The Student Room Group

Natwest Student Account and a Year Abroad

Hey everyone,

I'm wanting to open a Natwest Student Account, but as part of my course, there is a work placement year that I may be able to do abroad. I'm wondering if I did go abroad would my account be affected in any way as I know Natwest is a UK bank. I've tried contacting Natwest about it but I'm unable to get hold of them over the phone as I don't currently have an account with them and I haven't had the time yet to go into my local branch. If anyone knows anything about this and can help me I would appreciate it!
Reply 1
As you will still be a student and officially resident in the uk ( as it’s only a temporary absence) there shouldn’t be any problem. However, you would be wise to get a multi currency account in parallel so that you don’t have to pay the bank charges associated with a uk credit card since Brexit.
https://www.monito.com/en/wiki/multi-currency-account
(edited 9 months ago)
Reply 2
Original post by TayTay_
Hey everyone,

I'm wanting to open a Natwest Student Account, but as part of my course, there is a work placement year that I may be able to do abroad. I'm wondering if I did go abroad would my account be affected in any way as I know Natwest is a UK bank. I've tried contacting Natwest about it but I'm unable to get hold of them over the phone as I don't currently have an account with them and I haven't had the time yet to go into my local branch. If anyone knows anything about this and can help me I would appreciate it!

I wouldn't expect a problem with this; you're just abroad on a temporary basis.

You will almost certainly need to get a local bank account in the country you're working in. While @Euapp suggests a multi-currency account, this might not give you all the features you need in the country you're visiting. (For example, it might be enough for receiving salary payments and purchasing goods with a debit card, it might not support things like direct debit.)

Also, be aware that some organisations offering multi-currency accounts are not banks, and hence deposits with them are not protected by the Financial Services Compensation Scheme.
Reply 3
Original post by martin7
I wouldn't expect a problem with this; you're just abroad on a temporary basis.

You will almost certainly need to get a local bank account in the country you're working in. While @Euapp suggests a multi-currency account, this might not give you all the features you need in the country you're visiting. (For example, it might be enough for receiving salary payments and purchasing goods with a debit card, it might not support things like direct debit.)

Also, be aware that some organisations offering multi-currency accounts are not banks, and hence deposits with them are not protected by the Financial Services Compensation Scheme.

Completely agree with what you say about the multi currency account. My kids when travelling have only ever used them as a sort of filtering account. All payments went into the uk account and then sterling sums were transferred when necessary into the multi currency as,and when needed to avoid using a sterling UK credit/ debit card abroad. But they were never used as holding accounts with very large sums on them.
Reply 4
Hi there!

Thank you both for replying, you've been really helpful and eased the anxiety I have had about this. I'll keep what you've said about a local current account and multi-currency accounts in mind when the time comes for my work placement year :smile:

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