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Banking

In the UK, Banks and Building Societies offer similar financial services to their customers.

The 4 major "high street" banks, with branches in most towns in Britain are :

  • Barclays
  • Lloyds
  • HSBC
  • Nat West

The major building societies are :

  • Abbey National
  • Halifax
  • TSB

a)Business hours

Most banks and building societies are open from 9:30am to 5:00pm Monday to Friday, and 9:30am to 1:00pm on Saturdays, although do check your own branch, as it can vary.
Most banks have external cash withdrawal machines. Cash machines can also be found in diverse locations such as supermarkets…


b)Opening a bank account

Most of the time you will need to show your passport, and give an address (copy of tenancy agreement)
Some banks will ask to provide references from your last/home bank and/or your employer.


c)Current account

This is the basic account. It normally offers the following facilities :

  • cheque book
  • cheque guarantee card / debit card
  • availability of credit cards

Overdraft: you must make a prior arrangement with your bank on that matter, as you are normally punished quite heavily for overdraft when no arrangement has been made.


d)Cheques/Banker's card

  • Cheques can only be deposited in the payee's account
    You can cash a cheque at your own branch (provided funds are available), but at another branch or bank, your cheque guarantee card will be required.
  • A cheque will be accepted as payment if you show your cheque guarantee card (banker's card) and if the amount of the cheque is guaranteed by your card (£50, £100 or £150)
    For larger amounts, shops wouldn't normally let you take the goods until funds are cleared, which usually takes 3 working days.
  • You can also use your card to withdraw cash at cash point machines.

e)Credit cards

You can apply for a credit card through almost any bank or building society.
The Visa and the Mastercard are the most popular cards in Britain, and they are more widely accepted than international charge cards such as American Express or Diners Club.
If you loose a credit card, report immediately to the police and the issuing office, and then confirm in writing.
Some cards such as a Natwest Visa / Mastercard will earn you airmiles.