Going Travelling, What to do About Money?
Discussion
Since I'm not very good at financial matters, I'm after some collective PH wisdom. In November I'm off to New Zealand via Thailand, Australia and Dubai but am wondering what to do about my money. I've already bought the tickets, saved a fair amount and will have a bit more come in just after I leave (giving my car to parents to sell, last paycheques from my job.) Part of the entry requirements to NZ is that I prove I have sufficient funds to stay there, either in the form of a statement or Traveller's Cheque.
Now my current bank (Co-Op) charges a 4% surcharge for any cash withdrawal or card transaction and don't offer any free services. Obviously I don't want to do that as over a year it will get rather expensive. I don't really want a credit card either as I wouldn't trust myself in spending more than I have. Obviously I don't want to carry large sums of cash around with me, so what's the best course of action? Is there a bank here that offers a decent account or should I try and open one in NZ? I will be working there, but I'm not sure how easy it will be to get one with no fixed address. Thanks!
Now my current bank (Co-Op) charges a 4% surcharge for any cash withdrawal or card transaction and don't offer any free services. Obviously I don't want to do that as over a year it will get rather expensive. I don't really want a credit card either as I wouldn't trust myself in spending more than I have. Obviously I don't want to carry large sums of cash around with me, so what's the best course of action? Is there a bank here that offers a decent account or should I try and open one in NZ? I will be working there, but I'm not sure how easy it will be to get one with no fixed address. Thanks!
How long will you be there for? Is it a case of a few weeks getting to NZ (ie Thailand, Dubai etc) and then staying in NZ for a considerable time? If it is I would say it would be much better to get an account there, and use travellers cheques on the trip to NZ.
When I was looking a few months ago in preperation for spending a year in Hong Kong, the Nationwide Flext account was the best of the 'free' accounts, but the only really good deals were for accounts where you pay/hold a large amount (e.g. HSBC Premier). When I got to HK I opened an account at the local HSBC, took all of 5 mins, was given the ATM card there and then. When I transferred money from my HSBC UK account, I got a better exchange rate than was offered in M&S at the same time, and all I paid in charges/comission/fee's on a £1500 transfer was £5, which seemed good enough to me.
Whether I would have got a worse exchange rate or paid higher fee's if it was between two different banks I dont know, but it may be worth opening an account with a bank in the UK that has NZ branches.
When I was looking a few months ago in preperation for spending a year in Hong Kong, the Nationwide Flext account was the best of the 'free' accounts, but the only really good deals were for accounts where you pay/hold a large amount (e.g. HSBC Premier). When I got to HK I opened an account at the local HSBC, took all of 5 mins, was given the ATM card there and then. When I transferred money from my HSBC UK account, I got a better exchange rate than was offered in M&S at the same time, and all I paid in charges/comission/fee's on a £1500 transfer was £5, which seemed good enough to me.
Whether I would have got a worse exchange rate or paid higher fee's if it was between two different banks I dont know, but it may be worth opening an account with a bank in the UK that has NZ branches.
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