is a large department store selling most household items but can be very expensive.
	BHS (British Home Stores) gives average to cheap prices on a mixture of goods.
You can also buy a lot of items from smaller independent shops and markets that are far cheaper.

Buying Clothes
London offers a huge variety of alternatives if you need to buy clothes. Chain stores provide good quality mid-price items. You can find them on any High Street and in most shopping centres. If you are seeking cheaper alternatives you can buy clothes in street markets or discount stores. A good local market for this is Camden Market, which is in Camden Town (nearest tube station is Camden Town on the Northern Line), Walthamstow Market, which is the longest in the UK, nearest tube station is Walthamstow Central.

Charity shops like Oxfam and Sue Ryder stock second-hand clothes. As a rule you can expect to pay half price or less for reasonable quality clothing. Jumble sales are sales of second-hand clothes and bric-a-brac, (small, unwanted household items such as, cutlery, picture frames etc.). They are generally held in church halls, at weekends, in aid of charity. Items of clothing, often in very good condition can be bought for a few pence. Jumble sales are advertised in the local press.

We recommend that you budget to have at least £600 per month for rent, entertainment, housing and bills.

Money Matters
Before coming to the UK you should organise your money to ensure you have enough at the start and for the duration of your course. You will need to investigate the best ways to bring money into the UK.

Payment of fees

	International Students normally have to pay International fees instead of home fees.
	European Union nationals who meet certain conditions may be eligible to have some or all of their fees paid by the Department for Education & Skills.
	Students who have to pay fees will usually be expected to pay fees for the first year in full.
	The Academy accepts the following forms of fee payment: Cheque, cash (in £ sterling), direct debit, Switch, MasterCard, Visa, Bankers Draft, Postal Order.
	International Students can also pay their fees to the Academy directly from their overseas bank account, usually at a charge of between £10 and £15. The Academy Bank details are:
	HSBC 126 High Road Ilford Essex IG1 1DA Sort Code: 40-25-27 Account No.: 01691643 Swift Code: MIDLGB2104V IBAN: GB2MIDL40252701691643 Account Name: London Academy of Management Sciences Ltd

PLEASE NOTE: if fees are paid directly into the Academy account, you must produce evidence from your own bank of this transaction, which should include your full name and course details.

Money Transfer
Methods of transferring money internationally vary from country to country. Your bank at home should be able to inform you of methods of transferring or bringing money to the UK. The three most common ways of sending money from abroad are: International Money Order; International Money Transfer; Bank Draft.

Money and Exchange Controls
There is no limit to the amount of money you can bring into Britain. Your country may, however, have regulations restricting the amount of money that can be taken out of your home country. Please check if such regulations apply to you. If so, contact your bank or other agency to obtain the necessary permission to bring appropriate sums of money out of the country.

You will need easily accessible money on arrival. Setting up a bank account will take time (sometimes two months) and should not immediately be relied upon for quick money transfers or for cashing a cheque.

	Cost of Living
	Estimated Living Costs All costs are estimates and are for your information only. Accommodation London Academy of Management Sciences does not have any student Hostels or Halls of Residence, however we do assist our students in finding suitable private accommodation. The Academy provides accommodation at the time of acceptance, if a student wishes to take this accommodation after receiving their visa then they must pay one months deposit and one months rent in advance before entry into the designated property. Students intending to accept Academy offered accommodation will need to inform the international student coordinator a month before arrival. Student accommodation as offered by LAMS consists of single rooms in shared houses with possibility of shared rooms. Our aim is to provide suitable accommodation at reasonable prices for students in a learning environment. Unfortunately none of the accommodation available is catered for couples. A single room costs on average between £70 to £80 per week. This payment is usually including household bills, excluding fees, food and council tax. Prices will vary greatly depending on the area of London, quality of accommodation, number of people sharing etc. You should allow £10 per week to cover utilities and £15 - £20 travel costs. Wherever you find accommodation you will have to pay a deposit immediately (normally one month's rent returnable when you leave minus any deductions) as well as one month's rent in advance and may also have to pay a deposit for utilities. Students should therefore allow up to £1000 for initial expenses. Always collect a receipt for any payment made. Council Tax Council tax is a compulsory payment that every adult individual who resides in the UK must pay; the amount of council tax each person pays depends on the location and area and is not limited to each household. This is a payment that includes the maintenance of your area. From 1 April 2004, Full-time students are no longer jointly and severally liable for council tax. This means that a student, who shares a dwelling with a non-student or part-time student and provides a valid Council Tax certificate to the Local Authority, should not be liable for any of the council tax due on the property. Full-time students can obtain a certificate from the campus office confirming that they are full-time students.		Food Each student should arrange approximately £40 - £60 per week for food costs. Obviously how much you spend on food depends on your eating habits, but sharing food, shopping and meals with others will help cut costs. Books and Equipment (average £50 per month) Although you will be able to use the Academy libraries, you may be required to purchase certain books and texts for your modules. You can save money by looking in second hand bookshops and buying stationery from shops with student discounts. Entertainment (average £250 per month) London can be a very expensive place - but it is also very student friendly. There are lots of cheap places to eat, 'party' and indulge in cultural pursuits. It is just a question of looking! Try not to stay just in Central London - it's a huge diverse city which you should try and explore. Think of the districts of London as a series of villages all with their own distinct and unique characters. Why just see one when you can explore them all? London hosts a wide range of entertainment venues catering to all groups of society and religions. Dinner out can cost from as little as £5.00 to £250.00+! Cinemas in central London cost around £8.00 while a theatre ticket would typically cost £15 - £30. However, there are special discounts available to students throughout the city, so make sure you ask!