Bank account & Credit card - Having cash abroad
Is it necessary to open a foreign bank account?
How do you avoid expensive transfer, exchange and withdrawal fees?
It is common knowledge that even abroad you cannot get by without money, which is why you should inform yourself in advance on the subject of accounts and credit cards.
One big difference in payment behaviour, however, is that in other countries it is much more often customary to pay by card instead of cash payment, that we are used in Germany. In times of pandemic this should have increased even more. We therefore advice you to research the terms and conditions of your house bank for the use of the debit or credit card and, if necessary, compare them with other offers. In doing so, compare the types of fees mentioned above and make sure that the number of free payment transactions is not limited.
Compare with which institution you can open a cheap or free temporary account and/ or which credit card offers the best conditions and how long the processing times are. Also ask about special student rates, as you will maintain your student status during your internship abroad.
For remunerated internships, in some cases an account in the destination country is necessary for salary transfers. You can then choose to open an account directly in the destination country or open an international account that also provides the currency of the destination country. You can also compare these providers.
The advantage is obvious: the account can already be opened from home, can remain open when you are back home and remaining funds in the account do not have to be transferred expensively. They can simply be used up in your home country.
Whatever your decision will be: Be prepared.