MFL year abroad q - bank accounts?

[AtiaoftheJulii]

Dd2 heads to France in a month (eek), and then Germany next year, and we're puzzling over the best way to deal with finances and reading various conflicting advice. She has her French accommodation sorted and has already paid her deposit.

We've been looking at the Transferwise Borderless account which seems like it would work well, but can see there are other similar options as well.

Just wondered what other people's kids have used, what pluses and pitfalls they've come across, any tips really!

Not Europe but US. Used 'Flywire' for transfers involving the university and 'Monzo' for personal finance. Can recommend both if these options come up.

I went into deutsche bank and opened my own German bank account, when I had my year abroad...set up internet/phone banking and a regular standing order from my English account into the German one.

Is there a fee for that standing order?

Hmm, I can't remember!! Sorry, I'm no use! It was a few years ago now. Thinking about it now, yes I think there was. I'm pretty sure I did large lump sums rather than dribs and drabs for that reason.

Monzo is very convenient - it operates as a current account now, so can have direct debits etc; purchases abroad are free, so are cash withdrawals up to £200 per month, & they convert with the MasterCard commercial rate.

DS2 had a semester in the Netherlands & it was very useful. The only drawback there was that a lot of supermarkets only take Maestro cards or cash.

I have a Monzo card too & transfers are instant. It was really nice to avoid the cumbersome normal UK institutions!

I used to live in Germany and Commerzbank said that they had a close relationship with Natwest, so I could use my Natwest card easily through them. It's best to speak with them in person once there though.

Also +1 for Monzo, it's amazing and comes with the best budgeting app I've seen.

Monzo does look good, will get her to look properly at it. I think because she's going to be in at least two places (possibly also a language course in Spain), she prefers the idea of one account that works everywhere, rather than setting up local accounts on each country.

Thanks all, this is very helpful!