The monetary unit of the UK is the pound sterling; it equals to 100 pence. The banknotes of tenor of 5, 10, 20, and 50 pounds and coins of 5, 10, 20, 50 pence and 1 pound are in the circulation. Currency can be exchanged in all banks and currency exchange offices.
Banks work as a rule from 9.30 a.m. to 3.30, except for days off and holidays. It is possible to use major credit cards like VISA, MASTERCARD, and AMERICAN EXPRESS in hotels, shops, and restaurants. The automatic devices for issuing of cash and traveler's checks are widely used in England. You should submit the documentary certificate of your stay in England to open a bank account in Great Britain. Some banks will demand the proof of your address overseas. You are to submit the following list of documents to the bank to open the account: a passport; a formal college offer letter sent to your overseas address; formal letter from the college/high school confirming that your are a fully enrolled student, with the indication of the start and end dates of your course; tenancy agreement by the college's terms; utility bills with your name on it - you will not have these if you have just arrived in the UK. Students should expect to wait for approximately ten days or more before their accounts are fully functional.
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