Finance, currency & bank accounts

Here is a brief guide to help you while sorting out your finances in the UK.

Currency and currency controls
The currency unit is the pound sterling (GBP) divided into 100 pence (p). All major credit cards and charge cards are widely accepted for goods and services.

There are no currency controls and visitors to, or residents of, the UK can freely transfer all currency provided that this does not contravene the regulations of the country to which the money is being transferred.

Bank accounts
Setting up your bank account with Barclays Bank PLC is straightforward.

Collect the following items:
- Your passport
- Proof of address, either in the UK or from your country of origin
- A letter of introduction from your employer in the UK

Then either visit your local UK Barclays Bank PLC branch to complete your application with a member of staff or complete this form online and post it as instructed.

Once all your details have been verified and your application considered, your account is opened and you'll be sent a welcome pack. You can then begin banking with Barclays.

Alternatively, please phone Barclays International Banking Helpline on 0845 601 5910†.

Taxation
As a resident in the UK you will be subject to taxation on your UK income. However, you may still enjoy tax advantages depending on your individual circumstances.

For many customers simply having an account in the UK is sufficient for their needs. However, you may also have income and/or savings you want to bring with you that could benefit from an offshore account. This could include pre-arrival income, gains and savings and any income earned offshore. This could be deposited in an offshore savings accounts and enjoy tax advantages. Care is required with respect to remittances back to the UK. 'Capital' can be moved across borders without being taxed but interest remitted to the UK is taxable.

An offshore savings account may therefore be attractive if you will not need the funds during your stay in the UK. If you do use your funds, careful remittance planning is likely to be required or a tax liability may arise.

To help you understand this complex subject, we have teamed up with Ernst & Young, one of the largest providers of tax services advisors who can provide you with tax services and advice if you require.

If you would like to open an offshore savings account, we will introduce you to Barclays Private Clients International Limited, who have offices in the Isle of Man, Jersey and Guernsey.

Investments
Often, working abroad means a rise in income. You may want to use your overseas assignment to significantly increase your savings and investments.

Whatever your objectives, we can help. With a wide range of savings and investment products available, you can be sure one of our advisers will be able to recommend those most appropriate to your needs.

Relevant Links
Barclays Global Banking
Barclays Global Banking is specifically designed to provide quick and easy management of your finances day-to-day for just £10 a month**.

Your local branch
Use the ATM locator to find your nearest ATM or the address of your local Barclays branch, or call 0800 400 100† for locations, phone numbers and opening hours.

Glossary
Our guide to some of the financial language used in the UK.

XE Currency converter
Currency conversion tool.

The Barclays Group is not responsible for the content of external internet sites.

Global Access is a range of products and services provided by Barclays Bank PLC.

The content of this page is for information only and should not be relied upon.

†Lines are open 9am to 5pm (UK time) Monday to Friday. Call charges may vary. Please check with your local telecoms provider.

**Statement of price
The premium payable for all associated insurance products is £0.00. The charge for the Barclays Global Banking account is £10.00 a month. There are no taxes or further costs unless otherwise stated. If you cancel the Barclays Global Banking account, all associated insurance products are cancelled – you are unable to cancel individual insurance products. Further information regarding the individual products will be sent to you in the form of a welcome pack, if you agree to purchase this service.