Thursday, July 28, 2016

Moving to London | Banking & Phones

In this post a couple weeks ago, I shared some things I learned while flat hunting in London. Carrying on this theme, here is some information on banking and phones that I sent to a friend - at the risk of overwhelming her!

As always, keep in mind that this is what worked for me, and by no means will work for everyone. Just some extra information to help you along in your move, particularly before you leave Canada.


Sending Money from Canada to UK

For banking, I was with RBC in Canada and found it cheaper to do cash withdrawals at ATMs here rather than the typical money wire/transfer. They only charged me about 1% for the cash withdrawals and that was more cost effective and efficient than transferring me money/needing to wait to set up a British bank account/etc. BUT since moving here, I've heard a lot of good things about p2p money transfer services like uk forex, transfer wise and currency fair. I think you'll need a British bank account to deposit and use these though.

A word of caution about money wiring from your bank: before moving, we discovered you have to be in the local branch that's sending the money wire. Luckily, you are able to authorize a family member/trusted friend on your bank account and they can complete the wire for you once you're here in the UK with a bank account. 

Banking in UK 

Overall, banking is amazing here! No fees, unlimited transactions, and pretty straightforward. Just a heads up: it can be a little tricky getting approved for credit/overdrafts since we're not in their credit score/history archives. And there is one odd/annoying thing about signing up for an account: you don't get your bank card right away. They mail your card out after you sign up, which takes between 3 and 5 days. Then, another 3-5 days later, you get your security pin in the mail. So often times it's at least a week after you sign up for an account before you can use your debit card.

Mobile Phones in UK

In my opinion, phone plans here are so cheap! I had my iPhone unlocked before leaving Canada and had no trouble getting signed on with a SIM card. I definitely advise unlocking before you leave to save yourself the hassle. I'm on a sim only plan with EE, and pay roughly £15 for 2gb of data, unlimited texting, minutes. Getting phone service was one of the first things I did, because maps and navigation was so key! Since I hadn't set up a bank account when I first got mobile service, I paid upfront for 30days of service on a SIM card. Once I had my bank account and debit card set up, I then transferred onto a contact while still keeping my same phone number.  "Three" is another mobile company that has really great customer service and AMAZING plans (some with 10gb of data for around £20!). In hindsight, I wish I had gone with them.

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