Originally Posted by
deniah
I'm going to be expatriated to western europe.
My primary bank: Schwab
CCs: Amex Plat, Chase Sapphire, Cap 1
For international travel the above allows me to withdraw money at ATM, and make credit charges, absolutely fee-free
I rarely use any "banking" service. Everything is electronic. direct deposit --> bank --> electronic payments to credit card. The few paper checks I receive are deposited electronically (via photo capture)
I will be paid in EUR.
does it make sense to set up local banks and credit cards?
(or, will schwab bank [not brokerage] take deposits in foreign currency?)
i suppose even with fee-free CC transactions, i will be hit through exchange rates somehow
ill lose most of the good features from the USA credit cards (purchase protection, return protection, extended warranty, etc).... but it seems that europe-issued credit cards dont generally have good benefits or rewards earning schemes anyways ?? right or wrong??
When I was living in Spain and paid in Euros, I opened a local account. I used Citi since I also had a US based account with them. Transfers back to the US were easy. I did get a local credit card as well (I lived over there 10 years ago an all US cards had FX fees). Getting a card can be difficult at first, ask your employer if they have a relationship with a local bank, that can help get you approved.
Most award programs in Europe (I don't which country you are talking about) are not as rich but there are some. More info on where you will be will help here.
I kept my US cards and used them about 1x every 6 months to stay active and ensure that I continued to have a US credit score for when I eventually moved back.