Any insight y'all have on what bank I might use to ensure the least amount of problems accessing my funds while on my RTW. Should I go with some major American bank? Or would it be easier to get an account with some multinational European bank. The way the dollar is doing these days, I don't know if I couldn't go wrong with some bank on Euros. Any thoughts would be appreciated, thanks.

We used - and continue to use - NetBank. We didn't have any trouble accessing our funds overseas and since it is an Internet-only bank it offers a great interest rate.

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Supposedly, ING is fantastic (I think it's called ING - it's out of the Nederlands). They're also internet only, altho they do have these funky "branches," in NYC and LA which are more like coffeehouses than banks.

They've got one on Walnut street in Philadelphia too, called the ING Direct Cafe.

So I don't totally derail the thread, how does one deposit money into a net only bank? Do you transfer it in from another account? Can you deposit cash or checks?

In my experience, both US and European banks are pretty easy to access via ATMs worldwide. (That was the easy part!)

However the issue of what currency to hold (USD, Euros, etc) can be a bit tricky. Transferring all your money to Euros is a gamble, because who really knows what the exchange rates will do down the line. (sure wish I had moved all my money to Euros three years ago though!) Also, you'll likely pay some rather hefty fees to effect the conversion, depending how you go about it.

Realize, too, though, that using your US ATM card in a European ATM might cost you a 'hidden' fee in the exchange rate -- check with your bank to see what exchange rate they use. Often it's the "daily interbank rate plus x%" (1, 2, 3%, etc) -- works in similar ways with other banks and other currencies as well. While your at it, check your credit card's exchange rates - they can vary as well from bank to bank.

At any rate, ATMs and credit cards will 99.99% of the time give you much better exchange rates than credit card cash advances or 'money exchange' windows in foreign cities.

I happen to have a US and a European bank account (ABN AMRO) purely because I lived in Holland for the past three years. One benefit to having two accounts is that if I were to lose one ATM card (or simply wear it out, have it stolen or whatever) - I have a second account and card as backup to get by on. Of course if both cards are in your one wallet when it's stolen -- well, that's just bad execution.

decisions decisions... this is just a jumping off point, but I hope it helps a bit --

I second NetBank. Before I even read any replies I was going to reply to your thread with that suggestion.

NetBank is great. They have the second largest ATM Network in the world, they offer much much higher interest than any other bank, and they are (obviously) quite internet accessible.

another excellent bank is Presidential Bank (presidential.com) - - they are fully internet accessible and their Internet Checking Plus accounts currently yield 3.00% (catch is that you've got to keep your balance above $1000) -- i've had an account there for over five years now - extremely satisfied -- (interest rates were 6% back before the bubble burst)

Also, I've used their ATM cards worldwide and never had a problem. Customer service is also first class.

The importance of finding a bank that does not charge you "foreign transaction fees" is huge, especially with the dollar sliding the way it is. These charges are generally 2-3% of the transaction and may not be apparent because they are hidden in the exchange rate.

I have heard that it is difficult to setup a European account without a verifiable physical address. This could be a problem.

If you plan on traveling widely it will be hard to find a bank that has "no fee" ATM everywhere. Your best bet is to get an ATM card that has wide usability through the Cirrus network, Interlink, etc (look at the back of your card) and refunds fees charged by other banks for using their ATM's.

I have found that Etrade accounts (www.etrade.com) offer good interest rates, no foreign transaction fees, they refund all charges imposed by other banks for using their ATM's and they participate in several ATM "networks". Another good alternative is almost any local credit union. They often offer all of the above and can be real helpful with waiving fees and letting you talk to a real person.

As far as funding a web based bank account it usually involves mailing your deposits, using direct deposit via electronic means, wire transfers, or simple electronic transfers from attached external accounts(the method I currently use).

Royce, thanks for all that info. I think if I have to sign up for one of these net banks I'll have to keep my account at home for deposits and then transfer them in. Oh, and I had no idea E*Trade offered bank and credit cards. I thought they just dealt with stocks.

There is a bank account based in the UK called the Nationwide Flexi account, which im told does not charge anything at all when withdrawing money from ATMs around the world. I have not got an account with them yet but have had them reccommended to me by numerous travellers. Seems like it would be a good idea to transfer all of your spending money into this account, you would save an absolute fortune on withdrawel fees and currency conversion fees

Robgmiles!

A ha yes I have heard of this nationwide account. Problem is I live In Australia and trying to open up an account without me being in the country is proving difficult. I forgot how arsey UK bank people can be!! Thinking of just getting my mum to do some forgery!! Sounds good the account, hope not too good to be true though? ALL banks in Oz have crazy bank fees!

I use ING Direct and like it a lot. Great interest rate, very easy to use over the Web etc. Since it's internet only (unless you live in one of about 3 cities it sounds like) you deposit by transferring from a regular bank checking account. At least that's how I use it.

I think if you're just managing an on-line checking/savings account and not doing anything too sophisticated just about any large bank with good on-line bill payment support would be fine. The bigger the better, I'd think, as you'd get better ATM coverage around the world. Bank of America, Wells Fargo, Citibank, etc. would all probably work fine.