<p>Is anyone familiar with the best way to manage funds - i.e., tuition payments, savings and checking accounts - while a student is studying abroad?</p>
<p>My son's college advises him to have an account with Barclay's, which is their college bank. However, they have stiff requirements for the level of savings required to have a Visa, etc. - and without a savings account, they charge a bundle for wire transfers. </p>
<p>The alternative is to select a bank with international branches and keep the main accounts here. I would really appreciate some information to help me decide on which approach to take, if any of you can offer advice - the alternative is to spend hours and hours doing online research from scratch. (I'm worn out from the college application process - I'm sure you can relate to this feeling!) Thanks in advance!</p>
<p>My S spent a semester in Sydney; it was not quite the same situation as we paid his tuition to his home college. We did open a checking account for him, but not a savings account. He already had a credit card here (jointly with his dad). We sent him money so he could pay for his room and board and cover miscellaneous expenses. His bank had a branch on campus, which was very convenient.
All foreign banks have corresponding banks in New York. When we wanted to wire money, we needed to know the international code of my S's bank and the routing code of the New York bank. But it went very fast. The important thing would be for you and your S to be absolutely on top of schedules for paying tuition and fees and to allow at least a week for the money to go through. You could do the same thing we did, namely have a credit card on your bank here.</p>
<p>I had hoped that my HSBC account in NY would be able to "talk" to HSBC Canada. Turns out they cannot. </p>
<p>Nonetheless, HSBC (unlike Chase, for example) can write checks in Canadian funds for a $20 US fee. </p>
<p>Generally, I have written the big checks (such as tuition) from the NY HSBC account. I have deposited other funds in the NY HSBC account and my son has withdrawn the cash from Canadian ATMs. At this point, he has not found the need to open a Canadian account at all, as he uses a credit card for other purchases. </p>
<p>Some other Americans I know wire their tuition payments.</p>
<p>When my S1 studied in Munich, he kept his US account. ATMs are all over here, and that is how he got money. (Big cities here also tend to accept credit cards. They don't where we live, though. Here they are mostly a cash society. We paid cash for our car, our piano, etc.) </p>
<p>When we have visitors, they invariably want to bring traveler's checks, etc. We tell them just to bring ATM cards and know their password. It is so much easier. You get a straight bank-exchange rate, with a small withdrawal fee. This is still significantly cheaper than than the fees charged for transfers, account fees, etc.</p>
<p>But our S only needed money for living expenses -- food and travel, mainly. Everything else was handled through the US school (Penn). I'm not sure why your S needs to pay the tuition abroad.</p>
<p>Personally, we use Chase Manhattan -- they transfer money twice a month for no fee through an arrangement with my H's company. Especially handy for us as it is across the street from Juilliard, where S2 goes. Our problem is usually in reverse -- paying tuition to the US from here.</p>