Family member moving to Europe - which bank acc to manage transfers to and from UK

NicholasT

Hi,

My daughhter is moving to Europe in the next couple of months and we are receiving conflicting messages and information as to how both we and her can best manage banking!

Basically she will need a bank account that we can then transfer money into from the UK without being charged a fortune in fees every time and she can they withdraw euros from there.

As far as I can tell at the moment either she can keep her UK bank account (santander) but then will be charged to withdraw money or use it as a visa on spends over there or she opens a bank account over in portugal but then for us to transfer money into it from here it will charge us every time!

Help!!!

agrinnall

Why can't she just use a UK Sterling account that offers fee-free Euro withdrawals? I have a Metro bank account for just this purpose.

eDicky

She will need a Portuguese bank account sooner our later probably. Then you avoid all bank charges and their lousy exchange rates by using a broker such as TransferWise to send funds.

Until then she can use Revolut with its smartphone app and prepaid MasterCard. If you also sign up you can send funds to her instantly at the interbank rate with no fees.

Metro Bank in the London area issues a fee free card for Europe as soon as you open an account in branch, or N&P BS issues a fee free card with its gold account - but if she will no longer reside in UK she will cease to qualify for such accounts.

NicholasT

Thanks Agrinnall I did think of that but then it means she'll have to keep making trips to the bank in town and can't use a debit card. One to def consider I think tho!

NicholasT

Hi eDicky,

Thanks for the advice, like you say she won't be able to apply for the uk based bank accounts as she won't be resident here. From what you're saying I think she'll be best opening a Portuguese bank account and I use transfer wise to send her money- I'll look into that and see what the fees are. I'll also do some digging re revolut, tbh I've never heard of them! All fantastic thanks for replying to my post!

pinkdalek

Speak to her existing bank and see if they offer any international banking services that she could be eligible for.

Some banks do offer this service, some will own another bank or be linked to another bank in different European countries and they may offer cheaper or even fee free ways of moving monies around for her.

Just a suggestion, what is the worst that can happen?

eDicky

pinkdalek wrote: »

Just a suggestion, what is the worst that can happen?

Loss of about 3% of your money from the spread that banks put on the exchange rate.