Moving to USA for 5 months

davenpearsall

Hi All,


In January I'm moving abroad for 5 months and I'm trying to figure out which will be the best way to manage my money.

I'm going to be living off savings. At the moment I have them in a high interest account and just move it into my Natwest current account as and when I need it.

I remember years ago Nationwide used to do a current account which enabled you to withdraw for free abroad, however this seems to have stopped.

I've had a few people suggest ways in which I could go about this. These range from writing out a cheque to myself, then going to cash it. Opening a current account at one of the USA banks. Pay for everything on a credit card and then just pay it off at the end of the month.

If anyone can give any good info as to what will be the best way to beat the exchange rates/charges or whatever else will cost me whilst I'm there.

Any information appreciable. Many Thanks

ryantcb

if its just 5 months is simple cash not an option?
Also HSBC do international accounts
There is always travellers cheques too

Degenerate

If you live near or pass through London, open a Metro Bank current account in branch to get a zero forex fee debit card.

chattychappy

I've been in similar situation for years - periods in the UK, periods in Asia.

Unless you are working in the US (ie getting an income there), then for the sake of 5 months I wouldn't bother opening local accounts.

I manage my accounts remotely and it generally works well. Sometimes I get caught out if a card expires, but I always have backups. I still maintain a UK address so that mail can safely be received (but not opened).

For cash I now use Santander Zero. 0% fee, 0% forex loading. Reliable online system - I just pay from my Nationwide current account by using Nationwide's online banking. For purchases I use PO, Zero or sometimes Nationwide Gold Visa (1% charge). Halifax Clarity is also good for foreign stuff, but I have no personal experience. Currently Nationwide Debit is still my (increasingly pricey) backup for cash. PO's online system is awful.

The weak links in this arrangement are:
1) Nationwide's requirement to use their debit card and card reader to access their online banking to make payments (and soon even to log in). I can pay off some credit cards via the credit card's own website (MBNA, Barclaycard), but not PO or Zero.

2) Getting stuff in the post. Despite online access, some stuff still comes in the post.

I've been doing this for 10 years and have been away for as much as 9 months at a time. Never had a problem - you just have to run the what-ifs. I was away when NW first introduced their card readers and as part of this they replaced my debit card. This meant I could no longer make payments via internet banking. For 2 months I made BTs to meet payment-due deadlines - so I paid some small BT fees and interest. That was the closest shave.