If I’m going to be studying abroad in the UK for 10 months, what’s the best way to handle money? Should I go ahead and open a UK bank account and debit card, get a portion of my money changed to pounds, and then deposit it? If so, any recommendations on bank? (Currently I’m part of a credit union, not a bank, in the US.)
For the purpose of moving large amounts of money, I’d suggest you open a bank account in the UK and then wire-transfer money from your US bank account into your UK account. Don’t carry large amounts of cash.
However, the wire transfer might take 2-3 weeks to process, so you’d want enough funds available for the first month. I’d suggest some cash and at least one of the following:
- traveller’s checks
- a credit or debit card with a microchip (be sure to check for foreign transaction fees)
- a bank account with an international bank that makes it easy to withdraw money from their branches in a different country (Citi comes to mind)
If you want more specific suggestions, Google is your friend 