Banking Guides

Primary card. Use a debit or credit card from a bank that charges low or no foreign transaction fees and reasonable ATM fees. Check your account terms for "foreign transaction fee" (often 2–3%) and "international ATM fee" (per withdrawal).

Backup card. Carry a second card on a different network (e.g. one Visa, one Mastercard) and ideally from a different bank. If one is blocked or lost, you still have access to funds.

Multi-currency or travel-friendly accounts. If you travel often, consider a dedicated multi-currency account or a travel card that lets you hold and spend in local currency. This can reduce conversion markups and make budgeting clearer.

Notify your bank. Tell your bank the exact dates and countries you will visit. Many banks block overseas transactions if they have not been informed, and unblocking can take hours or require a branch visit. Do this at least a few days before departure.

Check your ATM withdrawal limits (per transaction and per day) and your POS (card payment) limits. If you expect large expenses (e.g. hotels, tours), temporarily raise limits only if your bank allows it and you are comfortable with the risk.

How much to withdraw at once. ATMs abroad often charge a fixed fee per withdrawal (e.g. €2–5 or local equivalent). Your own bank may also charge a foreign ATM fee. Withdrawing larger amounts less often reduces the number of fees, but avoid carrying more cash than you need for a few days. Balance fee savings with security.

Keep a small amount of local cash for emergencies (taxis, small vendors, places that do not take cards). Get it at an ATM or a reputable bureau de change; avoid exchanging large sums at airports or "no commission" street booths that hide cost in poor exchange rates.

Travel insurance should cover medical emergencies, trip cancellation, and loss or theft of belongings. Some premium credit cards include travel insurance, rental car coverage, or lost luggage benefits — check your card's benefit booklet.

If you rely on card insurance, ensure the trip is paid with that card where required and that you meet any eligibility conditions (e.g. round-trip ticket, trip length). For high-risk activities or long stays, consider a standalone policy.

Use our Banks for your destination page: select your destination country to see which banks operate there, how many ATMs they have in that country, and typical ATM fee information (own network vs other ATMs). This helps you choose where to withdraw and what to expect.

Partner ATMs. Some banks have partnerships with overseas networks (e.g. Global ATM Alliance). Using a partner ATM may waive or reduce the fee charged by the ATM owner; your bank may still apply its own foreign withdrawal fee. Check both.

Bureau de change vs bank rate. Banks and ATMs usually use the wholesale (interbank) rate plus a small margin. Bureaux de change often add a larger spread. "No commission" signs can mean the commission is built into a worse rate — always compare the final amount you receive in your currency.

In some countries, ATMs are the most convenient and fairest way to get local currency. In others, card payments are so widespread that you need little cash. Research your destination and plan a mix of card and limited cash.

Card (contactless or chip) in local currency. When you pay by card, choose to be charged in the local currency (e.g. euros, pounds), not in your home currency. If the terminal offers "Dynamic Currency Conversion" (DCC) in your currency, decline it — DCC usually applies a poor rate and extra fees.

Cash. Use it for small vendors, tips, and places that do not accept cards. Do not carry more than you need for a short period; use a hotel safe or a hidden pouch for the rest.

Multi-currency and virtual cards. Multi-currency wallets or cards can lock in a rate when you convert and spend in that currency later. Virtual cards (for online bookings) can limit exposure if a site is compromised. Check limits, expiry, and whether the card is accepted where you shop.

If your card is lost or stolen: Contact your bank immediately to block the card. Use the 24/7 international number from your bank's website or app (save it before you travel). Rely on your backup card for the rest of the trip. For urgent cash, options include a prepaid travel card you loaded earlier, a transfer from family via a service like Wise or Western Union, or an emergency cash advance from your bank if available.

Fraud and skimming. Use ATMs attached to banks or in well-lit, busy areas. Cover the keypad when entering your PIN. If the card slot or keypad looks loose or odd, do not use that machine. Check your statements and app for unknown transactions.

Before you leave, save your bank's international contact number and your account/card numbers in a secure place (e.g. password manager or encrypted note) so you can report loss or dispute charges quickly.

On Banks for Students you can filter by destination country and see which banks are listed as student-friendly, with notes on account opening difficulty, time to open, and non-resident eligibility. Use this to shortlist two or three banks and check their websites for the exact requirements.

Documents banks typically ask for: valid passport; proof of enrolment (acceptance letter, student ID, or registration certificate); proof of address in the destination country (university accommodation letter, tenancy agreement, or utility bill in your name); and sometimes a tax identification number (TIN) or local equivalent (e.g. NINO in the UK) once you have one. Requirements vary by country and bank — always confirm on the bank's official site or in branch.

Timing. Some banks let you start an application online before you arrive; others require an in-branch appointment. Book an appointment for the first week after arrival if possible. Allow one to several weeks for the account to be fully opened and for your card and PIN to arrive. Have a backup way to access money (e.g. home bank card or a multi-currency card) until your local account is ready.

Student account. Many banks offer a dedicated student account: free or low-fee banking, sometimes an interest-free overdraft (within a limit), and perks like discounts. Eligibility usually requires full-time student status and sometimes age limits (e.g. 17–24). You may need to show proof each year to keep the benefits.

Basic or standard current account. If you do not qualify for a student account (e.g. part-time, short course, or age), a basic current account is the alternative. Look for one with no or low monthly fees and no minimum balance. Some banks waive fees for young people or students even on standard accounts — ask in branch or online.

Savings account. You can open a linked savings account for emergency funds or goals. Compare interest rates and access (instant vs notice). For short stays, a simple instant-access savings account is usually enough; avoid locking money away if you might need it before leaving the country.

Getting paid. Most employers in developed countries pay salaries into a local bank account via transfer (you provide IBAN and BIC/SWIFT). Your student or basic account will provide these details. The first payment can be delayed (e.g. end of first month or next pay cycle) — budget so you can cover rent and living costs until then.

Tax. You may need a tax identification number (TIN) in the host country to work legally and to receive tax refunds. Apply as soon as you are eligible (often after you have an address and sometimes a job offer). Keep payslips and any tax documents for your records and for possible refunds when you leave.

Sending money to and from home. To receive money from family (e.g. for initial setup or top-ups), use a regulated service (Wise, Remitly, or similar) and send to your local account in local currency when possible to avoid extra conversion. When sending money back home, compare fees and exchange rates; again, services like Wise often offer better rates than traditional bank international transfers. Plan for one to three business days for transfers.

Track monthly spending (rent, utilities, food, transport, subscriptions) so you do not overdraw. Set up standing orders or direct debits for rent and bills where possible; ensure enough is in the account before each payment to avoid failed payments and charges.

Overdrafts. Student accounts sometimes include a pre-agreed overdraft (e.g. £500–£2,000). Use it only when necessary; interest or fees can apply once you leave the student offer or exceed the limit. Avoid unarranged overdrafts — they are usually more expensive and can affect your local credit record.

In some countries, having a bank account and paying bills on time can help build a positive credit history, which can be useful if you stay longer or return later. Check your bank's terms and local credit rules.

If you are not staying permanently, close the account before or shortly after you leave. Let the bank know your intended closure date. Cancel direct debits and standing orders, and settle any overdraft or fees so the balance is zero or positive.

Closing. Some banks allow account closure online or by post; others require a branch visit or a signed form. Ask for written confirmation that the account is closed and keep it for your records.

Transferring remaining funds. Move the last balance to your home account or a multi-currency account before closing. Use a low-cost transfer service and compare the total amount you will receive after fees and exchange rate. Do not leave a balance in the account if you have already left the country — the bank may deduct fees and it can be difficult to reclaim money from abroad.