Banking & money: how it works in United Kingdom — first-hand
Real experience of people from chats on «Banking & money» in United Kingdom — as it is, no fluff. For your case — ask Luky.
From real experience
Tinkoff Premium card benefits for travel to the UK primarily include access to airport business lounges and travel insurance. No specific in-country privileges within the UK are typically associated with the card itself beyond these travel-related services.
Converting currency (e.g., EUR to GBP) upon arrival in the UK is generally inefficient due to transportation costs and time spent finding reputable exchange offices. The most cost-effective approach for tourists is to obtain GBP locally in their home country or rely on travel debit/credit cards. Having two cards from different banks is recommended for redundancy.
Funds held in an Individual Entrepreneur's (IP) business account are generally considered business assets, not personal funds. For UK visa applications, it's best to show personal funds clearly separated from business funds. If you need to demonstrate funds for the trip, it's advisable to transfer them from the business account to a personal account and show a clear transaction history, demonstrating that these funds are available for personal use and travel expenses. Simply showing a large balance in the IP account may not be sufficient on its own.
Old paper British pound notes have been withdrawn and can be exchanged for new polymer notes. Exchange can be done at Post Office branches or the Bank of England. Regular high-street banks may only offer this service to their customers with accounts. Check specific bank policies for exchange procedures.
International payment cards from banks in Kyrgyzstan, Kazakhstan, and Uzbekistan can be used in the UK, though they may not be widely popular due to exchange rates and fees. Some cards, like those from 'Ayyl' bank, require an initial activation via ATM (e.g., checking balance) to enable chip functionality for contactless payments; failure to do so may result in card blockage. Be mindful of potential conversion fees when paying in GBP.
When encountering payment issues for a UK visa application using an Uzbek bank card, try disabling VPN on the form submission page and check if OTP (One-Time Password) codes are being sent to your email, as they might not arrive via SMS. Sometimes, using a different browser or a mobile device can resolve the issue.
Paper banknotes are no longer accepted as legal tender in the UK. Only plastic (polymer) banknotes are valid. Both the older Queen Elizabeth II designs and the newer King Charles III designs are currently in circulation and are accepted.
While Scottish banknotes are legal tender in the UK, they are not universally accepted by merchants in England. Many retailers may refuse them due to unfamiliarity with their appearance or concerns about counterfeiting. It is strongly recommended to exchange for Bank of England issued notes to avoid potential payment issues.
For currency exchange in London, favorable rates can often be found in the Edgware Road area (Arab quarter) or near Victoria station (Victoriastreetfx com). It is also possible to reserve Pounds Sterling in advance through banks like Kamkombank or Avangard Bank.
Payment by Belarusian bank cards (e.g., BNB Bank) in the UK is reported to be functional as of April. While generally accepted, it's advisable to confirm with your bank or have alternative payment methods available.
For a two-week trip to London for two people, excluding flights, budget approximately £2,000. This estimate is based on around £150 per day for both individuals, covering expenses like public transport (cheaper with a card), food (budget-friendly dining or self-catering), and accommodation. While London can be expensive, costs can be managed by planning and utilizing cost-effective options, with prices being comparable to or slightly higher than Moscow.
The UK is a card-centric economy. Many businesses, hotels, and transportation services operate on a 'card only' basis. Cash is often refused or inconvenient. For hotel deposits, a valid physical credit/debit card is frequently required to place a hold. Travelers should rely on international bank cards as their primary payment method.