I’m going to live abroad, is it better to open a new account?

I’m going to live abroad, is it better to open a new account?

Who has not thought about changing of airs during a season? More and more young people are moving to another country to live for a time , either for studies, to look for work or to live the experience. Given this situation, it is normal that millions of doubts arise about what to do with the telephone rate or how to manage bank accounts so as not to have to spend a fortune taking out cash in a foreign country. Here we offer the best option for two different situations. Which is yours?

1. The perfect account if you are going to study during a specific time

First of all, it all depends on what we are going to do in the foreign country and how long we are going to stay.

In any case, there are two major concerns that make us doubt about our bank: if we can pay with the card anywhere without problems and where we can get money without charging us bank fees for the account.

As for the first question, today is not a big problem since it is possible to use this payment method anywhere. Of course, in countries with different currencies we will have to pay additional expenses for the conversion.

As for the withdrawal of cash is a bit more complicated. In the event that we go to live a not very long time, the best option is to get a Spanish account that allows us to withdraw money at any foreign ATM.

A different product according to the country

Every time there are more banks that allow their clients to withdraw money from ATMs of foreign entities without paying . It can be a limited number of times and in specific countries or without rules and anywhere in the world. In the current market we find several that offer this advantage. Specifically, these two are the most interesting:

  • Within Europe

ImaginBank mobile bank is one of the most interesting in this regard, since its account allows you to withdraw money for free in 31 foreign countries, mainly within Europe. Among them are as frequent destinations as Germany, United Kingdom, Italy or Holland.

In addition, it is an account without commissions and with which it is possible to enjoy discounts in a large list of shops, also gives the option to win gifts by domiciling the payroll or income.

Contract the imaginBank Current Account

  • To anywhere in the world

For those who are going to cross European borders there is an option that can still interest them more. It is about the Young Account of Evo Bank , with which it is possible to withdraw cash without paying in any country of the world without limit of times. The only requirement to enjoy this product without commissions is to be under 25 years old.

Young Account EVO bank, do not you know it?

In this regard also include two other entities that offer free withdrawals at all ATMs. On the one hand, Mediolanum offers this service with a limit of 52 times per year. On the other hand, the Galician entity Abanca allows free money to be taken to those under 30 who have their NX card provided it is outside Spain and with a limit of 5 withdrawals per month.

2. If you are going to work and live for a longer period

In this circumstance, we can consider opening an account in a country bank. This solution is the most complex , since the entity can demand that we have residence permits, that we are registered, etc.

On the other hand, if we have lived in that foreign country for a while , we have a contract and we fulfill the requirements that the bank demands, it can be a viable alternative. Even the best option if the company in which we work requires an account in that country to direct the payroll or if we need an account to deposit the rent payment of the apartment.

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