Is it possibly to convert my bank account to hold a foreign currency, but can still withdraw local currency ?
My original UK bank account is in GBP, but right now Im working in another country. I opened a bank account here in the local currency, however I was wondering if its possible for me to change my foreign bank account into GBP, but can still however use the ATM machine to withdraw local currency ?
I really appreciate the help !
May 31st, 2010 at 8:23 pm
You can have your wages paid into the UK account … the Bank will use it’s own exchange rate to do the conversion when the funds are submitted.
ATM’s will (of course 🙂 ) only dispense local currency (not totally true – some South American ATM’s offer a choice of the local currency or US Dollars).
If you draw against a UK Bank, they will use the conversion rate applicable when the money is withdrawn PLUS, even if you use a Debit Card, most will impose either a ‘handling charge’ or a percentage fee (2.5% is common).
If you use a Debit Card drawn on a local bank account, typically there is no fee.