Best Bank Account for Transferring Money to Germany

skintstudent1234

I'm about to go on a year abroad to Germany and am trying to work out what my banking options are for next year.


My student finance will still be paid to my account here, in pounds (I can't change this and it has to be paid into an account in the UK), so I was wondering which is the best student account for transferring my money from here to my account over there? Or whether I should withdraw my loan (which is paid in three instalments of roughly £1400) in pounds over here and take it to a bureau de change?


I'm intending to open a current account over there so I wouldn't get hit by any currency fees while I am living there and so I can pay my rent etc.


Any thoughts on this would be appreciated


I'm going in to talk to my bank again next week but they weren't very helpful last time I spoke to them about this, so I'm considering changing banks.

NFH

Use a Halifax Clarity Card for purchases and cash withdrawals. Pay off cash withdrawals a couple of days later and purchases at the end of each month. Then you will pay no interest and you'll get the interbank spot rate.

benjus

Metro Bank is still free within Europe; if you can get to a branch (all in SE England) you can open a current account with them. Slightly more convenient than the Halifax Clarity card as you don't have to shuffle money around to reduce interest charged on cash withdrawals.

NiftyDigits

If there are advantages for you in having a German bank account, then consider TransferWise.

But you should certainly consider having a fee free card such as one or two of the above, in addition to the local bank account if you decide to go for one.

NFH

For a German bank account, go for DKB. No monthly charges and good interest rates.