With living and working abroad what is the best banking setup to have?
I am thinking of using something like
Schwab (for free ATM) + Ally (for savings account)
or maybe keep on brick and mortar account open as well, maybe BoA checking ect.
Would need to be able to be linked and easily / cheaply transfer money between accounts.
I will be leaving the US soon and would like to get my accounts setup so any and all advice is welcomed.
btw at the present all I have is a free online BoA checking account.
Best Banking Setup
Re: Best Banking Setup
Both schools I've been at have opened savings accounts for the teachers so our pay can be deposited directly; the accounts come with ATM cards. You should check into this with your new school.
I've been with the same credit union for over 25 years and have had a brokerage account with Merrill Lynch for nearly that long. That's where I send excess funds and have a personal contact to handle any issues like compromised cards. I think it's important to have that sort of backup.
You should also, if you haven't already, make arrangements now to have bills paid via automatic transfers. I pay my credit card off every month this way, as well as my mortgage and utilities.
I've been with the same credit union for over 25 years and have had a brokerage account with Merrill Lynch for nearly that long. That's where I send excess funds and have a personal contact to handle any issues like compromised cards. I think it's important to have that sort of backup.
You should also, if you haven't already, make arrangements now to have bills paid via automatic transfers. I pay my credit card off every month this way, as well as my mortgage and utilities.
-
Crgallen22
- Posts: 74
- Joined: Fri Jan 01, 2010 10:43 am
Banking
Well first what are your banking "needs"? (Do you have regular bills back home you have to pay?).
There really are no "free" ATMs, most US banks charge about 3% for foreign currency transactions at the ATM. Some don't, most do.
Its unlikely your school will auto deposit into your home bank, I only know of a handful of schools that do it. What typically happens is the school sets you up with a banking account, called a passbook account. This is like a savings account back in the USA. You get at ATM card that you can use at ATM machines or at major retailers. Debit cards and "checking" accounts dont really exist outside of europe for personal use. You may be offered a credit card at some point. Sometimes right away, sometimes in 6 months, sometimes years.
Thats really really an over simplistic answer. First there are no real international banks that have transparent banking with the USA. There isnt a Bank you can open an account in the USA that would have a Branch in overseas that you could walk into, deposit currency into and then use Bill Pay or a debit card. Lots of people have tried and they either end up costing more in time and or money then just sending a wire to begin with.
Basically there are three ways to send money back to the states:
1) Wire Transfer
2) Transfer Services
3) Mail
A wire transfer is a bank to bank transfer of funds. Their are two types tele-fax and electronic. With a telefax wire The initiating bank (in china) calls the wire/international banking office for your bank in the USA with your banking info, and then follows up with a fax of the transaction. Basically its a contract between the banks to move the money from one bak to another. Its the oldest type of wire transfer there is and can be really slow (5 days to a month), depending on the relationship and reputation of the bank, you may get the money credited to your account before it "settles". An electronic transfer uses (in the USA) the ACH (Automated Clearing House, which is the retail component of CHIPS and FEDWIRE. FEDWIRE services government securities and the Federal reserve. CHIPS services commercial corporations and non government commercial paper. They dont really matter as locally its the ACH your bank deals with. The ACH is the same entity that handles your checks. So when you write a check it gets turned into an electronic transaction, its the ACH that handles that) and a similar processor in the foreign country.
So in an electronic wire the banks talk to their clearinghouses and the clearing houses talk to each other. The important thing for you to know in an electronic wire is where and when is the "settlement" day/time. The settlement day time determines the exchange rate, and the where determines whos exchange. That is going to determine how much money goes into your account.
Wire transfers have the benefit of reliability, security and accessibility (because the money ends up in your account which is a place you can then do something with it). The draw back though is cost (they are typically the most expensive) since you get charged by the sending bank and receiving bank. A wire transfer can cost between $20 and $50 when all the fees are paid. They also arent convenient. Since you have to go to the bank during business hours, and will also need to go during the time the foreign account representative is there. Since you will want someone who 1) speaks english 2) Knows how and can access the wire services for that bank branch. It might shock you that you can only do that at certain times of the day or week.
2) Transfer Services you know these already. Western Union, Money Gram, and PayPal. Instead of using banks directly these companies have their own network of offices and agents across the globe. You can walk into a 7-11 (yes lots of these are in china) in Beijing that acts as an agent for Western union and "send" the money to a grocery store in Florida whos a western union agent. Costs are usually cheaper ranging as low as $7 to about $25, with the average around $15. The benefits are that its FAST, usually within 10 minutes to an hour the money is available. Its also cheaper per transaction. The disadvantages are that:
I) Someone like a family member or trusted friend has to pick up the money (meaning going there, waiting in line, and then taking it to your bank and depositing it in your account).
II) The daily/transaction limits are small, usually between $300 and $1000 per transfer. Meaning if you have to have 2,500 every month to pay your mortgage and student loans. That means someone has to make 3 trips on 3 different days to pick up the money an deposit it in your account.
3) Bank by mail. Many banks in the USA including smaller state banks, credit unions and online banks offer this method though no one uses it very often. Basically, you go to your bank (or post office) in beijing and get an official check (or bank draft) put it in an envelope and mail it to your banks "Bank by Mail Address". The bank gets the check and then you wait for the check to clear, and the money is credited to your account. The benefits are that its cheap, and doesnt require someone in the states to act as your liaison. This can be the cheapest way as a bank draft cost about $1 and international postage is about $.50. The problems are that its VERY slow. First class international mail can take a month or longer to arrive. You can send it EMS or DHL if you want it to get there faster but its much more expensive (between $15-$30) and its also far less secure. Mail with money in it tends to get lost, and getting the money refunded from the chinese bank can take a long time. You also have to wait for the check to clear, which can take 10-30 days. (In all fairness I have to say Ive known people to do the bank by mail approach using cash (USD), though I wouldnt recommend it).
So basically it depends what your needs are. My advice is:
Your better off dealing with a national bank in the foreign country, they just have a better work flow and relationship, with USA banks. Likewise your better off with a bigger bank in the USA (Chase, BOA, Wells Fargo, etc) then a state run bank or credit union. You want banks (USA and Foreign) that have
1) An English speaking customer service number and preferably an international banking department. English PC/Online banking is a nice plus.
2) An IBAN (International Bank Account Number) which may be different then the ABA (American Banking Association) account number, (which you see more off with smaller state banks and credit unions then the large national banks).
3) a SWIFT code. Which is used by the various clearing houses to identify various banks. This is in addition to your banks "routing number" used in the Federal Reserve American Banking System.
4) A compatible PIN number. ATM machines overseas sometimes use more then 4 digit PINS (often 6 digits). Foreign machines (at most overseas international banks) will accept 4 digit pins. Some will accept two zeros and then your 4 digit PIN. Some wont accept PINS that start with 0. You also want an ATM debit card that uses as many processors as possible, most ATMs accept Plus, Cirrus & Masestro, which are common to all the big USA banks.
5) Most people do a lot of their banking by ATM. As a foreigner the only time your likely to go into the bank to see a teller is to 1) convert currency, 2) cash travelers checks, and 3) Wire money. China is a pretty large cashed base society, and while you an use your ATM card at some stores (such as Watsons, Ren Ren Lu, Trust mart, most people use cash). You may qualify for a credit card, depends on your school and how much money you make. It will either have a low credit limit, or else you typically have to wait a year before you can apply.
6) Exchange Rates: remember when i was discussing the settlement date? You basically want to find out how soon and where the banks settle their wires. The sooner the settlement date to the transaction date the better, as the exchange rate is less likely to vary as much. Chase settles in Germany, BOA in New York. Of course you should also shop around for the lowest account fees and transfer/transaction fees.
There really are no "free" ATMs, most US banks charge about 3% for foreign currency transactions at the ATM. Some don't, most do.
Its unlikely your school will auto deposit into your home bank, I only know of a handful of schools that do it. What typically happens is the school sets you up with a banking account, called a passbook account. This is like a savings account back in the USA. You get at ATM card that you can use at ATM machines or at major retailers. Debit cards and "checking" accounts dont really exist outside of europe for personal use. You may be offered a credit card at some point. Sometimes right away, sometimes in 6 months, sometimes years.
Thats really really an over simplistic answer. First there are no real international banks that have transparent banking with the USA. There isnt a Bank you can open an account in the USA that would have a Branch in overseas that you could walk into, deposit currency into and then use Bill Pay or a debit card. Lots of people have tried and they either end up costing more in time and or money then just sending a wire to begin with.
Basically there are three ways to send money back to the states:
1) Wire Transfer
2) Transfer Services
3) Mail
A wire transfer is a bank to bank transfer of funds. Their are two types tele-fax and electronic. With a telefax wire The initiating bank (in china) calls the wire/international banking office for your bank in the USA with your banking info, and then follows up with a fax of the transaction. Basically its a contract between the banks to move the money from one bak to another. Its the oldest type of wire transfer there is and can be really slow (5 days to a month), depending on the relationship and reputation of the bank, you may get the money credited to your account before it "settles". An electronic transfer uses (in the USA) the ACH (Automated Clearing House, which is the retail component of CHIPS and FEDWIRE. FEDWIRE services government securities and the Federal reserve. CHIPS services commercial corporations and non government commercial paper. They dont really matter as locally its the ACH your bank deals with. The ACH is the same entity that handles your checks. So when you write a check it gets turned into an electronic transaction, its the ACH that handles that) and a similar processor in the foreign country.
So in an electronic wire the banks talk to their clearinghouses and the clearing houses talk to each other. The important thing for you to know in an electronic wire is where and when is the "settlement" day/time. The settlement day time determines the exchange rate, and the where determines whos exchange. That is going to determine how much money goes into your account.
Wire transfers have the benefit of reliability, security and accessibility (because the money ends up in your account which is a place you can then do something with it). The draw back though is cost (they are typically the most expensive) since you get charged by the sending bank and receiving bank. A wire transfer can cost between $20 and $50 when all the fees are paid. They also arent convenient. Since you have to go to the bank during business hours, and will also need to go during the time the foreign account representative is there. Since you will want someone who 1) speaks english 2) Knows how and can access the wire services for that bank branch. It might shock you that you can only do that at certain times of the day or week.
2) Transfer Services you know these already. Western Union, Money Gram, and PayPal. Instead of using banks directly these companies have their own network of offices and agents across the globe. You can walk into a 7-11 (yes lots of these are in china) in Beijing that acts as an agent for Western union and "send" the money to a grocery store in Florida whos a western union agent. Costs are usually cheaper ranging as low as $7 to about $25, with the average around $15. The benefits are that its FAST, usually within 10 minutes to an hour the money is available. Its also cheaper per transaction. The disadvantages are that:
I) Someone like a family member or trusted friend has to pick up the money (meaning going there, waiting in line, and then taking it to your bank and depositing it in your account).
II) The daily/transaction limits are small, usually between $300 and $1000 per transfer. Meaning if you have to have 2,500 every month to pay your mortgage and student loans. That means someone has to make 3 trips on 3 different days to pick up the money an deposit it in your account.
3) Bank by mail. Many banks in the USA including smaller state banks, credit unions and online banks offer this method though no one uses it very often. Basically, you go to your bank (or post office) in beijing and get an official check (or bank draft) put it in an envelope and mail it to your banks "Bank by Mail Address". The bank gets the check and then you wait for the check to clear, and the money is credited to your account. The benefits are that its cheap, and doesnt require someone in the states to act as your liaison. This can be the cheapest way as a bank draft cost about $1 and international postage is about $.50. The problems are that its VERY slow. First class international mail can take a month or longer to arrive. You can send it EMS or DHL if you want it to get there faster but its much more expensive (between $15-$30) and its also far less secure. Mail with money in it tends to get lost, and getting the money refunded from the chinese bank can take a long time. You also have to wait for the check to clear, which can take 10-30 days. (In all fairness I have to say Ive known people to do the bank by mail approach using cash (USD), though I wouldnt recommend it).
So basically it depends what your needs are. My advice is:
Your better off dealing with a national bank in the foreign country, they just have a better work flow and relationship, with USA banks. Likewise your better off with a bigger bank in the USA (Chase, BOA, Wells Fargo, etc) then a state run bank or credit union. You want banks (USA and Foreign) that have
1) An English speaking customer service number and preferably an international banking department. English PC/Online banking is a nice plus.
2) An IBAN (International Bank Account Number) which may be different then the ABA (American Banking Association) account number, (which you see more off with smaller state banks and credit unions then the large national banks).
3) a SWIFT code. Which is used by the various clearing houses to identify various banks. This is in addition to your banks "routing number" used in the Federal Reserve American Banking System.
4) A compatible PIN number. ATM machines overseas sometimes use more then 4 digit PINS (often 6 digits). Foreign machines (at most overseas international banks) will accept 4 digit pins. Some will accept two zeros and then your 4 digit PIN. Some wont accept PINS that start with 0. You also want an ATM debit card that uses as many processors as possible, most ATMs accept Plus, Cirrus & Masestro, which are common to all the big USA banks.
5) Most people do a lot of their banking by ATM. As a foreigner the only time your likely to go into the bank to see a teller is to 1) convert currency, 2) cash travelers checks, and 3) Wire money. China is a pretty large cashed base society, and while you an use your ATM card at some stores (such as Watsons, Ren Ren Lu, Trust mart, most people use cash). You may qualify for a credit card, depends on your school and how much money you make. It will either have a low credit limit, or else you typically have to wait a year before you can apply.
6) Exchange Rates: remember when i was discussing the settlement date? You basically want to find out how soon and where the banks settle their wires. The sooner the settlement date to the transaction date the better, as the exchange rate is less likely to vary as much. Chase settles in Germany, BOA in New York. Of course you should also shop around for the lowest account fees and transfer/transaction fees.
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stellalocal
- Posts: 82
- Joined: Thu Feb 02, 2012 5:21 am
Re: Banking
[quote="PsyGuy"]
Basically there are three ways to send money back to the states:
1) Wire Transfer
2) Transfer Services
3) Mail
They also arent convenient. Since you have to go to the bank during business hours, and will also need to go during the time the foreign account representative is there. Since you will want someone who 1) speaks english 2) Knows how and can access the wire services for that bank branch. It might shock you that you can only do that at certain times of the day or week.
4) A compatible PIN number. ATM machines overseas sometimes use more then 4 digit PINS (often 6 digits). Foreign machines (at most overseas international banks) will accept 4 digit pins. Some will accept two zeros and then your 4 digit PIN. Some wont accept PINS that start with 0. You also want an ATM debit card that uses as many processors as possible, most ATMs accept Plus, Cirrus & Masestro, which are common to all the big USA banks.
[/quote]
For the last 8 years overseas, I've had no problem using internet banking and it's all been very straightforward to transfer money back to the UK. Some people I know choose to have a certain amount sent every month, I just log in every once in a while and send some. Most people I know use this method for security and ease, some take a bankers draft when travelling home but there are then risks of loss and obviously this is only good if you are travelling. I've never known anyone send by post.
I'm not sure about the pin business, I've travelled with both my 6 pin and 4 pin debit cards and had no problem drawing money out all over the world. Maybe this has been because my cards have been from UK and Egyptian branches of banks that are recognised worldwide, who knows.
Basically there are three ways to send money back to the states:
1) Wire Transfer
2) Transfer Services
3) Mail
They also arent convenient. Since you have to go to the bank during business hours, and will also need to go during the time the foreign account representative is there. Since you will want someone who 1) speaks english 2) Knows how and can access the wire services for that bank branch. It might shock you that you can only do that at certain times of the day or week.
4) A compatible PIN number. ATM machines overseas sometimes use more then 4 digit PINS (often 6 digits). Foreign machines (at most overseas international banks) will accept 4 digit pins. Some will accept two zeros and then your 4 digit PIN. Some wont accept PINS that start with 0. You also want an ATM debit card that uses as many processors as possible, most ATMs accept Plus, Cirrus & Masestro, which are common to all the big USA banks.
[/quote]
For the last 8 years overseas, I've had no problem using internet banking and it's all been very straightforward to transfer money back to the UK. Some people I know choose to have a certain amount sent every month, I just log in every once in a while and send some. Most people I know use this method for security and ease, some take a bankers draft when travelling home but there are then risks of loss and obviously this is only good if you are travelling. I've never known anyone send by post.
I'm not sure about the pin business, I've travelled with both my 6 pin and 4 pin debit cards and had no problem drawing money out all over the world. Maybe this has been because my cards have been from UK and Egyptian branches of banks that are recognised worldwide, who knows.
Comments
@stellalocal
I think you have been fortunate :) We have no idea which country the OP is going too, and american banking regulations/practices can be agonizingly frustrating, especially when it comes to internet/PC banking.
I only know of one way to deposit money in an overseas bank account and then logging into my computer and USA banks online banking and "transferring" that money between accounts. Which is different then logging into my overseas bank account and sending an international wire to my USA account. Wires are easy, slow, and expensive. Im actually pretty envious at the ease you describe your banking. I dont personally know anyone who has it that easy, and i know a number of British subjects, and teachers in Egypt (though none that are British subjects AND in Egypt).
Most PINS from American banks are 4 digits. Only a small number of USA banks will let you choose a pin longer then 4 digits. In the normal case there is no way to get a 6 digit PIN. if the country your in needs a 6 digit PIN you either:
1) Dont have access to your money (not entirely true, you can use a teller, or servicer).
2) Figure out how to adopt your PIN (using leading/trailing zeros).
3) Use certain international ATMs, available at many large bank branches.
4) Get a new bank.
Lastly, American bank cards still rely on magnetic strips for swiping. Very few offer smart chip technology (the little gold 'button' on the card), and a number of times i havent been able to use my card because there was no way to 'swipe' my card (no magnetic reader on the POS device). Allthough one time I had a restaurant break out an old AMEX 'roller' imprint machine.
I think you have been fortunate :) We have no idea which country the OP is going too, and american banking regulations/practices can be agonizingly frustrating, especially when it comes to internet/PC banking.
I only know of one way to deposit money in an overseas bank account and then logging into my computer and USA banks online banking and "transferring" that money between accounts. Which is different then logging into my overseas bank account and sending an international wire to my USA account. Wires are easy, slow, and expensive. Im actually pretty envious at the ease you describe your banking. I dont personally know anyone who has it that easy, and i know a number of British subjects, and teachers in Egypt (though none that are British subjects AND in Egypt).
Most PINS from American banks are 4 digits. Only a small number of USA banks will let you choose a pin longer then 4 digits. In the normal case there is no way to get a 6 digit PIN. if the country your in needs a 6 digit PIN you either:
1) Dont have access to your money (not entirely true, you can use a teller, or servicer).
2) Figure out how to adopt your PIN (using leading/trailing zeros).
3) Use certain international ATMs, available at many large bank branches.
4) Get a new bank.
Lastly, American bank cards still rely on magnetic strips for swiping. Very few offer smart chip technology (the little gold 'button' on the card), and a number of times i havent been able to use my card because there was no way to 'swipe' my card (no magnetic reader on the POS device). Allthough one time I had a restaurant break out an old AMEX 'roller' imprint machine.
I'm in Cairo. I have an Egyptian HSBC US dollar savings account with a visa debit card. I do all my banking and transfers online, no problem. I transfer money to the UK and Canada fairly regularly.
The US / Canadian dollars have been near parity for a while. I bought a book for CAD$11.50 yesterday (in Vancouver) with my visa debit and it showed up in my Egyptian account almost immediately as US$11.53. I'm ok with that.
The US / Canadian dollars have been near parity for a while. I bought a book for CAD$11.50 yesterday (in Vancouver) with my visa debit and it showed up in my Egyptian account almost immediately as US$11.53. I'm ok with that.
The one way
@IAMBOG
Thats the one way, having a bank with an overseas retail/consumer presence. HSBC and CITI are the only ones in the USA (some investment institutions offer banking services, that you can get creative with and use as an international bank account).
BUT HSBC has few ATMS, and banking centers located only in major cities, compared to local banks. Cairo is a major city, and has a number of branches but they either are only for Premier members or only for employees of a specific company.
http://www.hsbc.com.eg/1/2/ALL_SITE_PAG ... -locations
To get all those international benefits and access you need a premier account with HSBC and its a $50/month fee, without $100K in deposits.
http://www.us.hsbc.com/1/2/home/persona ... g-accounts
Thats an expensive account, I can send 2-3 international wires from here in Denmark for $50. HSBC also isnt everywhere, HSBC isnt in Denmark (they arent in ANY Scandinavian countries).
Again, we don't know where the OP is going too...
Thats the one way, having a bank with an overseas retail/consumer presence. HSBC and CITI are the only ones in the USA (some investment institutions offer banking services, that you can get creative with and use as an international bank account).
BUT HSBC has few ATMS, and banking centers located only in major cities, compared to local banks. Cairo is a major city, and has a number of branches but they either are only for Premier members or only for employees of a specific company.
http://www.hsbc.com.eg/1/2/ALL_SITE_PAG ... -locations
To get all those international benefits and access you need a premier account with HSBC and its a $50/month fee, without $100K in deposits.
http://www.us.hsbc.com/1/2/home/persona ... g-accounts
Thats an expensive account, I can send 2-3 international wires from here in Denmark for $50. HSBC also isnt everywhere, HSBC isnt in Denmark (they arent in ANY Scandinavian countries).
Again, we don't know where the OP is going too...
HSBC branches in Cairo are for anyone who has an account with them.
Everything I've described was with a standard savings account. No monthly fee.
There are enough ATMs and I can use another banks ATM if I can't find an HSBC one. I don't have a premier account and don't need one.
I have a six digit pin. Entering a pin is pretty much universal in the UK and Canada now, but when I use my Egyptian card it just asks me to sign.
It works for me.
Everything I've described was with a standard savings account. No monthly fee.
There are enough ATMs and I can use another banks ATM if I can't find an HSBC one. I don't have a premier account and don't need one.
I have a six digit pin. Entering a pin is pretty much universal in the UK and Canada now, but when I use my Egyptian card it just asks me to sign.
It works for me.
Last edited by IAMBOG on Sun Jul 15, 2012 12:18 am, edited 3 times in total.
In what way would it disagree with HSBCs Published info? This is what I've got. Sounds the same to me.
http://www.hsbc.com.eg/1/2/ALL_SITE_PAG ... gs-account
I've had bank accounts with Bangkok Bank, Sanwa in Japan and Shinwa in Taiwan. I've found HSBC to be the most convenient and I like that it is international. The three 'local' banks above don't have any branches overseas as far as I know.
http://www.hsbc.com.eg/1/2/ALL_SITE_PAG ... gs-account
I've had bank accounts with Bangkok Bank, Sanwa in Japan and Shinwa in Taiwan. I've found HSBC to be the most convenient and I like that it is international. The three 'local' banks above don't have any branches overseas as far as I know.
Comment
It would conflict with the Branch location description i posted earlier
http://www.hsbc.com.eg/1/2/ALL_SITE_PAG ... -locations
The vast majority of those branches "Serve Premier" account holders only. If we knew where the OP was going it would be a more productive discussion.
The OP is an american and needs a relationship with both in your case egypt and the US (I understand your in Canada), aside from that the number of branches in the US with HSBC is very, very small.
I dont dislike HSBC at all, its part of my one way that makes international banking doable. I actually still bank with HSBC (though I dont have a premier account).
http://www.hsbc.com.eg/1/2/ALL_SITE_PAG ... -locations
The vast majority of those branches "Serve Premier" account holders only. If we knew where the OP was going it would be a more productive discussion.
The OP is an american and needs a relationship with both in your case egypt and the US (I understand your in Canada), aside from that the number of branches in the US with HSBC is very, very small.
I dont dislike HSBC at all, its part of my one way that makes international banking doable. I actually still bank with HSBC (though I dont have a premier account).
-
stellalocal
- Posts: 82
- Joined: Thu Feb 02, 2012 5:21 am
Re: Comments
[quote="PsyGuy"]@stellalocal
Most PINS from American banks are 4 digits. Only a small number of USA banks will let you choose a pin longer then 4 digits. In the normal case there is no way to get a 6 digit PIN. if the country your in needs a 6 digit PIN you either:
1) Dont have access to your money (not entirely true, you can use a teller, or servicer).
2) Figure out how to adopt your PIN (using leading/trailing zeros).
3) Use certain international ATMs, available at many large bank branches.
4) Get a new bank.
[/quote]
Uk bank pins are only 4 digits and I've never had any problem using uk cards around the world. I've travelled with both cards at the same time, 6 digit and 4 digit, and been able to use them both at atms regardless of the country. I just enter either 4 or 6 digits.
As for the atm, I don't have to use my own banks atms. Usually you can use partner ones too, you just check which logos are on your card, and find an atm with the same one.
Oh, and I only go with the bog standard current account, with no fees.
Yes, it will make a difference depending on where the OP is going, but I think generally nowadays, telephone and internet banking make things much easier. It's definitely worth getting this set up for a home account before leaving. I'd also assume that you'd be getting a local account in the new country too. Basically you want to be able to access your accounts easily.
Most PINS from American banks are 4 digits. Only a small number of USA banks will let you choose a pin longer then 4 digits. In the normal case there is no way to get a 6 digit PIN. if the country your in needs a 6 digit PIN you either:
1) Dont have access to your money (not entirely true, you can use a teller, or servicer).
2) Figure out how to adopt your PIN (using leading/trailing zeros).
3) Use certain international ATMs, available at many large bank branches.
4) Get a new bank.
[/quote]
Uk bank pins are only 4 digits and I've never had any problem using uk cards around the world. I've travelled with both cards at the same time, 6 digit and 4 digit, and been able to use them both at atms regardless of the country. I just enter either 4 or 6 digits.
As for the atm, I don't have to use my own banks atms. Usually you can use partner ones too, you just check which logos are on your card, and find an atm with the same one.
Oh, and I only go with the bog standard current account, with no fees.
Yes, it will make a difference depending on where the OP is going, but I think generally nowadays, telephone and internet banking make things much easier. It's definitely worth getting this set up for a home account before leaving. I'd also assume that you'd be getting a local account in the new country too. Basically you want to be able to access your accounts easily.
I may or may not be right about HSBC branches, but to be honest, it's a bit of a moot point. I have an HSBC atm 400m meters from where I live (and I live a long way from central Cairo) and five other atms I could use 200m from my house (mostly local banks). There is a branch of HSBC near my school, which I've only had cause to use once in a year.
With reciprocal arrangements between banks, online banking and transfers and telephone banking, having a branch nearby is not that big of a priority, in fact, if i can avoid going to a physical bank altogether, all the better.
With reciprocal arrangements between banks, online banking and transfers and telephone banking, having a branch nearby is not that big of a priority, in fact, if i can avoid going to a physical bank altogether, all the better.