Banking in UK

[Robby nz]

Hope some brit can help me with this one.

We now have visa and tickets for UK and I am trying to work out how best to finance the trip.

I have a NZ bank card I can use over there but am told I am limited to how much I can withdraw and am charged a fee at both ends for each transaction.

The most cost effective way would probably be to change Baht into pounds and take enough for the trip but I don't want to carry a lot of cash around with me.

So I was wondering if I was to wander into a bank in Glasgow (where we arrive) with about 3000pounds in my hot little paw would they be likely open an account for me with a card that I can use.

If so which would be the best bank to try?

I have a UK passport so would be considered a UK citizen even though I have not lived there for yonks.

[JoePai]

I understand anything under USD20k + an ID (passport fine) and address will do to open an account

Edited July 19, 2013 by JoePai

[TCA]

Unless things have changed in the last few years, I doubt you'd walk out a UK bank with an ATM card in your hand, unlike Thailand. Used to send it to your UK address. So not sure if you really need access to large amounts of cash daily. If the majority was for hotel bills, restaurants etc...couldn't you just pay with your NZ card if it has VISA or MasterCard on it? If it was loaded with cash I wouldn't think you'd be hit even that badly for ATM wirhdrawals. What are the charges?

[sustento]

The simple answer is no. In order to open a UK bank account you have provide identification of your residence in the UK - utility bills, council tax bills etc. There's mention of an HSBC Passport account in the following link but you're very unlikely to be able to walk into a bank and walk out all done and dusted

http://moneyfacts.co.uk/guides/banking/can-you-open-an-account-without-proof-of-address/

Edited July 19, 2013 by sustento

[AnotherOneAmerican]

Travellers cheques are the way to go, BKB sell them I believe, SCB too.

UK require proof of UK address to open an account.

Edited July 19, 2013 by AnotherOneAmerican

[Robby nz]

Travellers cheques are the way to go, BKB sell them I believe, SCB too.

UK require proof of UK address to open an account.

Just been looking at the UK customs site and this is what they have to say about travelers checks.

Travelers' Checks

Travelers' checks were once the gold standard when it came to carrying travel money. And perhaps, in some parts of the world they may still be a safe option, but they are currently the most expensive and most inconvenient option for the UK.

The Pros:

• They are very secure - As long as you keep a record of the check numbers (separate from the checks themselves), and as long as you keep track of the emergency number to call in the country you are visiting, you can get lost or stolen checks replaced quickly, at no extra cost.
• They are available in several currencies including dollars, Euros and pounds sterling.

The Cons:

• They are expensive, possibly the most expensive way to take money abroad in fact. First off, you will usually be charged a fee of one per cent of the total value of the cheques you buy. If you buy them in a foreign currency - in other words you spend dollars to buy travelers checks in pounds sterling - the seller's retail exchange rate will apply and you may also pay a commission for the currency conversion. If you buy them in dollars, planning to exchange them for local currency when you arrive, you will still be stuck with accepting a retail exchange rate (usually much less advantageous than the interbank rate for the day) and probably a foreigh currency commission too.
• They are very inconvenient. In the UK, with the exception of tourist magnets like Harrods, and very expensive hotels, almost none of the shops, restaurants and hotels accept them. In fact, very few stores in the UK except any kind of check at all. So you will have to seek out bureau de change, banks and post offices - during weekday working hours, to cash them. Bureau de change outlets, the European name for commercial currency exchanges, are profit making businesses and usually offer the worst exchange rates.

So it looks like they are not on.

I see there are limits of 50,000 Baht and 20,000 US$ or equivalent in other currency that you can take out of Thailand.

But I have yet to find any limit as to what can be taken into the UK.

Will keep looking.

[Robby nz]

You all probably knew this already but....

If you are travelling from outside the European Union and you are carrying 10,000 euros or more (or equivalent in another currency), you must complete a cash declaration form. For more information about declaring cash, see the HM Revenue & Customs website.

[MrZM]

As mentioned before buy travellers cheques. They are insured, no risk if lost and easily exchangeable.

[sustento]

As mentioned before buy travellers cheques. They are insured, no risk if lost and easily exchangeable.

As long as a bank or Post Office is open.

[MrZM]

As mentioned before buy travellers cheques. They are insured, no risk if lost and easily exchangeable.

As long as a bank or Post Office is open.

Well unless he sleeps all day and is up all night. Then he will have a problem.

[Jay Sata]

Hi Robbie

Forget travellers cheques as they are a real pain in the **** and expensive.

My advice to anyone living in Thailand and wanting to access funds elsewhere in the world with ease is to open an international offshore

savings and cheque account.

HSBC offer such facilities here;

https://www.expat.hsbc.com/1/2/!ut/p/c5/hYzLDoIwFES_hS_obSltWVbSJ9SID4JsSBfGkAi4MPr71pi4dWY1OTmDBpS6xOd0jY9pXeIN9WhgI4i8LbWujQBFYC-1xPBN4mc2YhmU8TVYc9xQcJj7st015MOTHRiHivgc4NAJINwWSjJKfnZlpKW8SbtzChxNF0XQGFz-x97adb6g-3zqXzLL3mFS70Q!/

Your association with HSBC will smooth things along.

I've had one for years. Not rocket science and you can do all your transfers etc on your computer.

Pop your card in to an ATM anywhere in the world.

Edited July 19, 2013 by Jay Sata

[UbonOz]

There are no fees for using ATMs in the UK.

Check with your NZ bank and Thai bank for fees using their cards, easiest way to obtain cash without the extra loss of funds through the purchase of travellers cheques.

You will not be able to open a UK bank account as a non-resident.

Another possible way is to check with a Thai bank which has a branch in the UK, eg. Bangkok Bank, and see what arrangements they have for withdrawing funds in the UK.

[sustento]

As mentioned before buy travellers cheques. They are insured, no risk if lost and easily exchangeable.

As long as a bank or Post Office is open.

Well unless he sleeps all day and is up all night. Then he will have a problem.

He also have a problem at weekends as both banks and Post Offices are usually only open on Saturday mornings.

[sustento]

There are no fees for using ATMs in the UK.

Some ATMs (usually those situated in convenience stores and on motorway service areas do charge fees. The OP might want to see if he can get a pre-paid currency card where he is.

[UbonOz]

There are no fees for using ATMs in the UK.

Some ATMs (usually those situated in convenience stores and on motorway service areas do charge fees. The OP might want to see if he can get a pre-paid currency card where he is.

You are correct, I had forgotten about those. Using the bank's machines at their branches there is no fee.

[Jay Sata]

There are no fees for using ATMs in the UK.

Check with your NZ bank and Thai bank for fees using their cards, easiest way to obtain cash without the extra loss of funds through the purchase of travellers cheques.

You will not be able to open a UK bank account as a non-resident.

Another possible way is to check with a Thai bank which has a branch in the UK, eg. Bangkok Bank, and see what arrangements they have for withdrawing funds in the UK.

There are fees for using foreign cards on ATM's in the UK.

Just like Thailand they are reasonable. Travellers checks are a rip of.

The Bangkok Bank have no facilities in the UK apart from allowing transfers to Thailand via the internet and their branch at 61 St Mary Axe,London.

They charge around £15.00 for a transaction to move money to Thailand whatever the sum.

Edited July 19, 2013 by Jay Sata

[sustento]

There are no fees for using ATMs in the UK.

Check with your NZ bank and Thai bank for fees using their cards, easiest way to obtain cash without the extra loss of funds through the purchase of travellers cheques.

You will not be able to open a UK bank account as a non-resident.

Another possible way is to check with a Thai bank which has a branch in the UK, eg. Bangkok Bank, and see what arrangements they have for withdrawing funds in the UK.

There are fees for using foreign cards on ATM's in the UK.

No there aren't. You're just making things up again.

[NanLaew]

If the OP has time, check locally if he qualifies for an American Express charge card. These normally permit higher daily ATM transactions with a more reasonable limit. However, they may need you to have a 6-month satisfactory billing cycle before setting it up. Although they can have steep annual fees, the upside is they are good emergency cards for such things as buying an expensive but urgent or essential air ticket. I consider fees charged for exchange rates and cash advances on this card are more than compensated for by the convenience and security it offers.

OP should check with his home bank and see if they have or he qualifies for a 'premium' card that may have a larger daily ATM allowance.

Otherwise, apply for a couple of pre-paid currency deposit cards, one for yourself and one for your wife. These can be on the same account or separate accounts, the latter would allow for 'double' the daily extraction. My wife and I have PayPal MasterCard debit cards on a joint US-based account and Caxton fx VISA debit cards on a joint UK-based account for traveling and emergencies. The latter can be specified in either Sterling, US dollars or Euro's; your choice.

I think the cap on most UK-issued cards for domestic ATM use is around £200/day with some cards associated with a 'premium' account allowed up to £400/day or more. I find it hard to exceed my daily limits but sometimes extra cash is needed so try this. If exceeding the daily limit is a possibility, the OP should withdraw the maximum allowed every per day regardless of whether it is needed on that particular day. Day by day this builds up some extra cash in the pocket and in the event of some excessive purchases or a lump sum being needed, there's no panic due to the daily ATM limit meaning insufficient cash for any payments or purchases.

Have a nice trip. I hope the weather is still great when you get there.

[Robby nz]

Thanks for your input everyone, has been a help.

Still the decision rests with me.

Am leaning towards the option of taking cash with me although for a start we would be carrying around more than I like.

We will be there for almost a month and some things are pre paid through an agent, things like a rental car and some accommodation.

Plan on staying mostly at B & B,s and have looked at tariffs and cost of other meals, fuel and entry to things we plan to visit so have got a reasonable idea of budget

The bank card would be a back up and used for emergencies.

[UbonOz]

Thanks for your input everyone, has been a help.

Still the decision rests with me.

Am leaning towards the option of taking cash with me although for a start we would be carrying around more than I like.

We will be there for almost a month and some things are pre paid through an agent, things like a rental car and some accommodation.

Plan on staying mostly at B & B,s and have looked at tariffs and cost of other meals, fuel and entry to things we plan to visit so have got a reasonable idea of budget

The bank card would be a back up and used for emergencies.

Just a suggestion. Holiday cottages/apartments etc can be much more cost effective. You have all the comforts of home. Privacy, washing machine, cooking etc, etc.

B&Bs can be quite expensive.

There are a trillion websites in UK offering this type of accommodation. Also, last minute bookings can save a considerable amount.

I use this type of accommodation every year when we visit to take my mother for a holiday, she is 90.

[7by7]

Your Thai and/or NZ cards are presumably either VSA or MasterCard; in which case there is no problem.

Use them.

As already said, most ATM's do not charge in the UK, though your Thai or NZ bank will charge, and the rate of exchange used is usually the inter bank rate; far better than the tourist rate you'd get with travellers checks or changing cash.

There will be a limit on the amount of cash you can withdraw from an ATM each day; but should you need more then you can withdraw more over the counter inside the bank.

If it is a VISA or MasterCard you can also use the card as a debit card to pay for hotels, car hire, even a pint in the pub. Although as all debit/credit cards in the UK are chip and pin, you may cause a bit of confusion while the staff hunt around for a slip for you to sign if yours isn't! Actually it wont, as the till will be able to print one.

If you don't fancy that, or your Thai/NZ cards are neither VISA nor MasterCard or cannot be used as a debit card, then a preloaded charge card is the way to go; though not American Express; too expensive, I'm told.

No need to carry large amounts of cash at all.

Edited July 20, 2013 by 7by7

[Jay Sata]

@Robby NZ.

Given you are only in the UK for a month and will probably pay for everything with a debit/credit card I would not worry to much about the transaction charge. In the great scheme of things it's worth it for the convenience and security of not carrying a lot of cash.

Make sure you let your bank aware of your travel plans.

[theoldgit]

I think the OP has been given a fair bit of good advice here.

He has already said he will use his bank cards as a back up, it is clear that that whilst the majority of bank owned ATM's do not charge a fee for the use of their ATM's in the majority of locations, some ATM's in garages, convienience stores and the like, do. Obviously most card issuers will cover the cost of the conversion in the rate given.

As the OP will only use bank cards as a back up, I suspect this will not be an issue.

It's sad to see the petty infighting amongst some members spilling over onto yet another thread, as a result a number of posts have been removed or edited.

Robby, have a great trip.

[Robby nz]

Thanks for that everyone.

I still have to get a few answers from my bank in NZ as to just how much they do charge and whether the charge is per transaction or per amount.

The idea of using B&Bs is that we will have daily (friendly) contact with locals.

The last trips we did in NZ and OZ we did in campervans so there was just the two of us most of the time with little outside input.

As we have no definite itinerary or places booked to stay, other than the first couple of nights, I recon it will be good to get advice as to where to go, what to see and where to stay.

Definition of advice : Any two or more conflicting statements contained in the same phrase or sentence.