Banking advice for a student staying in Norway

Wow, Norway, how cool! As you already know, it's very expensive there...when I studied abroad in France, I wasn't careful about money at all (traveled every weekend and pretty much used my life savings), so I don't have any good advice for you...but I hope you have a fab time!! Travel every chance you get!!

Capital One is the best. Unfortunately, they can be rather picky. One suggestion for the debit side of things is to open up a Cap. 1 money market (which is easier than getting a credit card). Then your atm withdrawals will be free, except for any fees charged by the foreign atm, AND the money market pays interest. Not much, but it's something.

The credit card is a bit trickier. What I did was have my parents open a credit card with them (they have good, long-established credit. I suspect your problem is your age), then add me as an account holder. Of course, this means you need another trustworthy person who trusts you that can get a Capital One account--not an easy thing to find!

There is a great website posted that compares various atm, debit, and credit cards.

http://www.flyerguide.com/wiki/index.php/Credit/Debit/ATM_Cards_and_Foreign_Exchange

This is how I found the money market account. Unfortunately I am not sure my atm card will arrive before we leave for Italy, so start early!

Geoffrie, I don't know if this is an option for you or not. Friends of mine used to open a bank account in each country they visited. It was one of their souvenirs so to speak. Have you looked into opening an account in a Norway Bank? I do not know if is legally possible, but if it is, then you would have a local atm to work with.

Thanks for the suggestion. Yea, I had considered opening an account there for some time. However, I won't be getting paid in Norwegian Krone, so all of the money in the Norwegian bank account would have to come from US Dollars. I could be wrong, but I have to believe that sending money from a bank here to a Norwegian bank would be more expensive than simply using an ATM from my US bank account.

Geoff

My son did a foreign exchange to a non-European country so the details may be different for you but the general idea may be useful. He opened a foreign bank account (free for students with unlimited transactions) which he used for Interac/debit purchases in the foreign country and taking money out of the local ATMS (reducing "foreign card fees"). He would use his "home" banking card at his "new foreign bank" to withdraw a substantial amount (had his limit increased before leaving home) and then go inside his new "foreign" bank and deposited the cash as he needed it.

Geoff - try the Schwab Investor's checking account. You have to open 2 accounts - one is an investment account and one is the checking account. They are both linked and you never actually need to use the investment/brokerage account at all. It is a FREE checking account with free ATM withdrawls worldwide. European bank atms don't charge you a fee but if you withdraw in the US from a bank and are charged a fee, then Schwab reimburses you the fee at the end of the month.

It is also an interest bearing account and the foreign exchange rate is 0-1%. I say it that way because when I actually look at my statement it appears that the charges came through at the same interbank rate listed for that day - no ADDITIONAL 1-3% charged. This is the card that my daughter used for her year abroad in France, returned this past June, and it was a good choice for her. This is our card of choice now for all travel.

Just an idea..I don't know if it's going to work for you. Try to find an American bank with branches in Norway.The only bank I know with a lot of branches in Europe is Citi Bank. I know they have an option of opening a checking account and they will provide you with a debit card. I don't know if the withdrawals from a bank in Norway would be free.

Good luck!