The Best Current Accounts For Abroad

If you are planning a semester or internship abroad or have to join a work project in another country or maybe simply travel a lot, you should consider a few things when choosing a bank account in a certain country.

We have listed which banks offer the best current accounts abroad.

Here you can go directly to the banks that offer free cash worldwide! Many students spend a semester abroad, do internships in other countries or work there for a while.

Before they start with this experience, there is a lot to organize. The spectrum ranges from accommodation to health insurance. Students should also take care of a suitable current account for abroad. Otherwise there are high fees for collecting money abroad and for cashless payments.

Avoid the Cost Trap

If you have the wrong current account for a longer period of time, you could incur enormous costs.

An example: With the credit card of Deutsche Bank, customers pay 2.5% of the respective sum for withdrawals, but always at least 5.75 euros. For withdrawals outside the EU, a further 1.75% and at least 1.50 euros are added for a foreign currency. Paying can also be expensive. Only within the euro zone do bank customers not have to pay any fees.

In other countries, on the other hand, many institutions charge a so-called foreign assignment fee. At Deutsche Bank, this amounts to 1.75% of turnover and at least EUR 1.50 per payment transaction. It is easy to understand that these fees can add up to considerable expenses over several months.

Therefore applies: Who did not inform so far about these cost points, should urgently in the price listing of its bank look up. With a current account change a considerable saving potential can be realized often, the Top offerers demand for the taking off and paying only little or at all nothing. With some students, customers can even use their credit card to withdraw cash free of charge from almost any machine in the world.

Prefer a Toll Free Current Account for Abroad

In addition to these special fees for foreign assignments, other costs are of interest. A good bank is characterised by the fact that it waives the monthly account maintenance fees for students. There are three models: Some only offer students up to a certain age a free current account.

For others, the account is free if the holder receives a certain minimum amount of money each month, such as a salary above a certain limit. The third option is best for students: unconditionally free student current account offers. This is another aspect where customers can save a lot of money, especially with branch banks where they often pay high double-digit amounts a year.

Free Credit Card and other Services

Especially abroad, a credit card often makes sense. Students can use it to collect money from numerous ATMs and pay in many shops. Outside the euro zone, a VISA or MasterCard credit card is even indispensable.

The EC card can hardly be used in some countries. In addition, many US hotel operators and car rental companies, for example, require a credit card for security reasons. That’s why students should consider this topic when choosing a current account.

The first step is to compare credit cards and find out whether the banks charge an annual basic fee. Second, before issuing cards, banks check their creditworthiness. They should also offer students a credit card and not insist on a certain minimum income. Thirdly, there are different types of credit cards. All transactions can be settled once a month, but this usually requires a high credit rating (Charge Card).

With other credit cards, the bank debits the transactions directly from the current account associated with the credit card (debit card). There are also prepaid credit cards that require customers to top up their credit in advance. Since the banks do not take any risks with this form, even people with very poor creditworthiness receive these cards, for example with a negative credit history / Schufa entry. Those affected should concentrate on this variant when doing their research.