Access to direct US deposit accounts in London

October 28, 2013 2:30 PM

Contemplating living in London for six months, what is the best, cheapest way, to access my direct deposit Social Security and pension funds. Currently using a credit union bank card, one Mastercard, one Visa. Fees at the ATMs plus exchange rates dollars to pounds hurt. Is there one single bank w/o fees that would make this reliable and inexpensive?
posted by NorthCoastCafe to Work & Money (3 answers total)

I've used a Schwab bank account for this. They refund all ATM fees, don't charge a currency exchange fee and seem to have reasonable exchange rates.
posted by cosmac at 2:34 PM on October 28, 2013 [1 favorite]

I came in to to recommend Schwab and was beaten to the punch. Your money will be direct deposited in as normal, and you'll be able to get it out at whatever the daily exchange rate is. No conversion fee! Plus any ATM fees will be refunded.

Schwab's checking account is fantastic!
posted by Arbac at 4:11 PM on October 28, 2013

If you're going to be there for long enough to not want to use cash for everything it might also make sense to get a credit card without a foreign transaction surcharge and with the chip that they use in Europe. You can pay that with online banking from your Schwab account, which I've had for a few years and also heartily recommend.
posted by Salamandrous at 7:33 AM on October 29, 2013