KNOW ABOUT THE UK’s BANKING, MONEY AND CREDIT, CASH AND DEBIT CARDS, SOCIAL SECURITY AND FOREIGN EXCHANGE
By Mathew Collins & Nicky Barclay, 2006; From the web
Finances for individuals
Credit and Money
The United Kingdom's currency is the Great British pound. Each pound (£) is equal to 100 pence (p).
The Royal Mint has the authority to produce coins in the following denominations: 1 shilling, 2 shillings, 5 shillings, 10 shillings, 20 shillings, 50 shillings, £1, and £2
English banknotes are issued by the Bank of England in denominations of £5, £10, £20, and £50.
Northern Ireland and Scotland have their own banknotes that are acknowledged across the UK. In Scotland, there is also a £100 coin.
Banking
A bank or building society account is held by the vast majority of individuals in the United Kingdom. There are several banks offering various types of accounts, so be sure you understand all of your requirements before deciding which one to use. As long as you have documentation of your identification and residence in the UK, opening an account is a very straightforward process. This might refer to a lease or tenancy agreement, or it might refer to a tax.
Cash and debit cards are accepted.
A debit card will be supplied to the customer after creating a bank account. The issuer will grant you a personal identification number (PIN) that you must input every time you use your passport. As long as you have sufficient money in your account, you will be able to withdraw cash from ATMs and make purchases using a debit card.
Credit Cards and Store Cards
Credit cards may be used to make purchases in shops, online, or over the phone. Store cards are similar, however they can only be used at certain stores. Interest will be levied if you do not pay the full amount due on your credit or retail card each month. While these cards might be useful, the interest rates are often high, and it is easy to go in debt.
Banks, building societies, and other institutions give credit and loans. Before taking out a loan or entering into a credit arrangement, it is critical that you understand the terms and circumstances, since failure to do so may be costly. The Citizens Advice Bureau will help you (CAB).
When you ask for credit or a loan, the bank, building society, or business from whom you are borrowing will do a credit check on you. If you are refused payment, you have the right to find out why.
Credit unions are a kind of financial institution.
Credit unions are financial cooperatives maintained and governed by their members. They provide retirement programmes and low-interest loans, and they are local, ethical, and understand their members' needs. Many credit unions provide a range of programmes, including current accounts, rewards direct, ISAs, and Child Trust Funds.
The Social Security Administration
The United Kingdom has a social care programme that offers health insurance to individuals who cannot afford it. Many people who are ill or wounded, jobless, aged, or on low salaries may be eligible for benefits. Only if you are a UK citizen or have valid status in the UK will you be eligible for compensation.
Exchange Rates
Banks, building societies, post offices, exchange bureaus, and a variety of travel organisations all provide money exchange services. A commission is usually given, allowing you to shop around for the best bargain.
Attribution:
1. Photo by Expect Best from Pexels
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