#UKStudy# Introduction We all know that the cultural differences between China and the UK are quite big, so when international students go to the UK, they must understand some common sense of life in the UK, especially related to money. After all, It’s not easy for our parents to make money for us to study. We can’t waste money just because we don’t know the common sense in this area! Let’s take a look at the detailed common sense of currency exchange and remittance when studying in the UK.

Exchange:

Exchange location: Any bank that conducts foreign exchange business can exchange currency, but the regulations of each bank may be different. Please consult your local bank for specific implementation methods. It is strongly recommended to exchange currency at Bank of China.

Notes on foreign exchange exchange by Bank of China:

1. The State Administration of Foreign Exchange promulgated the "Notice on Adjusting the Guiding Limits for Domestic Residents to Study Abroad (Overseas) at Their Own Expenditure" since It came into effect on January 1, 2005. Tuition fees are exchanged in accordance with the annual tuition fees listed on the overseas school’s acceptance letter or tuition certificate; the indicative limit for foreign exchange supply for living expenses is the equivalent of US$20,000 per person per year, that is, the foreign exchange purchase limit for living expenses per person per year is If the value is less than 20,000 US dollars (including 20,000 US dollars), you can directly go to the designated foreign exchange bank to handle it, without the need for remittance approval.

The specific amount of exchange for living expenses can be exchanged according to personal requirements, and there is no need to provide proof of living expenses; if the amount is more than 20,000 US dollars, it must be approved by the foreign exchange bureau and processed at a designated foreign exchange bank, that is, the exchange will be approved first and then exchanged. . At present, it seems that students studying in the UK do not need to approve remittances for their living expenses.

2. The amount of cash allowed by the customs cannot exceed 5,000 US dollars or the equivalent in other foreign currencies;

3. The documents Bank of China requires students to provide are as follows:

Valid visa, original and copy of admission notice, personal household register and ID card. Other documents must be prepared according to bank requirements;

4. The first exchange of currency must be handled by the student himself, and the duration of the course that can be exchanged should not exceed one year and three months. If it exceeds this time limit, it will need to be exchanged in installments. If students have their own US dollars, they can go directly to the bank to exchange for pounds;

5. Foreign students can also handle currency exchange procedures in Beijing (for details, please call Bank of China);

6. Strongly recommended: Before students go to the bank to exchange currency, they should call Bank of China to inquire about their currency exchange procedures. Specific circumstances;

7. The second currency exchange can be handled by family members, and the payment receipt from the previous semester or a written confirmation letter issued by the school, the student’s enrollment confirmation issued by the school, and Admission notice for the next semester (including fees) and translations of the above materials.

Remittance:

The main forms of carrying remittance abroad:

Bank draft (BankDraft), international credit card (CreditCard/MasterCard), telegraphic transfer (TelegraphicTransfer) or travel Check (Traveler'sCheque), cash (Cash).

Schools have different ways of collecting tuition fees, but the payment methods mentioned above are generally accepted by schools. Please pay attention to the following matters:

1. To pay tuition, it is recommended to choose BankDraft (easy to carry, low handling fee);

2. Bank Draft can be used for living expenses Or carry an international card with you. Do not carry large amounts of cash with you;

3. International credit cards: International cards can only deposit U.S. dollars when applied domestically, and some banks have dual-currency business (i.e., both U.S. dollars and RMB are accepted);

4. Traveler's checks: They are easy to carry around and relatively safe. In some cases, pound traveler's checks can be used like cash, but the handling fee is higher;

5. No matter what remittance method is adopted, both domestic and foreign banks have certain handling fees (this fee (Must be paid by the student himself), please consult the local bank department for the specific amount;

When handling international remittances at the bank, it must be filled in English.

To fill in the "Overseas Telegraphic Transfer Application Form" and "Bank Draft", please refer to:

Overseas Telegraphic Transfer Application Form (ApplicationForTelegraphicTransfers)

This type of remittance method is troublesome to fill in. The remitter must fill in the following terms ：

1) Remittance date (Date); 2) Remittance currency and amount (Currencyamp; Amount);

3) Remitter's name (Remitter'sName) and remitter's account number (Remitter'sA/C);

4) The name and address of the payee's bank (Beneficiary'sBankerName&Address) and the payee's account number (Beneficiary'sa/cNo.): This clause is based on the university Fill in the content provided;

5) Beneficiary's Name and Address: This clause is filled in according to the content provided by the university;

6) Remittance Postscript ( Details of Payment): This clause must fill in A. the student’s name, B. the Application No. of the university to which the student applied. or ReferenceNo. (This application number is on the university admission notice, usually in the upper right or upper left corner of the admission notice), C. Student's date of birth;

7) Applicant's Signature: Apply Person's name (NameofApplicant), phone number (PhoneNo.).

Bank draft

This kind of remittance can be carried with you and paid directly to the school upon arrival. The filling method is simple, just fill in the following terms:

1) Name of the payee (the full name of the university must be provided, which is on the notice); 2) Payment amount; 3) Payment date.