Bank Account To Use Overseas?

doire_2

Hello,

My brother is currently in Seoul teaching english.

He has a Bank of Ireland current account but cant use his ATM card in Seoul.

He is relying on using a credit card. However being charged £3 each time he withdrawls cash and also almost 17% on purchases this isnt ideal.

Could someone give me the name of a bank in which he can use his ATM card abroad and has internet banking?

Thanks for your help

gt94sss2

Your brother ideally wants a Nationwide current account - as their debit card doesn't charge foreign exchange loading and is the cheapest way to withdraw cash from ATM's abroad if needed (rather than using a credit card) - it also offers internet banking.

These credit cards are the best for overseas use, as they do not charge you foreign exchange loading on purchases abroad.:

- Nationwide
- Post Office
- Thomas Cook

Otherwise, your brother may want to try HSBC - they have branches both in the UK and Korea so could probably help him open a 'local account'

Regards
Sunil

Hazzanet

Probably best with a Nationwide Flexaccount if he wants to make ATM withdrawals abroad. Their debit card should work in any VISA/PLUS machine, and I understand the cashcard had a Cirrus symbol, so should work in machines displaying that.

doire_2

Thanks everyone.

As he is already in Seoul it may be best if he tried the HSBC route

skyrider007

He should have a local account in Korea (with a local bank or global bank such as Citibank or HSBC) AND preferably an offshore account (HSBC/Barclays/Llloyds offer this) or a UK HSBC/Citibank account.

robledouk

doire wrote: »

Thanks everyone.

As he is already in Seoul it may be best if he tried the HSBC route

or CitiBank.I`ve been living in Seoul for the last year but use the local banks as most foreigners do. Don`t understand why your brother doesn`t do the same?

Biggles

He'll probably find he's actually being charged 5.75% each time he draws cash: 3% cash advance fee and 2.75% foreign exchange loading (though they don't necessarily show the latter on any statement).

HSBC aren't much better even if he draws local cash on his UK debit card, they charge 1.5% cash advance fee plus 2.75% loading.

Nationwide charge 0% plus 0% on their debit card, 2.5% plus 0% on their credit card.