Second current account in case of emergencies?

nicetomeetyou

I would like to go backpacking in the future. I have heard that its wise to have more than 1 bank account with debit card in case of emergencies, i.e I lose my main card. I already have a credit card but it has a low limit... Can I ask which is the best bank to open a second account with, I only intend to have emergency spends in that account.. Can anybody advice further what other safeguards for money I can put in place when travelling abroad? Thank you.

eskbanker

Multiple accounts is a sensible precaution, not specifically for travelling but in general, offering resilience in the event of technical outages, disputes with banks and card theft/loss.

No particular recommendations for second banks though, other than making sure it's in a different banking group (i.e. no shared infrastructure, etc). It probably makes sense to ensure easy access via an app, but that doesn't really narrow the field down much! Perhaps one with a branch near you, on the off chance you need to visit it?

Multiple credit cards are also a good idea, if your credit status allows....

gaz_moose

have all of your money in one current account then transfer yourself a monthly allowance into another. you could then transfer yourself a weekly allowance into another account. having no overdraft on the monthly or weekly card would mean you were just down by that amount if it was cloned or stolen.


id probably not take the main card with me but just memorise the online log in details.


shop around for whatever banks work best for the countries you wish to travel too.or which have the best deals.

nicetomeetyou

I currently have a nationwide flex-account. Which would be a good bank to open a second account with? Not TSA or Natwest... Would a smaller bank like Yorkshire Bank be a good idea.. I would need somewhere that I can have money put into it incase I lose my main card while travelling.

N1ckS

Maybe try Starling, they accept deposits via the Post Office. Presumably they accept the bank of Mum and Dad for this!

nicetomeetyou

I just opened a a Yorkshire Bank current account B. Got accepted straight away without any problems. I like the fact that the debit card is a MasterCard which I have heard gives better money exchange rates. I plan to put between £50 and £100 a month into. I'm not using it as my main account.

londoninvestor

nicetomeetyou wrote: »

I just opened a a Yorkshire Bank current account B. Got accepted straight away without any problems. I like the fact that the debit card is a MasterCard which I have heard gives better money exchange rates.

The Mastercard rate is generally better than Visa, but on top of the Mastercard rate, Yorkshire will gouge off 2.75% for card purchases, or 3.75% for cash withdrawals:

https://secure.ybonline.co.uk/personal/travel/using-your-cards-abroad/#simpleContained2

2.75% is sadly typical for high-street banks, but 3.75% is the worst I can remember seeing.

Particularly for a card that you're considering using when travelling, Starling would be worth a look - they charge the Mastercard rate with nothing on top.

nicetomeetyou

londoninvestor wrote: »

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Particularly for a card that you're considering using when travelling, Starling would be worth a look - they charge the Mastercard rate with nothing on top.

I needed a card with a high street bank. Edit, oh Starling looks interesting. especially that you can Deposit money in at the post office.

18cc

Starling is definitely a good card for travelling

if you want a good credit card for travelling then apply for a tandem credit card by fownloading their app

Katiehound

Halifax Clarity credit card is commission free abroad (but of course interest is payable if you take money out of ATM with it.)

I'm fairly sure you can have the CC without an account.
I'd be inclined to have x2 bank accounts & x2 CC if possible. You can usually build up your credit limit by using the card and paying off in full regularly showing that you are credit worthy. Then you can ask for the limit to be raised

LobsterMemory

While I thought Starling, please note from their FAQs

I’m going travelling for 9 months, is Starling the best product for me?

Starling is designed to support day to day living in UK and short trips abroad. If you lose your card abroad we can issue a replacement to you at a cost of £60.