Finances - University of Staffordshire

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Carrying cash

We recommend that you do not carry large sums of money to the UK. There is a risk of it being stolen or misplaced whilst you are travelling.

Bring no more that £500-£700 in cash, and use smaller denominations such as £10 and £20 notes.

If you are in private accommodation, please make sure you have enough money for your deposit and your first month's rent and speak to your landlord about how this can be paid.

PLEASE NOTE: You will NOT be able to make tuition payments in cash.

Declaring money in the UK

You must declare cash of €10,000 or more (or the equivalent in another currency) if you take it between the UK and any other country.

Cash includes notes and coins, bankers’ drafts, and cheques of any kind (including travellers’ cheques). If you’re travelling as a family you need to declare cash over €10,000.
You can find further details about what must be declared and how to declare it at the following link: https://www.gov.uk/bringing-cash-into-uk

Different money transfer methods

Debit/Credit Card from your home country

If you have a Visa, Maestro, or MasterCard you may be able to use that at an ATM in the UK to withdraw cash. This can be very expensive though, so please check with your local bank for details of charges.

Western Union

If you use Western Union, the money usually transfers in minutes. There are many Western Union outlets including at airports.

Travellers Cheques / Travellers Cheque Card

This is a safe and convenient way of transferring money as it can be replaced if lost or stolen, unlike cash. You can exchange these cheques in any bank/post office/bureau de change for a small fee. If you have the card you can use it as ATMs and in many stores like a debit card. It is more convenient if your travellers cheque is in British Sterling.

Bankers draft/Cashiers cheque

You can buy one of these at your local bank. Make sure it is British Sterling for convenience. It clears quickly and will be paid into your UK bank account directly once you have opened one. If you buy it in another currency it may take up to 4 weeks and you may incur a charge.

Telegraphic Bank to Bank Transfer

This is a safe mode of transfer, but it can take several days or weeks to reach your account. You need a UK bank account to use this method. You will need to communicate with your local bank to make the necessary transfer. You need an IBAN or BIC number from you UK bank.

Personal cheque

You can bring a personal cheque from home to pay into your UK bank account. However, this can take up to 4 - 6 weeks before the money can be cleared and withdrawn. This option is not recommended if you are relying on it for expenses you need soon after arrival in the UK.

TransferWise

A very safe and reliable international transfer system, and it normally offers much lower fees and better exchange rates than banks. Visit TransferWise.com for more details.

Convera

We proudly partner with Convera to offer you a simple, secure, and smart way to pay your fees online. Convera’s platform is trusted by 800+ institutions worldwide to enable payments in 140+ currencies across 200+ countries and territories.

Pay your fees with Convera

Why choose Convera:

Students, parents, and sponsors can use this platform to pay deposits, tuition fees and more
Avoid costly transaction charges from your bank
Pay online via popular options including bank transfer, credit, or debit card or eWallet
Compare payment options instantly and Convera holds the exchange rate for 72 hours
If you find a cheaper quote from your bank, Convera will match it with their Price Promise Guarantee
Track your payment status by SMS and email
Multilingual platform available in 10 languages
Access 24/7 live chat on the platform or contact our friendly team: studentsupport@convera.com
A platform built with security in mind so that your money is protected
Ability to initiate refunds easily should circumstances change
Pay your fees via a global partner which has been helping students achieve their education dreams for over a decade

Opening a bank account in the UK

To open a bank account, you must be studying in the UK for over 6 months and have a valid UK address.

Once you have fully enrolled at the University, we can provide you with a supporting letter to open a bank account. The letter will be available for you to generate on eVision.

We recommend that you research local banks, as you will need to know which bank you would like to open an account with before the letter is issued. Each bank has its own requirements and so it is essential to check the details of the bank to know what is required from you and acceptable.

The documents you need to open a bank account are:

Your passport
University bank letter to confirm your UK address (obtainable once you have fully enrolled)
Your eVisa Share Code

Banks will have their own requirements for what is needed to open an account with them so always check the bank's website for details.

Be aware of Money Laundering

Money laundering or Money Muling, is when criminals attempt to hide or store money that has been obtained illiegally or will be used for illegal activity. Unfortunately, some criminals will try to use international students and their bank accounts to aide their illeagal activities. In these cases, someone might approach you and ask if they can give you money to keep in your account and you can transfer it to them later. They may offer for you to keep a small portion of the money as a bonus.

Unfortunately, even if you do not know where the money has come from, this makes you complicit in the illegal activity and there will be no evidence to prove you were unaware of how the money was obtained. If your bank suspects that you are invlved in oney laundering, they will close your account and if will be difficult for you to open bank accounts in the future. If you are convicted of money laundering, you could face a maximum sentence of 14 years in prison.

The good news is, both banks and the police are aware that international students can become victims of these scams without realising it. If you are afraid that you have become a victim of money laundering or another scam, contact your bank as soon as possible for advice and inform the International Support team at internationalsupport@staffs.ac.uk so they can advse you of next steps.

Paying your Tuition Fees when you arrive

Your deposit will cover the first instalment of your tution fees. Be sure to check your offer letter for information about your future fees instalments and ensure that you these funds available for the future payments.

The University recommends that you pay tuition fees using Convera, but if you would like to arrange another way to pay, or would like an invoice or receipt, please contact the Income team and income@staffs.ac.uk.

PLEASE NOTE: You can NOT pay your Tuttion Fees in cash.