Finance of studying abroad

SpendingBuddy

Hello,

I am due to spend a year abroad in Spain and I was wondering what the best way to manage my money would be?

Is it best to open a local bank account? I am thinking that in case someone needs to pay me in euros, or if it is better to be spending money in euros instead of using a UK bank account (I am currently using Chase who don't charge extra).

Is it also best to have a local SIM card? My contract says after 4 months if I am spending more time abroad then roaming will not be free and incur charges.

Thanks! 

Voyager2002

Oh, that is great!

I do think that a local bank account would be a good idea, but check very carefully for unexpected fees. (When I lived in Benin, which follows the French banking system, I found that my bank charged £8 per month just for having an account, and since I didn't ask directly when I opened the account they didn't tell me!)

Most ATMs in Spain charge foreign cards fees for cash withdrawals while DCC (expensive for you) is a constant nuisance. You can avoid both charges with a local account and plastic.

A local SIM would also make sense: roaming is often limited and it is easy to go over data limits. Check whether you can find a suitable e-SIM and of course find out whether your handset would support one.

Sammiejane

How about using a multi currency account like revolut or monzo ? Opening a local account would be more widely acceptable for direct debits though, just make sure there are no hidden charges on the account. They like to charge a monthly fee and for having a bank card. 

Having a local sim would probably get you better coverage and be cheaper too. You would probably need a local bank account to have one of these.