Money management
 

Hello all;

The set off date is nearing and we're wondering how to do the money stuff (after saving for three years)... do you all chuck it in one current account and get a debit card and a credit card and set off ?... Do you split it and keep it in two current accounts...or do you put it in an easy access savings account then pay in to the spending account a monthly total (i.e. budgeting).. how have you folks done it?

Many thanks in advance
Oli

All the eggs in one basket? No.

Have at least two different banks you can use.

At each bank you should have ;
one card for use in ATMs and to buy things.
one ready access 'account'
one savings 'account' that is less easy to access but gets higher interest.


This way if you have a problem with one bank you might be able to use the other while waiting for a fix. Or if things change between the banks you can transfer most of the money to the better bank, but do leave enough behind to keep things going and provide emergency money.

i prefere us$ for emergency

Beware the expiry date
 

How long are you going for and when does your cash card expire?

Don't expect your cash card to work right up to the date of expiry stamped on it.

I learnt the hard way.

Was in Guatemala for a few months. My cash card expiry date was a day or two after my return date home.
But two weeks before going home it stopped working.
Did all the usual stuff, tried other ATMs, waited a day or so, watched other users get cash OK.
But mine didn't work, so I contacted my bank.

About 4 weeks before your card expires the bank sends out a new one to your home address. We all know that.
But what I didn't know was that two weeks after that, they turn off your 'old' cash card, even though there are still two weeks to go before the expiry date on it.

On the phone:
"My card's stopped working."
"Yes, we turned it off."
"But there are 2 weeks to the expiry date on it."
"We sent you a new card 2 weeks ago."
"Didn't you notice, for the last 4 months, I've been drawing cash in Guatemala. Why don't you wait until I use the new card before turning the old one off? I need my card to continue working until the date on it, then I'll be home and can use the new one."
"Oh! Well, all banks work this way - it's standard practice." :eek3:

To be fair, they offered cash withdrawals on my credit card free-of-charge up to the date of the cash-card expiry. The least they could do I suppose for all the fees they'd been charging me for those withdrawals.

So, don't expect your cash card to work right up to the date of expiry stamped on it.
(Unless this isn't standard practice. Maybe not all banks are the same - probably).

To answer your question, for over a year away more recently, I took a cash card (the same one, with the lesson learned) and a couple of credit cards. Plus a wad of USD for places with no ATM (there were a few).
Also, tell your bank and credit card issuers where you're going.

thanks for all the sensible suggestions folks. I think we'll start with brand new accounts, as we'll be away for a year, so should have squeaky new cards. Also savings account research is very depressing in terms of interest rates. I guess we better get used to it as it won't be getting better until the million-dip recession will carry on for another good 30 years or so.

Thanks very much once again!
Oli