Advice on Short Term Money Situation

I know a gal who is coming to Leeds from the US for a year on a student exchange.

What would be the best course for her on dealing with her money? Should she open an account here, get an account with an international bank or would she better off just using a credit card/debit card when need be?

I honestly don't know how to answer this question for her. Help!

1. open an account at a UK bank (I have natwest, that was fast and free and comes with a solo card.)

2. transfer most of her money from the US to the UK (bank to bank wire transfer)

3. use cash from UK account and UK debit card for most purchases

4. use US debit/credit cards very sparingly (due to the conversion fees)

As an international student, I've found this to be the easiest and least expensive way to manage my money in the UK- bonus points if she has or can get a Bank of America account, because then you get free withdrawals from Barclay's ATMs.

will she be working while in the UK?  if not, i'm not sure i would get a checking account for 12 months.

if i were her, and not working, i'd open a bank of america account.  i'd use that debit card at barclays banks when withdrawling money here in the UK.  from the BoA side, there's no charge for this.

i'd research US credit cards that have the lowest international fees.  schwab does an OK one.  

Hi Ashley,

From what you've described so far, its very difficult to tell what to advise. How much is she bringing with her? could she just live off the debit/credit cards ? how will she pay back the money then? will bank of mum and dad pay for everything that way? where is she staying and how is the rent going to be paid? what happens if she loses the cards? can she start on opening an account so to know what information is needed to complete that process properly? how will money be transferred into it if she does?.....

Sorry for just that little lot of questions - but I think you should advise your friend to start looking at her own situation and learning about the different options open or available to her. If she then has questions relating to specifics, then maybe we all on here can offer help and advice. It also sounds though she needs to stop relying on you for this initial period and do her own research to her own personal financial situation!

I think the best place to start would be finding out about money issues on the student exchange program she's on? then from there can talk it over with her mum and dad (i presume!) check up this UKY forum and others about student exchanges and then narrow down the choices of what she wants to do. At that point you can advise her for anything specific here (I'm assuming your here inthe UK already!)

I'm sure others will show up links from google /yahoo search for 'International Student Exchange finances' to start her off !

Go get her to do some work and then we'll help out here!!

Cheers! DtM! West London & Slough UK!

PS just edited - After seeing the first 2 responses, they make sense from personal experience - however, more than likely those basic steps will transpire - but it also may not! I used to see plenty of international students at uni (way back in 92-95) who didn't have accounts etc, and they literally just used bank of mum and dad credit cards only! other's who opened basic accounts and then got transfers in of (to me at that point!) vast sums of money from bank of mum and dad ! - see what yer friend says ..  and then you'll appear super brainy from the responses here to ask/advise her ! 

just to add on to meggles' comment- when I was in the UK on study abroad the first time around (for just one semester) I just used cash from my Bank of America account for everything and managed fine (especially because I didn't have to pay for ATM withdrawals!)  That setup was fine for four months, but I if I had been here for a full year I would have gotten a UK bank account just for the convenience of using a debit card and having a wider ATM choice than just Barclays. 

Getting a UK bank account as an international student is really, really easy- all they need is your passport and a letter from your uni verifying your address, so I think it's worth it for a year-long stay.

Cheers guys. Such quick answers. You guys are super.

I'm not too sure of her situation as I don't have all of her information but what I'm going to do is send her the link to this thread and hopefully she'll get an idea of what she wants to do.

Thanks for the advice.