International Accounts?

[delays]

Morning all,

I'm coming up for a compulsory Erasmus year abroad as part of my Spanish degree. Heading off in September and thoughts are turning to the practicalities of living abroad with income streams from the UK (I've secured a grant, agreed an allowance with parents and the Erasmus funding is to be paid into a UK account only).

So my question to the PH Finance bods - what's the best way to work this? As far as I can make out, option one is to keep my current student account for the UK stuff and open a bank account in Spain (depending upon what info is required for Spain) - but I'm sure there will be charges beyond the obvious Forex rates for switching any cash across.

Second option - an International account set up for this. Meaning whilst my account is based in the UK, I can use it regularly in Spain without any issues. Top up at both ends if required. Brief chat at my local Bank of Scotland mentioned that this is available in a shape or form from them (awaiting further info) - does it exist elsewhere?

Cheers,

[DonkeyApple]

Several options on Euro accounts. Personally, I use Citibank and just switch the one debit card from the Euro to the GBP account depending on where I am.

I would hazard that actually your biggest concern is the cost of conversion. If you leave it to your bank then you will be raped on every transaction.

The logical move is to cross as big a lump sum as you can at the outset, live off that while allowing your GBP monthly income to accumulate to the piont that you do another transfer.

Keep the lump sums in Euro & GBP savings accounts accordingly and cross into respective current accounts as needed. Use a physical FX house to carry out the actual conversions in order to get the most competitive rate. Just remember to ask for a two way quote and never tell them which way you are going.

[The jiffle king]

I live in Spain and work with a number of expats. We have the following solutions:

ING account in Spain which gives free transfers to most account. (I transfer to UKforex who then send on to my UK bank at a very good rate) It is free to open and has the best interest rate for savings (4%) in the short term

Barclays - Open an account before you leave and then transfer in the bank at a "fair" rate. It does not work out as good as the forex transfer, but it´s ok

Citibank - As above with Barclays

I would go for a local bank, but be careful which one you choose.... some are not looking as healthy as others