Tips for Choosing a Bank for Studying Abroad

Posted date: 09 Jun 2022

Studying in Europe is a life-changing opportunity that teaches you a lot about yourself. One thing you might not have considered is whether or not you'll have to get a European bank account while on the trip. 

Ask the personnel at your study abroad program or any local connections you establish where they bank for the best advice. They will have firsthand knowledge and might be able to refer you to a specific banker. Here are some additional suggestions to consider on how to pick a bank for your study abroad program:

Make certain to read the small print.

When it comes to account opening and choosing the correct one, there is a lot of boring reading involved. If you're not a math person, things like overdraft percentage, rate of interest, and account fees will erode your brain — but keep strong. These are crucial. Many banks will provide freebies to urge you to open an account, but a free rail-card, while useful, may not be associated with the account that is best for you. Make a financial strategy for the rest of the time abroad and consider where you will spend your money. 

Locate one that is near to your residence.

In European banking, location is crucial. Even if that great student account offer is available in your area, if the closest branches are 45 minutes away on the other side of town, it may not be worth the hassle each time you need to withdraw money.

The majority of banking in the EU is still done within the bank. As a result, when looking at student accounts, the one located around the corner from your flat will be much more convenient and less stressful — especially if there are any issues.

Barriers to communication

While traveling overseas, language might also be a big factor. Most banks in Europe's major cities have at least one person who can guide you throughout this procedure in English. Though the communication barriers may make things more difficult, consider it a learning opportunity. To get started, learn the fundamentals of banking. Check to see if someone speaks English (or if you can hire a translator) before committing to a specific account.

Posted By

GSP Admin