A thriving hub of innovation and industry, arts and culture, sport, and more, the UK has much to offer expats, immigrants, and foreign students. Whether you are attracted by the world-class educational or business opportunities, the heritage and culture, or the natural beauty of Britain, it’s important to consider the cost of living in the UK before making your move.

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The currency in the UK

The currency in the UK is officially known as Sterling, although it commonly is called the pound. The official currency code is GBP, which is how you will see it displayed at Moneycorp. The units of account include pounds (£) and pennies or pence. One pound is divided into 100 pennies. Banknotes are available in £5, £10, £20, and £50 denominations, and coins are available in 1p, 2p, 5p, 10p, 20p, 50p, £1, and £2 denominations.

Sterling is the world’s oldest currency still in use, and it is the fourth most-traded currency in the foreign exchange market. Together with the U.S. Dollar, the Euro, and the Japanese Yen, Sterling forms the currency basket used to calculate the value of IMF special drawing rights.

Where to live in the UK

The cost of living in the UK is higher in London than it is in other parts of the island, especially when it comes to accommodation. Within the capital, living costs are higher in Central London than they are in the outer areas of Greater London. According to the 2023 Mercer Cost of Living Survey, London is the world’s 15th most expensive city to live in. The Scottish capital Edinburgh is the world’s 66th most expensive city to live in, while Glasgow placed 86th, Aberdeen placed 93rd, and Birmingham placed 94th on the list. It’s important to remember this when considering a move to Britain. You will also find that, while living costs can be lower in other cities and smaller towns and villages, their sometimes-remote locations mean fewer employment opportunities.

How much does accommodation cost in the UK?

Rental costs and property prices can have a significant impact on the average cost of living in the UK, especially in London. That said, the prices of groceries and most essentials are similar throughout the UK. The table below offers an idea of average accommodation prices both inside and outside London.(All figures taken from Numbeo.com and exchange rates calculated on 5^th February 2023 at 5.00pm.).

How much does transport cost in the UK?

Public transportation is the smartest way to travel within UK cities, as travelling by car can be frustratingly slow and, where congestion charges are in place, expensive. The public transport network within towns and cities and across the country is extensive, although tickets can be relatively expensive. The table below provides average prices for transport costs in London.

The cost of living in the UK for international students

The cost of living in the UK for international students is high, largely due to the higher tuition fees for international students at British universities and colleges. You could pay as much as £7000 per year more than British students in the same course.

That said, tuition fees vary depending on where you are studying in the UK, the degree you study for, and your study level. Social sciences and humanities degrees tend to be the most affordable, while clinical and laboratory degree programs are the most expensive. International undergraduate tuition fees range between £11400 and £38000, with the average annual cost being £22200. International postgraduate tuition fees range between £9000 and £30000, with the annual average cost being £17109.

In addition to tuition fees, the cost of living in the UK for international students is affected by transport costs, accommodation, and other expenses. Budget for approximately £54 per month for public transport. You should budget for between £1300 and £1400 per month for accommodation, bills, groceries, and other expenses such as course materials and entertainment/leisure. Bear in mind that you can receive student discounts on transport, the healthcare surcharge, museums, galleries, and a range of other venues and services.

Sign up for a personal account with Moneycorp

There’s a great deal of preparation to do before you move to the UK, not least sending money to Britain for your accommodation and other living expenses. Take the hassle and insecurities out of sending money to the UK by signing up for a Moneycorp personal account.