Living in Sweden, paid in GBP - best advice to stop being charged for conversion

Kuei

Hi everyone,

not sure this is the right forum, but I figured it's as close as it gets to my problem.

I'm on secondment for my company in London, working in Sweden for 6 months. Unfortunately I get still paid in GBP to my British bank account, meaning every transaction over here costs me dearly. I can't seem to be able to open a Swedish bank account unless I live here for longer than 6 months.

Any advice on how to minimize the damage from currency conversion/fees?

Thanks,

F

eDicky

It's the right forum - see:

http://www.moneysavingexpert.com/travel/cheap-travel-money

Choose more than one card solution, in case of any problem. E.g. Halifax Clarity credit card plus Revolut prepaid MasterCard.

SW17

In addition to getting a credit card like Halifax Clarity and/or Revolut, for ATM withdrawals (and purchases if you prefer debit cards to credit cards) I would suggest opening a current account with Metro Bank. They offer a fee-free MasterCard Debit card and no charges/interest on ATM withdrawals in Europe (incl Sweden), assuming your account is in credit, so you will get the best possible exchange rate on transactions.

You need to visit a Metro Bank branch to open an account, and they are located in London and various towns in southern England. However, it's just one visit, if you have the right ID etc they will give you the debit card on the spot and you can manage the account online from then on. You don't have to have your salary paid into the account, I just transfer money into mine as needed from other accounts.

I think Norwich and Peterborough building society offers a current account with a similar fee free card, maybe there are others, but I'm only familiar with Metro Bank. I have a Clarity credit card and a Metro Bank debit card, and these cover all my overseas needs. I also have other (less advantageous) cards as back-up for emergencies.

J_B

SW17 wrote: »

I think Norwich and Peterborough building society offers a current account with a similar fee free card,

but I think that they no longer offer that 'fee free' one, although if you already have one, it is still 'fee free'

SW17

J_B wrote: »

but I think that they no longer offer that 'fee free' one, although if you already have one, it is still 'fee free'

The N&P website still seems to indicate that their Gold Classic account offers a fee-free debit card for overseas transactions, though it requires a minimum of £500 per month going into the account.

http://www.nandp.co.uk/current-account/

As mentioned, I only have personal experience of Metro Bank, which has been fine for my needs to date and saved me a handy chunk of cash on ATM withdrawals and purchases in other European countries.

eDicky

J_B wrote: »

but I think that they no longer offer that 'fee free' one, although if you already have one, it is still 'fee free'

If anything had changed with N&P I think we would have heard about it.

It's true that a Metro Bank account would be very useful, if making the single visit to a branch is not inconvenient.

In your situation I would go for a suitable credit card (Clarity or Creation Everyday), a bank debit card (N&P or Metro) and a prepaid (Revolut). The N&P card would give a VISA alternative to the other MasterCards.

J_B

SW17 wrote: »

The N&P website still seems to indicate that their Gold Classic account offers a fee-free debit card for overseas transactions, though it requires a minimum of £500 per month going into the account.

http://www.nandp.co.uk/current-account/

eDicky wrote: »

If anything had changed with N&P I think we would have heard about it.

Sorry
DD2 has a 'gold light current account' which is no longer available.
That only needs small in/out transactions to tick the boxes.
IIRC, she has £1 going in and out four times a month!

Kuei

Hi everyone, thanks a lot for this! I'll get myself one of those cards and hope that they are commonly accepted in Sweden.

warwicktiger

https://transferwise.com/fr/

NiftyDigits

As SW17 suggests, your best option is to apply for a Revolut account right now(you get a virtual card within the app to get you started) to tide you over until you are back in London, wherein you can pop into a branch of Metro Bank. They will give you a debit card on the spot.
I doubt if they will give you a credit card on the spot, but perhaps If you have an exceptionally good salary and banking record, you might be able to convince them.

NiftyDigits

Noble_Viking wrote: »

I would say a Virgin Money Essential Account, but you need to be in the UK to open it... Currently using their Debit Card in Sweden and there are no charges, they just convert SEK to GBP using VISA exchange rate.

I just opened the account for use in Sweden, so just transfer money from my main account and with VM being Visa Debit, it's accepted widely in Sweden.

Whilst it is a decent option, you get the VISA rate and you are charged for ATM withdrawals.
So for Sweden, a Metro Bank account is better. Better exchange rate and no charge for ATM withdrawals.