BootsnAll Travel Community

Hi,

Me and my wife are going backpacking for over a year. Leaving from the UK and going to South East Asia, Australia and New Zealand. We plan to work in Australia for a few months.

Has anybody got any advice on accounts, credit cards, travellers cheques. Basically anything that will keep our costs down and things nice and simple!

Thanks

What you want is a Nationwide flexi account and an ATM card.

What you do not want are travellers cheques.

No personal experience at all in this account but every travel board where this question comes up it seems to be inconclusive unless you are from the UK.

From what I've seen, go with Static's suggestion.

It's one of the few times I've ever grumbled about being Australian, our banks are s**t.

We have a nationwide account, they can be funny about giving their full account and often give you just a cash card.

This isn't as bad as it sounds because you can just load the card up and then you are only carrying around with you the money you've loaded on to the card.

We have this card, and every time we get internet access we move GBP500 (my pound sign is broken), on to the card.

We then have two empty credit cards, one visa and one mastercard.

We keep them hidden. We've also told all three banks that we are away, just so they don't block anything if you pay for something in a far off town.

We've also stored two bank cards with family back home, and changed our address for the three cards we have with us to families address.

That way, if we lose a card, we can get family to send their ones straight out by currier and we don't have to wait for at last ten days for our bank to replace our cards.

We also keep some dollars around a 100 hidden in our backpacks.

Hope any of this helps

For Americans I just found out that Commerce bank doesn't charge anything for withdrawing money abroad. Also, if you maintain a daily balance above $2,500 they reimburse you for any charges that you incur from other banks.

Also for credit cards Capital One Visa does not charge anything when being used abroad and they give you points.

I will also be traveling with a Mastercard, just haven't figured out which one yet.

Schwab also doesn't charge for ATMs worldwide, regardless of your balance.

Commerce doesn't charge you, regardless of balance. However if you maintain $2,500 in the account they reimburse you for what other banks may charge.

Sorry, I should clarify. Schwab reimburses you regardless of balance. According to everything I read, there are no ATM fees, period (even those charged by other banks).

ETA: Just saw Josh's reply. I think most banks overseas are on Plus. But here stateside, from what I can tell, they'll reimburse on everything. Plus, it's an interest-earning account.

I'm very pleased with the Schwab service...they are very efficient in resolving issues.

What about 'currency conversion' fees? Is this also free from Chase and Schwab?

I've been told that they take care of all conversion fees - schwab that is. I haven't tried Chase. So far I love Schwab but to be honest i haven't used the ATM much.

ING direct, Capital one, orange...any of these banks will allow you to create online bank accounts, link it to a bank back home and you can transfer money around...it is a good way to keep your money safe in case someone g-d forbid steals your bank card this way you can shift all the money out and control how much is in there...

also bring credit card, atm card/debit card NEVER use traveller cheques they really are a thing of the past...

with an atm/debit card when you take out money you get the best rate closest to the national rate, same with credit card.

also get a capital one credit card they have no fees, not even a foreign transaction fee like other credit cards...it is really good.

In terms of bank accounts, get a charles schwab high interest yielding online bank account...the major perk is FREE worldwide ATM fees...they are rebated back at the end of the month to your account. Now I asked my personal broker (I have an investment account as well with them) and he told me that ANY atm in the world...But when I looked on the back of the card the "plus" and interlink system were listed...he claims any bank will work, I am taking his word for it, but I would stick to any atm with plus and interlink...now I know star system is very popular but I will take his word for it and go back to him if i have a problem.

With that said IMO best two cards to have

Capital one credit card with the no foreign transaction fees that just about any other credit card will hit you with

Charles schwab high yielding no minimum balance interest bearing account; free Debit card withdrawals...you cant beat that