Best Bank Account for studying abroad?

celticfcz

Hey guys I was wondering if you could help.

I intend to spend 4 months studying at a Canadian Uni with travelling to America.
Im looking for a good bank account that would not charge me huge amounts when spending/withdrawing overseas. Previously I would have gone for the Nationwide account that allowed free withdrawals overseas but having just been on their website it seems they will be adding a 1% charge onto transactions from June 1. Im not sure if this is still good compared to others or to just go for the account.
I want to withdraw cash, which would amount to quite a lot as I do not intend to be carrying huge amounts around in my pockets.

Thanks in advance!

Baldur

celticfcz wrote: »

Previously I would have gone for the Nationwide account that allowed free withdrawals overseas but having just been on their website it seems they will be adding a 1% charge onto transactions from June 1. Im not sure if this is still good compared to others or to just go for the account.

1% is nothing in comparison with other institutions' charges for ATM withdrawals, see http://www.moneysavingexpert.com/travel/cheap-travel-money#topcards

<Edit> The NW Cash Card, as opposed to the VISA Debit Card, will not attract the 1% VISA fee..... at least not yet.

Rafter

As Baldur says 1% is still a very good deal when compared to the exchange rate you get offered by most banks and the 3% loading fee most banks charge - plus a per transaction charge in many cases!

R.

celticfcz

Thanks guys so I should just go for the nationwide one then? I was wondering if I just go down to the bank and explain my situation if they will let me have the cashcard? It says on the website its recommended for people on benefits etc so not sure they would let me have it if I apply online?

Edit: Ive had a look at the link but not really wanting to go down the credit card route at the moment. Would just prefer an account where I could transfer all my into it, use it for abroad then just cancel it or whatever when I come back. The Nationwide debit card sounds the best bet.

Ahh I think Ive been confused! So the nationwide card doesnt chard for withdrawals? Just the load fee is 1%? Im not sure what that is but it makes me feel better lol! Thanks for all the help!

rb10

celticfcz wrote: »

Ahh I think Ive been confused! So the nationwide card doesnt chard for withdrawals? Just the load fee is 1%? Im not sure what that is but it makes me feel better lol! Thanks for all the help!

The Nationwide Visa Debit card will charge for withdrawals in Canada. So take out £100 in cash, and they'll take an extra £1 out of your account.

But, it's still much better than most other banks, where they take a percentage (typically around 2.5%), plus a flat fee (around £1.50). So to take £100 in cash, they would take an extra £2.50 + £1.50, so around £4 in total.

Although Nationwide will charge you, the fee is tiny compared to others.

celticfcz

rb10 wrote: »

The Nationwide Visa Debit card will charge for withdrawals in Canada. So take out £100 in cash, and they'll take an extra £1 out of your account.

But, it's still much better than most other banks, where they take a percentage (typically around 2.5%), plus a flat fee (around £1.50). So to take £100 in cash, they would take an extra £2.50 + £1.50, so around £4 in total.

Although Nationwide will charge you, the fee is tiny compared to others.

Thanks! I think Im getting confused with the table in Martins article where it states that theres no withdrawing fee but just a loading fee?
http://www.moneysavingexpert.com/travel/cheap-travel-money#topcards

But will head to my local nationwide to get a card because its still sounding much better than the others.