For those of you contemplating about opening an account abroad, you should totally consider it. I was hesitant at first, but now I’m glad that I did because I did not rush into doing so back home. Opening an account abroad is a actually a really smart move, especially for those of you who are carrying a lot of money and have no where to put it. There are other options, like leaving your money at a nearby relative’s house, choosing to carry it with you, leaving it in your room (if you trust your stranger roommate). But do all these options sound convenient? Or smart? Trust me, I think that getting a debit card while studying abroad is a good decision. So, here are some simple tips to follow. Of course, these are all my opinions, but I do hope that they help.
1) MAKE sure you know what banks/ATM machines are on campus. If there are none, look for banks close to the school for easy access.
2) CREATE the account abroad. Now I know some people will try to make one before arriving but have you done the first step yet? And are you sure it doesn’t’t come with service fees? Keep in mind, just because they have a branch overseas doesn’t mean there won’t be fees. (#Rhyme Time)
3) GO off campus! There will be a whole lot of people creating the account on campus just like you, so be smart- go out, explore (or better yet ask someone) and find their branch in the city (luckily for me, HK has amazing public transportation) you won’t be waiting in a long line with a bunch of other new students, in addition, you will get better one-on-one service. Think about how many people will be opening an account that day at an off campus bank.
4) FIND out if you can cancel your account (if needed) since you might be studying abroad for only a semester or a year. Since you are probably not keeping that account check out if there are any cancelation fees and if there is a time limit in which you need your account to be active. Also be sure to check out other no brainer things like minimum balance and stuff like that.
5) BRING a native speaker/translator because banking can be quite difficult, especially in a foreign language. You will probably need to find out all the information above (#4) and find the services that are right for you. Don’t expect everyone to speak your native tongue fluently (however a lot of people in HK do speak English)
6) USE the ATM on the spot, since you might be like me and get suck with pressing buttons random buttons. Technology is your worst enemy! (Well at least it’s mine) And be sure to test drive the ATM right after you get the card (side note: try getting the card that very same day) so if you encounter any problems you can immediately ask for help from the people you can trust working at the bank.
7) MOST IMPORTANT: BRING all needed documentation! Between you and me, I can not believe that I almost forgot the most important document! You will usually need one proof of identification (maybe two) and proof of address – I used my passport and drivers license because it had my address from back home but because of this I needed to supply my student ID in order to prove that i was studying abroad.
*Now, this is just for students in Hong Kong, but from what I’ve heard, Hang Seng is one of the best banks here. There are a lot of them, and you can also use HSBC’s ATMs with their card. I got an account there and receive really amazing service. SHOUT OUT TO: Dai Wei’s Hang Seng Bank!
Well I hope this list has helped those of you who are studying abroad or are planning to study abroad. And don’t be sad, I’ll be blogging more about my trip abroad! But as of right now, fun times await!