Money, money money…all you need to know about organising your funds for your trip to the UK!

You’ve booked your trip to the UK and want to make sure you have all your ducks in a row in terms of organising your bank account, transferring funds and making sure you don’t get caught short when paying for drinks at the bar. So, here’s what to do when it comes to organising your money…

  • First of all, let your Australian bank know that you’re moving overseas!
  • Secondly, make sure you increase your “daily limit” if you plan to make a big international bank transfer, which is likely.
  • You will need to setup a UK bank account when you get to the UK so anzuk can pay your hard-earned money into it. anzuk can assist you with opening a UK bank account when you first arrive at your UK office registration. We can refer you to the local HSBC branch near our office with a ‘letter of employment’ following arrival in order for you to set this up easily.
  • Many educators are choosing to open a Monzo account prior to leaving Australia. Monzo is an online bank that you can open up an account within Australia with ease. There are no international fees and it also has a very nice app platform: https://monzo.com/. We recommend that if you choose to have Monzo, it’s best to do this in addition to a standard UK bank account that you can open when you get to the UK.
  • When you get to the UK, you’ll more than likely need to do some substantial money transfers for things such as paying your bond, transferring spending money and you may even like to send money home.
  • Using a bank to transfer money overseas may seem like your easiest option, but it can be an expensive one. Banks publish a daily exchange rate for currencies even though the market exchange rate moves by the second. Therefore, banks typically build in a margin of up to 5% on the daily exchange rate, which they pass on to you (on top of hefty transactions fees).
  • anzuk have partnered with OFX, so you can transfer money faster and for a lot less, 24/7. We’ve also arranged for you to receive OFX fee free transfers above $250AUD, which put even more money in your pocket!
  • With OFX, you’ll be able to swiftly and securely transfer funds from your home bank account to your UK bank account, so you’ll never miss a payment deadline.
  • Registration is FREE and you can view live their dealing rates immediately. There are no hidden fees & total transparency. We like the fact that similar to anzuk, in addition to everything being on-line (such as the ability to get quotes, access online tools, manage your own overseas transfers 24/7), with OFX you will also always have access to a REAL PERSON to speak with if you need support.
  • Click here to get started or contact our Relationship Manager Jonathan Sermon on jonathan.sermon@ofx.com. Website: www.ofx.com, Phone: AUS 1300 300 424 (Local call) or +61 2 8667 8090 (International) UK +44 207 614 4194.
  • It also notable to say since we’re talking all things money related, you will need to apply for a National Insurance Number when you get to the UK. You can do this in person once you’ve arrived and anzuk we will help you with this during your appointment.
  • You’ll also need to claim your tax back when it’s time to leave the UK. This can be done easily on the government website here: https://www.gov.uk/claim-tax-refund. Just ask your anzuk consultant if you need any help of advice when filling out this form!