Going Travelling, What to do About Money?
Discussion
Since I'm not very good at financial matters, I'm after some collective PH wisdom. In November I'm off to New Zealand via Thailand, Australia and Dubai but am wondering what to do about my money. I've already bought the tickets, saved a fair amount and will have a bit more come in just after I leave (giving my car to parents to sell, last paycheques from my job.) Part of the entry requirements to NZ is that I prove I have sufficient funds to stay there, either in the form of a statement or Traveller's Cheque.
Now my current bank (Co-Op) charges a 4% surcharge for any cash withdrawal or card transaction and don't offer any free services. Obviously I don't want to do that as over a year it will get rather expensive. I don't really want a credit card either as I wouldn't trust myself in spending more than I have. Obviously I don't want to carry large sums of cash around with me, so what's the best course of action? Is there a bank here that offers a decent account or should I try and open one in NZ? I will be working there, but I'm not sure how easy it will be to get one with no fixed address. Thanks!
Now my current bank (Co-Op) charges a 4% surcharge for any cash withdrawal or card transaction and don't offer any free services. Obviously I don't want to do that as over a year it will get rather expensive. I don't really want a credit card either as I wouldn't trust myself in spending more than I have. Obviously I don't want to carry large sums of cash around with me, so what's the best course of action? Is there a bank here that offers a decent account or should I try and open one in NZ? I will be working there, but I'm not sure how easy it will be to get one with no fixed address. Thanks!
If you are in NZ for a decent time period then I'd open a bank account when you arrive. There are companies that can have one open and waiting for you to collect the cards for when you first arrive for a fee of about £20 IIRC. I just walked into the local branch and set one up in Sydney when I was working out there. One thing to note is to get a bank with lots of ATMs and branches as they usually charge a fee every time you use another bank's ATMs or other services and this can soon add up!
You could also look at the Canton FX cashcard which allows you free withdrawls and has reasonable fees for other bits and bats compared to other cards. That seems to be the best product of its type on the market at the minute.
You could also look at the Canton FX cashcard which allows you free withdrawls and has reasonable fees for other bits and bats compared to other cards. That seems to be the best product of its type on the market at the minute.
Jackpot said:
You could always transfer your account to HSBC, they offer the HSBC Plus account which gives you free worldwide cash withdrawals, I used it when i was in NZ, no problems at all, it costs about £12 a month. Their internet banking is also very good for keeping track of all your money.
Natwest do this as well.My brother also set up his card so that he could only withdraw £50 per day from a cash point which he was advised to do when he was travelling alone in case he got "into trouble".
Also make sure you tell your bank your itinerary so you don't end up getting stranded if your card gets frozen by the bank if they suspect it has been cloned.
£12 a month..? I'd be telling them to get lost! That's a lot in charges - even the crappiest banks in Aus only have the audacity to charge you $5 a month for your own money. Besides which I'm not sure what it is like in NZ, but in Aus they have just changed the rules whereby the ATM charges you the amount, so chances are you might still get a charge for withdrawal. I'm racking my brains trying to think which bank account my o/h father took out when he came out here to Aus for a visit, it was something like Abbey National - or one of the building societies - they had free overseas withdrawals for no charge IIRC.
In Aus, if you open an account within 30 days (or something like that) of landing you can do so without having to show utility bills etc. Try seeing if you can do that within a certain time in NZ. I'm sure it is a possibility due to the country being a popular haunt of backpackers.
In Aus, if you open an account within 30 days (or something like that) of landing you can do so without having to show utility bills etc. Try seeing if you can do that within a certain time in NZ. I'm sure it is a possibility due to the country being a popular haunt of backpackers.
Buffalo said:
£12 a month..? I'd be telling them to get lost! That's a lot in charges - even the crappiest banks in Aus only have the audacity to charge you $5 a month for your own money. Besides which I'm not sure what it is like in NZ, but in Aus they have just changed the rules whereby the ATM charges you the amount, so chances are you might still get a charge for withdrawal. I'm racking my brains trying to think which bank account my o/h father took out when he came out here to Aus for a visit, it was something like Abbey National - or one of the building societies - they had free overseas withdrawals for no charge IIRC.
In Aus, if you open an account within 30 days (or something like that) of landing you can do so without having to show utility bills etc. Try seeing if you can do that within a certain time in NZ. I'm sure it is a possibility due to the country being a popular haunt of backpackers.
First Direct do this as well & they call it the "First Directory". In Aus, if you open an account within 30 days (or something like that) of landing you can do so without having to show utility bills etc. Try seeing if you can do that within a certain time in NZ. I'm sure it is a possibility due to the country being a popular haunt of backpackers.
£10 (soon to be £12) a month buys free currency transactions, free foreign cash withdrawals, annual travel insurance for a family of 4, free mobile phone insurance & now free breakdown cover. Bargain I think (even for just the travel insurance).
Jackpot said:
You could always transfer your account to HSBC, they offer the HSBC Plus account which gives you free worldwide cash withdrawals, I used it when i was in NZ, no problems at all, it costs about £12 a month. Their internet banking is also very good for keeping track of all your money.
I have that very account, and overseas ATM cash withdrawals come at a very good exchange rate, better then you'll get in almost any money changers.I take some hard cash, but mostly rely on ATM cards when overseas. Even remote place like India seem to have an ATM in every village now.
I opened an account when I was out there. Didn't take much effort. Just needed a 'permanent' address. Your first employer will probably be happy to help out.
As said, watch out for ATM fees. They charge for everything, which is annoying if you just want to see if your last paycheck has come through.
Nationwide were good when I was out there. It was free and worked everywhere. Not any more though.
As said, watch out for ATM fees. They charge for everything, which is annoying if you just want to see if your last paycheck has come through.
Nationwide were good when I was out there. It was free and worked everywhere. Not any more though.
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