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Ballet Talk for Dancers

Contracts: European banking & paychecks


marigold

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Is there a thread regarding European banking relating to paychecks, ATM cards, etc? Any experience or advice anyone can share? DD's contract is short but long enough to need an account for safe keeping of her cash and withdrawals.

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Marigold.

 

My dd's bank account was opened up by her school. Because she isn't 18, we had to complete applications for the bank account. Her bank account was also set up with an ATM card. Her U.S. ATM card also works where she is at so she can tap into those funds as well.

 

I would have her ask around when she gets there as to which bank most people are with. Depending on which country she is in, the forms were in that language (at least it was for us) so might need a translator. Hopefully the company can help her? Is there an administrative person she can talk to?

 

Sorry I can't be of more help.

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Marigold--I didn't see one, but I did see some answers about ATM cards and usage, etc in other threads. One you actually started a few years back. While you are awaiting new answers on this thread, follow these directions to search what we do have specifically related to European threads here.

 

In case you haven't done this kind of search: At the top right hand side of your page, next to the search box, click the little wheel thingie. Put Europe in the Find Words and then change the Match to all words and Title only. I came up with 2 pages of threads where preparation for SI and Jobs in Europe popped up.

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Thats very helpful, Momof3darlings. The reason I ask is that dd had been told by some friends dancing abroad that they have to take their paychecks out in full each time they're cashed. She has some experience with this already, but not in Europe. She will definitely ask her questions to staff and learn this on her own and I'll be sure to review the threads I find. Thanks!

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You may find that there are initial "character" checks, and that the EU bank will want details of your bank account in your permanent home country, and also a consideration about where the money's coming from because of EU & individual countries' laws about money laundering. But European banks aren't that different from bank accounts in Australia, or Canada, or the USA. Except that - in my experience - in the US I am charged for my bank account. It is far more standard in various European countries to have free banking for your basic daily account - your current account.

 

In the UK, the standard account is called a "current account" - the US equivalent is called a "checking account". In the UK, and widely elsewhere in Europe, a current account is free.

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When DD moved to Europe just over a couple of years ago, we set up a bank account in the country she was in. It was necessary for her first to obtain a citizen number (country ID), by presenting herself with identification and proof of a residential address to the relevant government office. Once she had the required number, which took a couple of weeks to be processed, opening the bank account was quite straightforward. She specifically chose a bank that also gives out information in English as well as the native language, even on their website and phone app.

Now of course she has moved to a different country with a different currency. She can't open a bank account in the new country as she's not resident there long enough to get a citizen number. The company will only pay into a bank account so her pay (in currency D) is going into her exisiting account and being exchanged into currency A and then DD uses her ATM card to pay for things back in currency D. It's crazy but we can't see a way around it until DD gets a longer contract. I can now see the benefits of the Euro!

Just one thing to be aware of is the transaction fee using an ATM machine, some of the private ATM machines charge an exorbitant amount. DD was discovered this in Berlin, the fee was almost as much as the amount she withdrew! Also some cards have a lower fee for transactions in a shop (including taking cash out) than withdrawing cash from an ATM.

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This is so helpful, Toitoi43, Redbookish and Clutterbug. I'll re-read this as she gets more information. Opening a local account is certainly preferable to carrying a lot of cash back to her apartment each time she gets paid. Thanks for the heads up about the atm fees and citizen number, as well! We will look into the requirements.

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Some countries are less used to the almost universal use of credit cards. Here in the UK, we now have contactless point of sale use of either a credit card, or a debit card in most places, with no fee for use to the consumer (UK personal banking is very competitive in international terms). The debit card takes money directly from one's current (checking) account; the credit card is a separate thing.

 

However, my experience in both Germany and France is that there is far less universal take up of the use of credit cards or contactless cards. The equivalent of a debit card is generally a Eurocard, but if you're outside the Eurozone, then that won't be as useful.

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