You’ve just booked a trip for a couple of months backpacking around South East Asia. The flights are booked, and all that’s left to do is wait until the day comes where you can throw on your backpack and start having that adventure. It’s important that you remember to take care of your financial situation before you leave your home country. Having things like travel insurance need to be sorted prior to leaving. You also need a home to keep your money in and have access to it while you’re travelling. There are many choices for bank accounts available and knowing which one will suit you best is crucial.
Backpackers want quick, easy access to their money when they’re in foreign countries. So therefore, the best type of account would be a current account. Why? Because they are easy to set up, and offer travellers easy access to their cash by means of an ATM card. If you wanted to ensure that you had a second ATM card(in case one got lost of stolen) then you could open up a second one and have that as an alternative.
You can even go one step further and hook up both accounts via online banking, so that you could quickly and safely transfer money from one to the other if needed.
Be sure and check out what interest rates the bank is offering you and see if they do provide additional incentives like insurance. When you open up a current account you will also get a cheque book delivered to you. But this isn’t much use when you are travelling to another country.
The real questions that you want to know about your account before you sign up, are what are the rates, what exchange rates can you expect to pay, is there an overdraft limit, If so then what are the cash advance fees associated with it and do they have online banking.
Online banking is becoming conventional with banking issues these days. You will have 24/7 access to your account details from anywhere.
Find out which bank is the correct fit for you and go with a current account for your travels. It will be the best option when it comes to gaining access to your money.