keeping UK account but going abroad 4 good?

taxi97w

techno_geek wrote: »

Also, having just spoken to my folks, my dad suggested you get all your overdraft and credit card limits increased as the banks might refuse this once you're abroad!

HSBC were very accommodating for my Dad - they bumped his overdraft up to £5k, and his credit card up to £50k!!!! It's been useful as there have been a few direct debits that slipped his mind, and the credit cards are good for paying for stuff when my folks pop back to the UK every so often.

I would reccommend you apply for a Nationwide Credit Card if you don't have one already - it will save you having to transfer so much money over from the UK!
It's good for going shopping, buying furniture etc at home and abroad... and you get more foreign currency for your £ (which is always a good thing!)

Hope all goes well - PM me if you find you have any other questions and I'll do my best!

I've got a small overdraft and a credit card that I have only ever used it a couple of times because just the idea of credit just gives me the shivers. I don't think I'll be 'transferring' money over from the UK, thought I'd just use the FlexAccount for money that I have left in the UK. I still don't know what the ISA situation is yet, but if that's a no no, I'll put the ISA money into the FlexAccount too.

Also, how would do your parents pay the monthly credit card bill? Do they have to use SWIFT, which costs around 15 euro?

inmypocketnottheirs

Royal Mail redirection is not very reliable. I have had mail still delivered to the original address, whilst a friend of mine ended up with a default notice for a debt he had overlooked by not giving them his new address. Needless to say, the redirection service he paid for failed and he ended up with substantial credit problems for 6 years because of Royal Mail's inefficiency.

taxi97w

That's always a possibility IMPNT. But to not do it would be worse. Desperatly trying to remember everyone I've ever had contact with.:undecided

techno_geek

I've got a small overdraft and a credit card that I have only ever used it a couple of times because just the idea of credit just gives me the shivers. I don't think I'll be 'transferring' money over from the UK, thought I'd just use the FlexAccount for money that I have left in the UK. I still don't know what the ISA situation is yet, but if that's a no no, I'll put the ISA money into the FlexAccount too.

Also, how would do your parents pay the monthly credit card bill? Do they have to use SWIFT, which costs around 15 euro?

My parents pay their UK credit cards and other bills by direct debit from their UK bank accounts as they always have done!

Beate

taxi97w wrote: »

I have a Nationwide ISA. I don't know what you mean SDW- how can you recieve the interest on an ISA if it is not invested? The answer is prob as clear as day, but with all the info in my head at the mo, it's as clear as mud.

Well if you have had an ISA for years, the interest will still be paid on the money in the ISA account - but you can't add £3,000 per year on top anymore.

seven-day-weekend

taxi97w wrote: »

I have a Nationwide ISA. I don't know what you mean SDW- how can you recieve the interest on an ISA if it is not invested? The answer is prob as clear as day, but with all the info in my head at the mo, it's as clear as mud.

If you already have money in an ISA you can receive interest on what is already there but you can't put any more money into it.

inmypocketnottheirs

taxi97w wrote: »

That's always a possibility IMPNT. But to not do it would be worse. Desperatly trying to remember everyone I've ever had contact with.:undecided

I am not saying don't use use it, just don't think it is infallible. It is worth advising the new occupiers of your address and giving them some sticky labels to forward mail to the new address.

HTH

AnW'sMum

If you have online banking set up then you should be able to pay your bills where ever you are, assuming you can get online

taxi97w

techno_geek wrote: »

My parents pay their UK credit cards and other bills by direct debit from their UK bank accounts as they always have done!

Oh I see. I wont be earning any sterling when I'm gone so the money in my NW account will be my savings that I will use for paying out my NI contributions.