Money Matters in the UK
This section we give you tips on how to get a bank account, source the best insurance or money transfer deal and give you a basic understanding of the UK tax system.
How much should I be earning?
To gage how much you should be earning, it is worth checking out the payscale website, searching relevant job advertisements and gaining advice from a few recruitment consultants who recruit for your field of work.
How much money should I get after tax?
Most employees are taxed under the simple PAYE tax system to get an idea what you should get after tax go to Listen to Taxman. If you are going to be working as a contractor, there are ways of reducing your tax through an umbrella or limited company, it is likely recruitment agencies will direct you towards relevant schemes.
The easiest way to open a UK bank account is to use an online current account provider such as Monese, Monzo, Starling or N26. The process is simple as all you need is your passport, UK phone number and smart phone.
The other option is the traditional High Street Banks (lloyds, Barclays, Natwest, HSBC etc) which have harder rules to meet which is why we recommend opening an online account with one of the providers above while you settle in before considering approaching the High Street Banks which can cause frustration. To open a High Street Bank Account you will need proof of identification (Your passport with relevant working visa should be enough) as well as a proof of address (usually two of council tax bill, home phone bill, gas/electricity bill, water bill). Obviously the proof of address is hard to prove if you're new to the country.
Financial Transactions when Overseas.
Banks enjoy charging you money for foreign transactions using your card, charging fees for withdrawing money from overseas ATM's and also giving you an unfavorable exchange rate on transactions. So to counter this and keep more of your hard earned money in your pocket we recommend getting a Revolut Card which offers interbank exchange rates (with only a .5% charge for anything above £5000 a month) and up to £200 fee free cash withdraws a month.
In short Revolut is an electronic money institution that offers you an app and prepaid contactless mastercard/visa card that provided you dont withdraw more than £200 cash or spend more than £5000 is fee free and giving you the best exchange rates on your money! The process of getting a Revolut card is easy and simple.
Transferring money internationally through a bank can be expensive will all the add on charges so it is worth hunting around for the best deal. London Stranger recommends Transferwise or Instarem as the rates are excellent and charges minimal. They are also relatively transparent and easy to use.
If you are driving/owning a car it is illegal not to be insured. To find the best quote for car insurance try confused.com. To find the best quote for home and contents insurance try confused.com. To find the best quote for travel insurance try Travelsupermarket. Be careful if you have only recently relocated to the country as some insurers place restrictions for on people who have not been a resident in the country for a certain amount of time.
Disclaimer: This content is for basic guidance only and should be not viewed as financial services advice.