Tuesday, May 25, 2010

How can I withdraw money from my savings account in another country?

I don't have a ATM Debit card, My money is not in my account yet. It arrives 1 day after my flight. What can I do so that I can get my money? Can I tell them to wire it or something. Can I open up a bank account over there, and ask them to wire it to that account?
How can I withdraw money from my savings account in another country?
You can set up a wire transfer prior to you leaving the country, even though the money is not in your account. Its like scheduling a payment to yourself, but you would need to open an account in that country which could make sense depending on how long you are going to be there. Another option is set up for a cashier's check to overnighted to you and just cash it. With that said, I would very strongly suggest that you get an ATM debit card becuase the machines (especially if you belong to a large bank like Bank of America) offer far better exchange rates than do the Airport and walk in banks. Also pay for as much as possible before you leave, hotels, car rentals, etc. becuase if the country you are going has a stronger currency than America (which a lot of countries do right now) all those things are going to considerably more expenisve. For example a grilled cheese France when converted to U.S. dollars would average 13 dollars.

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