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Bank accounts

 
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naturegirl321



Joined: 04 May 2003
Posts: 9010
Location: home sweet home

PostPosted: Wed Dec 29, 2004 3:25 pm    Post subject: Bank accounts Reply with quote

I-m looking to open a bank account in Europe (since the dollar is going down the tubes ) and kicking myself for closing my Scottish one Sad Anyone know which countries are easiest to open bank accounts in besides Switerland?
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jibreel



Joined: 05 Jan 2005
Posts: 1
Location: Spain

PostPosted: Thu Jan 06, 2005 1:20 pm    Post subject: Re: Bank accounts Reply with quote

naturegirl321 wrote:
I-m looking to open a bank account in Europe (since the dollar is going down the tubes ) and kicking myself for closing my Scottish one Sad Anyone know which countries are easiest to open bank accounts in besides Switerland?


Spain
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naturegirl321



Joined: 04 May 2003
Posts: 9010
Location: home sweet home

PostPosted: Thu Jan 06, 2005 1:26 pm    Post subject: Reply with quote

So what do I need to do to open an account there? can I do it by distance or do I have to go there in person?
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waxwing



Joined: 29 Jun 2003
Posts: 719
Location: China

PostPosted: Thu Jan 06, 2005 2:17 pm    Post subject: Reply with quote

I very much doubt you could open a bank account in Europe from another country (as a citizen, much less a non-citizen). In my experience it's difficult enough when you do live in the country! If you've got sacks of cash to throw around, then I guess it may be a different equation (like you say, Switzerland or Luxembourg).
By the way, good banks in any country (such as your home country) should offer the possibility to hold accounts denominated in other currencies. OK, admittedly, most ordinary banks are not "good" in that sense, unless, again, you have bundles of money.

Converting all your money to Euros would amount to currency speculation (you're betting that Euro will continue to go up, and admittedly that's a good call right now, but nobody knows for sure). I think converting 50% (hedging) is a sensible thing to do if you know that your future expenditures are going to be "indexed" to the Euro as much as the dollar. As a TEFL teacher or wanderer that would make sense to me. This way you'd offset uncertainty somewhat. But it could be a real pain to arrange.
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NMB



Joined: 20 Jan 2003
Posts: 84
Location: France

PostPosted: Thu Jan 06, 2005 5:27 pm    Post subject: Reply with quote

As others have stated, it would be so much easier to choose an international bank in your country. I used to bank with HSBC and had accounts in three different currencies, no questions asked.
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fragganika



Joined: 12 Dec 2004
Posts: 60
Location: North American

PostPosted: Sun Jan 09, 2005 9:56 pm    Post subject: Reply with quote

but when you hold money in one currency, but spend it in another, doesn't the bank charge you a conversion rate on your check card and/or ATM transactions?
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waxwing



Joined: 29 Jun 2003
Posts: 719
Location: China

PostPosted: Sun Jan 09, 2005 11:27 pm    Post subject: Reply with quote

I guess you're always going to have that issue if you're abroad, right? You're either converting dollars to local currency or Euros to local currency.
I find that one way round the problem of currency exchange commissions is to use a credit card. Because, AFAICT, you get interbank rates for the currency exchange when you take money out in local currency at an ATM. Then, if you have internet banking, you can pay off your credit card monthly balance via a computer and you should avoid pretty much all charges.
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fragganika



Joined: 12 Dec 2004
Posts: 60
Location: North American

PostPosted: Tue Jan 11, 2005 2:34 am    Post subject: Reply with quote

hmm... I was under the impression that the credit cards convert at a rate that's disadvantageous to the consumer just as much as the exchange places do...

but, as far as keeping yr money in banks, if you're earning euro's (as, say an ESL assistant or teacher), and you're spending euro's while living there, then it would be divine to get a European bank account. Alas, I'm a Polish citizen, which still uses the dreaded zloty and would convert at dastardly rates on any bank card issued through that country Wink
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