Banking advice when moving abroad

A

AnnTherese

Guest
I am moving to Canada for a minimum of one year and would like some sound advice on the most cost effective ways to manage banking while out of Ireland?

-Bank account types ; current and or savings types? (assuming internet enabled accounts) ?

-Transfering cash from IE to CN ?

-Keeping savings in IE ?

-Managing direct debits ?

-Credit cards ?

-Bank charges ?

Thanks
 
The best way to manage your a/c's when out of the country is to set up for Online banking. That way you can keep an eye on your a/c's back home and do international transfers either way as required. You can also keep an eye on your Credit Card this way.
 
Thanks Perplexed
I have online banking and this will be a great tool for managing while abroad but I am also wondering if having a current account and transferring from a current account is the best approach with regard to exchange rates and bank charges?
 
If you have your Cr Card in credit it's the best way to initially get funds out when abroad. You will still have a cross border handling fee of approx 1.75% but you won't have a cash advance fee which is more costly. I wouldn't advise putting a large amount into your CC but if you have online you can drip feed as required. Your Laser card should be used as backup only as any cash withdrawals on it will probably incur charges as you'll be out of the Eurozone.

I'm not sure about the Fee structure of Canadian banks but I can tell you BoI have a margin of 1.75% on currencies and I know that some UK banks have a margin of over 4% so changing to Stg is generally better done in Ireland. It's also generally better value to transfer a larger sum instead of small amounts at a time as there is generally a minumum transfer fee. Charges for online transfers can be cheaper than doing so manually. You may be able to look up some of the Canadian banks online or see if there are Expat forums giving advice on such matters - as mentioned by Sue Ellen above.
If you have Savings that you can't access online it may be worthwhile to sign a form giving your mother for eg authority over your a/c's to access your funds if needs be and transfer to accessible a/c's.

Have a chat with your bank. It's a good idea to inform them in any case, especially your Cr Card company that you will be out of the country otherwise you may find your cards blocked for security reasons.

Good luck with your move. As a banker I see so many people going abroad without thinking of these things. Planning ahead is the best way to avoid problems.
 
It looks like the best way to transfer funds abroad is to have bank accounts in both locations and use one of the online brokers. CurrencyFair and Transfermate were suggested on this forum. I did some pricing last month and the savings can be considerable compared to the banks. I was looking at STG to Euro, but I think they cover Canada as well.

I rang around and did a quick price compare on exchanging 2900 stg.

NIB gave 3377.66 euro - 6 Euro Transfer Fee = 3371.66 euro
Transfermate gave 3443.23 euro - 10 Euro Transfer Fee = 3433.23 euro
Currency Fair gave 3465.05 euro - 3 Euro Transfer Fee = 3462.05 euro

I have not used any of the above yet.
 
Just checked and they all do CN. You have to be careful getting online quotes for compare and read the small print cause some companies just quote the mid market rates on the online calculators, which tells you very little about the actual rate you will get from them.
 
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