Cheapest Banking Options in Europe?

I found the cheapest way to pull out money when I was backpacking was using a travelex cash passport. You still pay a fee but you pay less percentage wise. check it out

http://www.cashpassport.com.au/

cheers,
brad

keep it simple.
Use atm'z with no fee at the Europe end. The machine will tell you.

Like going gambling; never carry more cash on you, than you can afford to lose.

Pickp/snatchers are slick as hell, in Europe.

Rick Steves moneybelt, that holds passport, atm, and plane ticket, saved all for me 3 times in 3 years.
www.ricksteves.com

Opening a bank a/c in Europe is just about impossible for a non-resident. And there is no way of avoiding fees but it's only a few dollars each time (check with your branch for correct figure) plus conversion fees. Just use your usual CommBank debit card and withdraw 200euros or so at a time. See if they will issue a 2nd card that you can keep somewhere safe, just in case you lose the first one. Have a credit card for emergencies, but don't use it to withdraw cash.

The Cashcard mentioned by #1 is actually a little more expensive than using your debit card. The withdrawal fees are about the same, but there are additional fees for buying the card, topping it up, and reclaiming any cash left when you return.

BTW I see you're spending 6 months in Europe. Do you have an EU passport, if not, are you aware of the Schengen Zone? Check the FAQs at the top of this thread if you need more info on Schengen.

Im an aussie also heading to europe this year, i have an ANZ visa debit card aswell as a ANZ credit card. I have applied for a UK Working Holiday Visa through www.owh.com.au they are helping me open a UK bank account..would it be better for me to get a debit card from this account or just use my australian one? (i dont yet know with what bank my uk account will be, OWH are sorting that out for me)

Cheers!

wrm_86

both of course.
One for emergency only. Only use your card at atmz. No chance of reciept info shaftydoo.

atm gives the best exchange rate.

Happy trails.

Australia doesn't seem to have a great answer to fee free withdrawals. Check the FAQ on the RTW branch on Debit and Credit cards. I think you will find that the best Ozzies can do is using a Wizard Credit Card and pre-loading it before leaving home.

wrm_86, start your own thread. It is impolite to attempt to sidetrack someone else's thread. Your inquiry is totally different from that of the OP.

qwovadis, the 'no fees for ATM withdrawals' doesn't mean no exchange fees. It simply means no fee for use of the MACHINE overseas. Wizard does NOT exchange at the full Interbank rate. Also, it is a credit card and if used at an ATM without first pre-loading it, it WILL attract immediate interest charges.

OP, I also wonder as Germander has, whether you are aware of the Schengen rule.

Hey thanks for your advise guys I do have a eu passport if that makes a difference. Maybe I might be eligible to apply for a European bank account? Also with the Wizard Clear Advantage MasterCard is it easy to transfer money on to the card? And how long does it take?

Edited by: paulmsammut

With EU passport, not problems with Schengen. You can stay as long as you want. You also have the right to live and work in any EU country if you want.