Replies: 8 - Last Post: Nov 27, 2012 2:44 PM Last Post By: IntrepidGee
Nov 22, 2012 7:34 PM
Study AbroadHi, I am studying abroad in Granada, Spain. My small local bank cannot provide service there so I am looking to open a new account. I hear you can get many fees from exchange fees, atm fees and other hidden ones (we all know how that goes). Anyone live abroad and have advice on a bank? Gracias!!!
Nov 22, 2012 8:00 PM
1You need to provide some more information.
Are you already in Spain? Where are you from? What country is your ‘small local bank’ located in? What kind of ‘services’ do you need to be provided? I don’t think any bank can provide ‘services’ in another country- but it depends on what you mean by this.
The main question is whether you need a local bank account or not. If you’re studying for a few months, chances are you will not be receiving any money and you won’t have lots of bills to pay- so you probably don’t need a local account.
If you do need a local account, then it doesn’t matter what bank you have in your home country. Just ask your University office to help you with opening an account with a local Spanish bank.
If you don’t need a local account (which is quite likely) but just need access to cash, all you need is a debit card. A credit card is handy to have as well.
Your local bank doesn’t need to provide any services in Spain- all they need to give you is a debit/ATM card that works internationally. E.g. I have an account with a local credit union (a not-for profit financial institution) with only 2 branches in the tiny US state of Vermont. That’s about as ‘small & local’ as it gets. Yet my ATM cards works all over the US and all over the world in most ATMs. That’s all you need.
Yes, different banks charge different fees but in general, using debit cards and ATMs is the cheapest way of exchanging money. People always forget that other kinds of exchange (like cash, traveller’s cheques, wire transfers) carry fees as well. So the international ATM fees are usually quite reasonable. Nevertheless you can shop around and find a bank that offers cheaper rates on international transactions. If you want recommendations on which bank in your country may have lower fees than most, you need to tell us what country you’re in (obviously)
Lastly, I think you may find the following information very useful- it explains the general issue of dealing with money while out of your home country: http://www.lonelyplanet.com/thorntree/thread.jspa?messageID=19960683
Nov 23, 2012 12:45 AM
2Your 'small local bank' has a director so you can ask for their correspondente bank and if your bank can open an account for you in Spain. But why you think you need an account?
Nov 23, 2012 7:25 AM
3If I lived abroad, I wouldn't leave in Spain by definition. You should be more precise in your questions.
Nov 23, 2012 8:58 PM
4#3, I didn't imply OP 'leave (sic) in Spain'.
OP said ' I am studying ... in Granada'' which is present tense although this tense can also be indicated to show future intent. So it's not entirely clear whether OP is planning ahead or has already arrived in Spain and has now realized his/her need for banking services.
I realize English may not be your first language, so you may have missed this, but in general you'd do wise to accept that your understanding may be limited before criticising others.
Also, it would be better if, instead of attacking those who are trying to help, you added your own wisdom and tried to answer OP's question yourself.
Nov 25, 2012 10:35 PM
Nov 26, 2012 12:15 AM
Nov 26, 2012 6:42 AM
#3, reading your post again I am not sure you were speaking to me or to OP. Which makes the point in my 3rd paragraph even more appropriate. But apologies if somehow i riposted you for attacking me if you weren't.
Anybody wants to place any bets on whether OP will ever return or not? /note to self: no more lengthy responses to first-time posters/
Nov 27, 2012 2:44 PM
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