Study in London Money Matters

When you decide to study in London, there are many matters that need to be taken care of before you leave. Money matters are among of those issues. Certainly, the last thing you wish to have happen is to arrive in your new home and discover that you have neglected to ensure you have money on hand. The decision to study abroad does require preparation and you need to be assured you have adequate finances during your time abroad. A few basic precautions prior to leaving can assure you do not encounter problems later on. 

First, it is a good idea to have local currency before arriving. In London this is not as much of a problem, but if you intend to travel to some of the smaller outlying towns and villages where businesses are primarily owner-operated you might encounter difficulties. Some markets and shops will not accept traveller's cheques. Before exploring make sure you exchange some cash into local currency. 

A debit card is the best way to withdraw money when using an ATM. Prior to leaving home; however, make sure you check with your bank to be certain you will not be charged an additional fee if you need a different currency. ATM charges can quickly add up, so it is a good idea to try to minimise the number of transactions you make. Also, make sure you are always aware of the amount of money you are withdrawing. Most ATMs impose daily limits regarding the amount of money you can withdraw, regardless of your account balance. 

You should also always make sure you are prepared for the unexpected when you are preparing to study in London. Always have some emergency cash just in case your card is not accepted or a place of business only accepts cash. This can be particularly important if you decide to explore outside London during your off-time. 

Visa and Mastercard tend to be most widely accepted throughout most areas, including London. Still, it is a good idea to always ask whether your card is accepted before assuming. When travelling, make sure you always have copies of your each of your credit cards. Never carry your copies with the original cards. You should also make sure you have contact numbers for all debit cards and credit cards. This will make it easier for your cards to be re-issued if they are lost or stolen while you are studying abroad. 

Finally, when you decide to study in London, make sure you become familiar with the local currency. Keep large bills separated from smaller bills to avoid fumbling around when you are paying for everyday expenses. Many new students find the most difficult aspect of studying abroad in London to be the exchange rates. Once you are there for awhile you should begin to find yourself thinking in terms of Sterling rather than constantly having to convert in your mind when making purchases. Becoming familiar with the currency before leaving can help to make this transition much easier.