Start saving, be prepared for London costs, and open a bank account.
The UK currency
The currency of the UK is the pound sterling (£), often abbreviated to GBP. One pound (£) is made up of 100 pence (p), and is available as:
Notes: £5, £10, £20 and £50.
Coins: 1p, 2p, 5p, 10p, 20p, 50p, £1 and £2.
Around London you will hear all kinds of slang for British money.
Quid = pound
Pee = pence
Fiver = £5
Tenner = £10
Moving costs
Make no mistake, moving to London is expensive, but how much you spend on the move depends on you. This guide shows the main costs when moving.
Items
Approximate Cost
Visa application
£200 - £1,500 (visa specific)
You’ll also have to show proof of your current finances in your visa application too. This can be proof of a savings amount up to £2,000 - see our Immigration guide for more info.
Healthcare surcharge
£600 - £2,000 (visa specific)
Flight to London (one way)
From Sydney: £600 - £800
From Hong Kong: £500 - £700
From New York: £350 - £500
From Cape Town: £350 - £500
Short-term accommodation
Hostel: £30 - £40 per night
Airbnb: £80 - £150 per night
Someone’s couch: £30 (a round of drinks)
Rent deposit
£1,000 - £3,000 (refundable)
Spending money
Food: £150 - £200 per week
Transport: £30 - £40 per week
Warm and rainproof clothes: £100 - £300
Bedding: £75 - £150
Travel insurance
£50 - £100
Apart from an initial fund, you also may want to budget for:
European travel costs
2-3 months of unemployment while looking for work
An emergency fund for any unexpected situations, such as a sudden trip home.
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