Opening A Foreign Bank Account

[retired_member6]

I'm opening a Romanian bank account next week, I think. I'm not sure why. I'm thinking it would be cheaper to pay myself monies one a month and save the fees charged at the hole in the wall but I'm not sure, going to ask them.

Has anyone here opened a foreign bank account for where they live to save on fees (withdrawel and exchange rate benefits). I'm talking personal account not business. I don't do business here... yet. Is it worthwhile or should I stick to the card and the wall? my football allegience isnt being questioned.

Cheers
Lee

 

[retired_member27]

Open a Nationwide FlexAccount, they don't charge for withdrawing money at ATM machine's anywhere in the world.

 

[woopwoop]

Open a Nationwide FlexAccount, they don't charge for withdrawing money at ATM machine's anywhere in the world.

A lot of banks have cards that don't charge worldwide, but you have to check on if the local bank/atm takes a fee. (this is relating to debit/atm cards - NOT credit cards which are generally free of charges to make payments but not to withdraw cash on credit card... try never to do this)

Sometimes the bank back home wont charge you but the local will still take a fee - so you gotta check.

I've had bank accounts in Korea and US and I think that the est way to save money on fees is to try not to move your money too much.

For example depending on where your money comes in from (if you get paid in Romania, I dunno if you work there) try and keep it in a local bank and use it for your living costs.

For me in US and getting paid in UK, its easier to use my UK credit card a lot, then just pay the credit card bill with my UK account. Using a credit card abroad can often be the cheapest way to do it.

Of course sometimes I need cash and so I have a smaller chunk of funds in my US account that I can take money from (and either top up when I get paid in US, or if I have to a wire from UK where I have the fees.)

In Korea I was a teacher and so every couple of months I'd wire money home to pay my UK bills.

I think it depends on where you earn and spend most of your money and how to balance it. But in general using a credit card can be a good thing - no fees and not a bad exchange rate, plus trying not to wire money overseas will save money too.