Overseas banking

smulder1

hi all -hoping someone can help. I'm due to go on a work secondment to Luxembourg later this year, just for 3 months, but i'm very aware that my HSBC current account will charge me to every foreign transaction I make whilst over there, so I've been advised to open a local bank account in Luxembourg and transfer my salary across each month whilst i'm out there.

Does anyone have any advice for types of accounts/banks I should use, or experience opening accounts like this? I'm also interested in cheap/free ways I can transfer money from a UK current account to an overseas account if anyone has any suggestions.

DCFC79

smulder1 wrote: »

hi all -hoping someone can help. I'm due to go on a work secondment to Luxembourg later this year, just for 3 months, but i'm very aware that my HSBC current account will charge me to every foreign transaction I make whilst over there, so I've been advised to open a local bank account in Luxembourg and transfer my salary across each month whilst i'm out there.

Does anyone have any advice for types of accounts/banks I should use, or experience opening accounts like this? I'm also interested in cheap/free ways I can transfer money from a UK current account to an overseas account if anyone has any suggestions.

Starling or Monzo would be my choice, a credit card with 0% purchases might be an option.

Aidanmc

Fineco bank may suit your requirements.
https://finecobank.com/uk/online/
There is an offer on if you open an account before 30/5/19 and use a referral code

d123

smulder1 wrote: »

hi all -hoping someone can help. I'm due to go on a work secondment to Luxembourg later this year, just for 3 months, but i'm very aware that my HSBC current account will charge me to every foreign transaction I make whilst over there, so I've been advised to open a local bank account in Luxembourg and transfer my salary across each month whilst i'm out there.

Does anyone have any advice for types of accounts/banks I should use, or experience opening accounts like this? I'm also interested in cheap/free ways I can transfer money from a UK current account to an overseas account if anyone has any suggestions.

https://www.starlingbank.com/travel/

agrinnall

For 3 months I'd consider opening a Metro account and transferring money into it from HSBC so that you can use your debit card for cash withdrawals and living expenses (along with a suitable credit card - a zero exchange fees one rather than the 0% purchases one DCFC79 has suggested).

PRAISETHESUN

Are you going to be paid in GBP or the local currency? If paid in GBP, then you just need an account that gives good overseas transaction rates - Monzo and Starling are two good options there. Another option would be to get a good travel credit card such as Clarity card, and then just pay the balance off with your GBP. If being paid in local currency then it will be a different story - one that I am unable to help with since the banking market is likely to be very different overseas. See below: https://www.moneysavingexpert.com/credit-cards/travel-credit-cards/

colsten

A lot depends on what currency you'll get paid in, and what your expected spending is. A Metro debit card, or a travel money credit card might suffice.

If you decide you need a proper bank account, my personal preference would be Starling, BUT I am not sure their Euro account is yet available for all. About 3 weeks ago, everyone could still only join the queue of interested parties, and it took around 3 weeks before they let you on. Nonetheless, they have full FSCS protection and a pretty solid feel to their app and to their entire set-up.

Monzo is too gimmicky for my taste but it would probably do the job, too. I think (not sure) they do have FSCS protection.

Another option could be the Transferwise Borderless account. Though this has no FSCS protection.

On a related matter: have you sorted out your health insurance (EHIC might suffice at present), and are you keeping an eye on a potentially disastrous no-deal Brexit that will stop the EHIC dead overnight?

BenjaG

It is always good to have a current account in the Euro zone. Any transfers within the EU are at local rates. A Euro transfer from the Luxembourg account to the UK will cost about €0.22 while from the UK foreign transfer rates apply.
For a conveniently cheap current account in Luxembourg try ING or Postbank.

colsten

BenjaG wrote: »

It is always good to have a current account in the Euro zone. Any transfers within the EU are at local rates. A Euro transfer from the Luxembourg account to the UK will cost about €0.22 while from the UK foreign transfer rates apply.
For a conveniently cheap current account in Luxembourg try ING or Postbank.

Neither ING nor Postbank are easy, or even possible, to open for UK residents. Whereas all the ones already mentioned in other posts are.