Money Matters :

• Foreign currencies except Dollars, Deutsch Marks, Pound Sterling, Yen etc., are hard to change.
• If you are carrying a large amount with you in Dollars, it would be best if you carry them in the form of Traveller's Cheques which are accepted in most places.
• The best place to convert foreign currency is at a bank, where you are guaranteed the current exchange rates.

• When you open your bank account, you will be asked for personal information. This is true no matter which bank you use or which account you choose.
• Before you leave your country, make sure that you have a statement (in English) from your current bank that you have been a customer of theirs for years and that they enjoy a good banking relationship with you.
• They may also want a utility bill (a power, gas, or telephone bill) and a letter from your employer stating the terms of your employment.
• On top of that, if you have no credit history, which is normal because you come from another country, you are not likely to receive immediate overdraft facilities or a credit card. Only a couple of months later will you finally get a credit card and a decent overdraft amount. Banks use a credit scoring system to determine overdraft or lending facilities. If you just arrived in the country you will have to build up a credit score. This credit score will depend on many factors: whether you are on an electoral role or not (EU nationals can vote in local elections), your credit history, your job, and so on.
• An overdrawn account balance could cost dearly by way of bank charges.
• It is also important to be able to use your bank cards from your home country as a back up for the first couple of months.
• It is difficult to recommend a bank because service may vary even between branches of a single bank. Shop around and ask the advice of other expatriates.
• If you want to change banks, it is best not to close your account with your previous bank right away. Open a new one with a bank where you might get a better service and see how things go. If you are satisfied with your new bank after a couple of months, you can then close your old account.
• If you do have a credit rating (this can be possible if they are banking with the same bank as the one from their home country, like Citibank) then life will be a bit easier.
• When you open a bank account you will automatically receive a chequebook and a separate paying-in book (to make payments into your account), a cheque guarantee card (also called payment card), which also doubles as a cash card or debit card.

• Small amounts (bread, newspaper): cash
• Groceries, clothes, utilities: debit cards, credit cards, cash or cheques
• Utilities such as electricity, water, gas, phone, or council tax (regular, variable payments): direct debit, debit card, cheques (by mail, at a bank or post office) or in cash at a post office
• Rent (regular fixed payments): standing order
• Your salary will usually be paid directly into your account by electronic transfer.
• Electronic Transfers
• Payment order: a one-time order to pay - this is not used very much in the UK as most payments are done by cheques.
• Standing order: you need to give your bank the information concerning the beneficiary account and amount. This is a fixed amount that you pay regularly.
• Direct debit: you give permission to your bank to pay statements presented to it, by a utility company for example, which are taken directly from your account.

• Visa
• Master Card
• American Express
• Diners Club

• Your company can provide you with an introduction to a bank, which will help you get your first credit card without many problems.
• Your company can even guarantee your debts for some time.
• If your company is small and unable to help you, make sure that you apply carefully.
• If you are rejected for a credit card, it could spoil your chances when you apply again, even if it is at some other bank.
• Do not apply again and again if you have been rejected once.

• Withdraw cash
• Transfer money from one account to another
• Get your account balance
• Some allow you to update your passbook or obtain an account statement

• Income tax for employees: Normally your taxes will be deducted automatically from your income by your employer (this is called PAYE: Pay As You Earn). Every year you will receive a tax code detailing how your tax calculations have been made. You should check that this is correct. When you start a job after coming from another country you may be taxed by your employer under the emergency code. Income tax returns are always sent for foreigners who come to live in the UK. They are sent around March or April.
• If you are rejected for a credit card, it could spoil your chances when you apply again, even if it is at some other bank.
• Council tax: This tax is used to pay for education, local services such as fire department, police, libraries and so on. Your local council will send you a leaflet every year detailing the local budget. The amount of the tax is based on the value of the house you are living in. Every house has a "band" allocated to it. The bands A to H are the same all over the country but the amounts that relate to each band may differ because each council can set their own level of tax. There is one bill per dwelling whether it is a house, bungalow or flat, rented or owned. Usually, the family income or situation is not taken into account. There are discounts possible in the case of students, handicapped people, one person households, secondary homes, or in the case of a very low income.
  
  As an example we quote the tax bands per year for Kent in 2003/2004:
  

  Band	A	£ 568.56
  ..	B	£ 663.32
  ..	C	£ 758.08
  ..	D	£ 852.84
  ..	E	£ 1042.36
  ..	F	£ 1231.88
  ..	G	£ 1421.40
  ..	H	£ 1705.68

  Everyone who takes up a new residence in the UK must register for council tax for which he is liable from the first day. If you leave the area you can obtain a refund.
• Television usage tax (television licence fee): if you have a television, you must pay an annual tax that covers all the TVs in the house; otherwise you might be liable for fines. You can pay for the licence at a post office or by direct debit. If you leave the country you can ask for a refund if there is 3 months or more unused. There is no licence or tax on radios.
• Road Tax (Vehicle Excise Duty): You will be notified when it is due. It can be paid every 6 months or every year at a Post Office. The procedure is to fill in the Vehicle License Application form (V10 or form V11 will be sent to you) and take it to a Post Office with a valid certificate of insurance, an appropriate MOT Test Certificate and the money. You will then receive a tax licence disc, which you will stick on the left-hand inside windscreen of the car. You can buy a holder at the post office or at a garage. Road tax can't be transferred from one car to another but you can get a refund if you are selling the car or you take it off the road.
• Value Added Tax (VAT): this is 17.5% on most goods, except for essential items such as food, children's clothing, books and newspapers.
• Capital gains tax (CGT): can be a tax on anything from the sale of your home to sale of antiques. There are minimum gains above which you will be taxed.