5 Months in America, best way to convert Sterling?

Misesian

Hi there, I will be spending 5 months in America for a study exchange and I need advice on the best way to convert currency to fund my living expenses out there. At the moment I have a Metro Bank account which charges 2.5% on withdrawals outside of Europe. Are there any better alternatives out there?

Voyager2002

Yes there are: short answer is Halifax Clarity (not sure if it is available to students), long answer is read the article for several options.

blindman

Misesian wrote: »

Hi there, I will be spending 5 months in America for a study exchange and I need advice on the best way to convert currency fund my living expenses out there. At the moment I have a Metro Bank account which charges 2.5% on withdrawals outside of Europe. Are there any better alternatives out there?

Santander Zero card

Supercard linked to another card back home

Travel Credit cards article

eDicky

You should take two or three suitable cards, in case of failure or loss etc, including one or more of the credit cards recommended in the article if you are eligible.

It should be easy to get the Virgin Money Essential current account; the VISA debit card has no fees for overseas use and £1.50 charge per ATM withdrawal (max £250).

If you use a smartphone the Monzo prepaid card has no fees at all, including for overseas. Transactions appears on the app immediately and are also categorised automatically as 'groceries', 'transport', etc. It's quite new and still in beta, but works fine in my experience. After installing the app there may be a waiting list to get your card, which needs an initial top-up of £100 before delivery. https://monzo.com/

Misesian

Seem's like I'm not eligible for any credit cards based on my lack of income as a student, would Metro be my best bet then?

knightstyle

Will you be able to open a bank account in he USA? If so it costs £10 to transfer money into it at a good rate.
Plus is it possible to use Paypal? Open an account in the USA and gift money to it?

eDicky

peter_james wrote: »

All you will ever need-

https://revolut.com/

Revolut is a global money app

Not currently available while they await their own card issuer's licence.

It's certainly worth trying to get a bank account while you're there, probably there's advice available for foreign students.

Monzo is now listed in the MSE advice, and you can get the card right away by using the link:

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

eDicky

peter_james wrote: »

Really? I've used mine in Turkey and Egypt since August- saved a bundle.

Don't we all, but they are not giving new accounts at the moment.