There are many factors that should influence your decision over which bank you choose from.
This is even more relevant when it comes to using one when you are planning to travel around the world. Why is this the case you may ask?
Well simply put – you want your money to stretch as far as possible.
Nowadays with the advancement of technology there are many options available when it comes to money management.
Most banks charge a conversion fee for using your money in another country. Think of this as the price of doing business. You will also be charged a cash advance fee if you go over your limit, so bear this in mind.
If you look to switch bank accounts then you should try and go with a current account with whichever provider you choose. A current account will give you the most flexibility while abroad.
Ask your provider any questions you may have, and make sure that it will be accepted in all the countries that you intend on travelling to. Learn about the transactions rates and different exchange rates.
All the reliable providers such as Halifax bank will give you as much information as you require, as they understand all the concerns that you may have.
Probably the biggest factor in your decision of choosing a bank, will be whether or not they have online banking as part of their service. The advantages of online banking cannot be over estimated. You no longer need to physically go to a bank in order to manage and enquire about your money. Everything is available to you online.
You need to ensure that they provide a full online service. This is the main ingredient that backpackers look for when picking a bank to hold their money. Also, try and find out how secure their technology is. Obviously you don’t want any breaches of security when it comes to your money. But nowadays, banks are on the ball and they know how to protect their customers against potential fraud.
Ask the bank if you can get a second(spare) ATM card issued. This will give you some protection on the off chance that you lose or have your card stolen.
In some cases, it may be better to use your credit card for withdrawing money from a local ATM, but you’ll have to enquire with your bank about which is more expensive.
By planning out a few things here and there, you’ll be able to figure out quite easily which bank is the best fit for you.