I'll go to Europe this summer. I don't want to carry to much money in cash so I will put it in my account. That way I can get it when I needed it and as much as I need. One friend told me that it would be wiser to open a foreign currency account in euros, because exchange rates for pounds are better in UK then in Europe. Can anybody give me advice?
The only thing you should accomplish to open a foreign currency bank account is to be 18 years old. I had one of my own and I never regret it. Are the exchanges rates in UK are better than European I don't know. But there are several advantages of account with foreign currency in your case. First you can save the money in your account in exact currency that you will need later. So, when you go in Europe you will exactly know how many euros you have. If you have at least 2,000 USD or their equivalent in some other currency you won't have any maintenance fees. You can even issue a cheque book in euros if you want. So that is surely the easiest and cheapest way to handle your foreign money.
