International Travel - Banking

SuffolkSpug

My son is at university studying languages (4 Years). His full academic third year will be spent abroad, most likely, France, US, Canada, Mexico, Germany, Italy. He currently has a Santander student current account for use in the UK but I am becoming concerned than when his travels begin (August 2016) the exchange charges for his banking transactions in the various international currencies will become significant.
Despite some research, I find it difficult to discern the most appropriate bank account products which would suit such a travel agenda. In particular, we would like to keep his exhange fees low on purchases and ATM withdrawals whilst also allowing me to send money transfers from my sterling account to his foreign use bank account for use in whichever currency his situation demands.
Can anyone offer me some guidance or pointers for research towards the most appropriate products?
Many thanks.
SuffolkSpug.

agrinnall

What sort of course is he doing that he'll end up in as many as 6 different countries?

Best option for him is something like the Halifax Clarity credit card, if he is eligible for it.

http://www.moneysavingexpert.com/credit-cards/travel-credit-cards?&_ga=1.84771033.1706339514.1392649330#seven

Alternatively the Revolut prepaid card seems to be highly regarded just now, and is probably easier to get

http://www.moneysavingexpert.com/credit-cards/prepaid-travel-cards

If he goes for an option like this then no foreign currency account woule be required and you can simply use online banking to transfer money into his sterling account.

SuffolkSpug

Thanks for the reply. Will certainly look into these merits.
He is majoring in Medieval French and German and will attend universities in France, French Canada and Germany for these; will also visit uni friends in Mexico and Italy. The US should just be for transit / hub travelling.

bouncydog1

I just added my daughter to my own Halifax Clarity account so she has always had access to best exchange rates when overseas.


I trusted her implicitly never to abuse the use of the card which she hasn't. When she used it for cash withdrawals overseas I would just repay the STG amount plus a bit extra to cover cash withdrawal interest as soon as it showed on the statement (monitored online).


I wouldn't encourage your son to apply for a credit card as the Clarity is quite difficult to get without regular income and a good credit history.

Voyager2002

Several standard answers...

N and P Gold Classic is a bank account that does what you need, although he may not qualify and there is a requirement for regular funding. Within Europe, Metro Bank is free (and you can complete the entire account opening process with a single visit to one of their branches).