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I am a bit stuck as to what is the best way to take money with me when i go abroad for the year. I am moving to slovenia for the next 10 months and all the money i will receive over the year will be into a british natwest bank account.
I am wondering what will be the best way (and also the cheapest/best exchange rate/least charges) to take money with me?
Do i take cash with me and just use cash and exchange it here? (probably about £1k as i will be back at xmas for another load)
Do i open an account there and transfer it?
take out a travelex card or similar?
Obviously bank will be safest but also most difficult as won't have proof of address or anything like that to set it up and since I'm not going to be permanent it might prove difficult.
any suggestions?
I'd get a local bank account in Slovenia, and simply transfer cash over to it from the NatWest account, either by paying in a cheque or preferably* by electronic transfer ( note that you'll have to pay charges, so it's best to do fewer/larger transfers ).
*electronic transfer *should* be cheaper, faster and less prone to someone in a bank in Slovenia losing a piece of paper.
look at one of the uk banks that offers free cash withdrawls from cash point machines in europe?
then just use internet banking for everything else?
I earn in gbp and spend in euros, and have been using ttt moneycorp online transfer/exchange interface which is called gps (global payments system) to transfer money into a local account. Works well and is relatively cheap...
About a year ago i looked into this with my girlfriend, she is from Slovakia and was looking for a cost efficent way to send a little money to her mum each month. She was looking into setting up accounts with CityBank and Santander. At the time these were offering free cash witdrawls in europe so it may be worth a look at them.
have you had a look at the money saving expert site to see if there is any advice on that or the forum attached to MSE?