Questions re: Bank accounts for students

GroovyGeek
Sat, 19 Apr 2008 19:01:47 +0000

My advice would be to have two accounts, one with HSBC in Canada, the other one with a local bank in Philly. Forget about nation-wide banks, international banks, or even what is best represented in the city. Find out what has the most ATMs around campus, because chances are you will rarely set your foot in the bank, but if they skim $3 off the top every time you withdraw $100 it will add up fast. The alternative is to find a bank that reimburses you for using non-network ATMs, but even then you have to watch out, because nowadays many banks charge you for using their ATMs, regardless of what your bank allows you to do.

You will need HSBC so you can use your Canadian ATM to withdraw from your Canadian account, which will presumably be funded by your parents. As far as exchange rates go, you CANNOT beat what a bank will give you on ATM withdrawals, and most ATMs work worldwide. You will then deposit that in your local bank and withdraw it for free on as-needed basis.