'The UK's currency - pound sterling - is easy to get used to. There are plenty of things you can do to make sure you get the best deals and save your pennies too.'
The UK’s currency is pound sterling (abbreviated internationally as GBP). It is used in England, Scotland, Wales and Northern Ireland and is accepted everywhere in the UK. You can exchange global currencies for GBP at banks, currency exchanges and post offices.
Using money in the UK
ATMs (also known as cashpoints or cash machines) are widely available, and you will find them in towns and villages across the UK. You can also withdraw money across the counter in high street banks if you have set up an account with them.
Most UK shops, restaurants, ticket offices and other organisations accept cash, debit and credit cards.
In recent years, cheques have stopped being accepted by many retailers. If you are shopping in very small shops for low-cost items, or getting a taxi, you may be asked if you have any 'change' (small amounts of money), as large notes (such as £50 notes) may not be accepted.
Types of currency
UK currency is made up of banknotes and coins. Coins come in the following denominations:
Using money in the UK
ATMs (also known as cashpoints or cash machines) are widely available, and you will find them in towns and villages across the UK. You can also withdraw money across the counter in high street banks if you have set up an account with them.
Most UK shops, restaurants, ticket offices and other organisations accept cash, debit and credit cards.
In recent years, cheques have stopped being accepted by many retailers. If you are shopping in very small shops for low-cost items, or getting a taxi, you may be asked if you have any 'change' (small amounts of money), as large notes (such as £50 notes) may not be accepted.
Types of currency
UK currency is made up of banknotes and coins. Coins come in the following denominations:
- 1p (one penny)
- 2p (two pence)
- 5p
- 10p
- 20p
- 50p
- £1 (one pound)
- £2 (two pounds).
Banknotes are made up of the following denominations:
- £5
- £10
- £20
- £50.
Banknotes issued by the Bank of England are accepted across the UK. Some banks in Scotland and Northern Ireland also issue their own banknotes.
Many retailers and other organisations outside of the note's country of origin will accept these, however they have no obligation to do so. If you are unsure about where you can use a banknote - or are worried about it being rejected - don't panic! Take it into a high street bank and the cashier will usually be happy to exchange it for an acceptable one.
When you arrive
Many retailers and other organisations outside of the note's country of origin will accept these, however they have no obligation to do so. If you are unsure about where you can use a banknote - or are worried about it being rejected - don't panic! Take it into a high street bank and the cashier will usually be happy to exchange it for an acceptable one.
When you arrive
If you’re going to be studying in the UK for a while, you’ll need to open a bank account. You should do this as soon as possible, ideally with a bank on campus or nearby. Many banks offer special student facilities and have financial advisers to help you organise your account.
You can find out more about opening a student bank account here.
Average costs
The average cost of goods in the UK varies depending on where you live.
You can find out more about budget planning for your UK studies here .
How to save your pennies
There are many ways to save money during your studies in the UK.
Remember to shop around when making purchases; local markets selling fresh produce or supermarket reduced sections may be cheaper. Many organisations also provide discounts for international students for things like rail and bus tickets or museum and art gallery entrance fees.
Many shops also provide discounts for students on full-time courses. You can find out more about savings for international students here .
A useful tool for helping you manage your money and UK study costs is the International Student Calculator.
You can find out more about budgeting here. It’s also worth checking to see if there are any scholarships or funding opportunities available to support your period of study. See the Scholarships page for more information.
You can find out more about opening a student bank account here.
Average costs
The average cost of goods in the UK varies depending on where you live.
You can find out more about budget planning for your UK studies here .
How to save your pennies
There are many ways to save money during your studies in the UK.
Remember to shop around when making purchases; local markets selling fresh produce or supermarket reduced sections may be cheaper. Many organisations also provide discounts for international students for things like rail and bus tickets or museum and art gallery entrance fees.
Many shops also provide discounts for students on full-time courses. You can find out more about savings for international students here .
A useful tool for helping you manage your money and UK study costs is the International Student Calculator.
You can find out more about budgeting here. It’s also worth checking to see if there are any scholarships or funding opportunities available to support your period of study. See the Scholarships page for more information.
