Banking Charges

Why not set up an account with HSBC (formerly Midland Bank in the UK)- they are international and I think you should be able to access your account from abroad. I set up an account with them when I first arrived here nearly 10 years ago and I was only earning £50 per week.

Based on our experience, the best way to take your money with you when moving is to get a bank draft made out to yourself in the foreign currency. You get a preferential exchange rate on amounts over $10,000 (if you have that much!).

Accu-Rate usually gives a better rate than the banks and their british 'cheques' are drawn on NatWest and are easily deposited in the U.K. I assume other currencies are drawn on comparable banks. Banks usually draw from affiliate banks.

As for money while you are there on a trip, traveller's cheques work, but make sure they are in Canadian or US funds, not local currency. Exchange offices won't touch local currencies so you have to go to a bank or Amex office (inconvenient hours and locations), and no one takes traveller's cheques (unlike here). Otherwise, preload your VISA and do fairly substantial advances. The exchange rate is better and there are no local taxes or fees, just the visa fee. All methods cost something! France used to charge 18% TVA on exchanges over about $200.

Note that in France you need the PIN for your VISA card for almost any purchase where it is accepted (e.g. gas stations). You can go to your bank here and set it to what you want. I've heard that some places only accept 4 digits but haven't encountered it.

I ended up getting most of my money changed into American Express travellers' cheques.... highly recommended.

They only take 1% commission when you get them made up back home in Canada, and there's no charge when you get them changed into money if you cash them in at an Amex store (lots all over London, see their website for a list).