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Keeping your money safe

As scam and fraud becomes more common, learn how to keep your money safe and what signs to look out for.

 

Banking and payment methods

If you're an international student we recommend opening a UK bank account as soon as you arrive in the UK.

We also recommend that everyone opens a student account so you can manage your money efficiently and reap the student benefits of banking. 

The safest way of managing your money once you've arrived in the UK is opening a British bank account. We encourage you not to carry around large amounts of cash with you. There are many high street banks you can choose from. You should look around to see which bank account suits you best.

Top UK bank accounts for international students.

In order to open a UK bank account you'll need:

  • Your passport: this will prove your identification
  • Proof of address in the UK: accommodation letter or tenancy agreement
  • Attendance letter: you can obtain this from the Gateway Enquiries desk.

If you change address whilst living in the UK you must let your bank know as soon as possible.

Opening a student bank account will help you manage your money efficiently during university, while also offering benefits like 0% overdrafts, student discounts, and even free cash. 

Martin Lewis, the Money Saving Expert, can tell you all you need to know about student bank accounts and which banks can offer you the best deals here.

The British currency is pounds sterling (£).

We recommend that you bring some British currency with you when you arrive, but you'll also be able to change currencies in Bureaux de Change offices in the airport and high street shops.

Please be aware that if you're carrying large amounts of cash, cheques or banker's drafts when you enter the UK you may need to declare it at customs in the airport.

For more information on what you can bring into the UK, please check the UK Visas and Immigration website. 

Scam and fraud

Fraudsters and scammers often target students, particularly international students who they believe are easy targets. Scammers are finding new and complex methods, so it's best to stay informed so you can spot them.

Common scams

Phishing

Phishing is an attempt to steal your identity, money, or any personal information like passwords or credit card details on a website that claims to be legitimate. Scammers can pose as friends, acquaintances, or established companies - essentially anyone who may persuade you to hand over information. 

Money Mule

You may be offered a fee for allowing someone to use your bank account to transfer money. This may be money laundering, and it's often used to fund serious criminal activity. Money laundering is a criminal offence in the UK, which could result in you being prosecuted and your bank account being frozen.

Purchasing currency from non-regulated or ‘black’ markets

If you're thinking about using a non-regulated market to pay for your fees, this could also be seen as money laundering under UK law, which may lead to investigation by authorities.

Third-party payer scam

A third-party payer scam is when a third-party offers to make the payment for you at a discounted rate and will use stolen payment cards to make the payment to the University. They may even show you the receipt as proof to make you believe they are genuine.

Once the cardholder realises their card has been targeted, the payment is then recovered from the University and the fees are then outstanding – for which you'll be liable to pay for (again).

What to look out for:

  • Spelling or grammatical mistakes in an email or text
  • Offers of discounted rates for using their services
  • Being asked to meet in person
  • Being put under pressure to pay now or make a decision
  • Being asked for personal details
  • Suspicious links or attachments.

How can I protect myself?

There are simple steps you can take to protect yourself and your money from fraud:

  • Always pay your tuition fees directly to the University using one of our approved methods of payment - we recommend Flywire
  • Use a strong and unique password
  • Make sure you have a UK bank account
  • Use two-factor authentication where possible for additional security
  • Use trusted sources/platforms
  • Never share your student login/bank details with anyone
  • Don't let anyone transfer money through your bank account
  • Be wary of any adverts or messages on social media. The University would never contact you on these platforms to ask you to pay any fees.

What do I do if I think I've been scammed?

  • If you're contacted by someone and aren't sure if they're a member of the University, don't reply and contact the Revenue Team at finance.revenues@sunderland.ac.uk or +44 (0)191 515 2455
  • Freeze your bank account 
  • Contact your bank to let them know what's happened
  • Change your passwords on accounts you think have been compromised
  • Keep an eye on your accounts for suspicious activity.

If you think you've been scammed, please call our main University switchboard +44 (0)191 515 2000, who'll put you through to someone who can help.