How to Prepare for a Working Summer Abroad
Various destinations, various payment systems. Before students travel abroad for summer jobs, it is useful that they know a few rules to make the most of their summer experience and to bring their earnings home safely.
What to do before going abroad?
- Open the Tatra PersonalTB service package with a 100 percent student discount . There is no need to open a new banking account abroad. Your pay in euros sent within countries of the European Economic Area will be credited to your account on the next business day after the payer sends the payment.
- Payments made by the card issued with the account are free of charge and a withdrawal from another bank's ATM costs €2 (in Slovakia and anywhere abroad).
- If necessary, your parents can send you money. Money is credited instantly for transfers between accounts in Tatra banka.
- Download mobile banking applications (Tatra banka, Tatra banka VIAMO, and Reader (ČítačkaTB)). These apps will help you to check your balance, pay invoices from abroad, settle accounts with friends or log in to internet banking.
- Create your voice sample so that you do not need anything else to communicate with the DIALOG Live contact center.
Exchange an extra reserve of foreign currency
- Exchange a necessary reserve amount of a foreign currency before leaving Slovakia. If you cannot pay by card, cash is your only means of payment.
- Foreign currency exchange is free in Tatra banka.
- CZK, USD, GBP, HUF, and PLN currencies are available at Tatra banka branches. Other currencies, including AUD, CAD, CHF, DKK, HRK, JPY, NOK, and SEK must be ordered 2 days in advance, and the same applies to foreign currency exchanges of more than €5,000.
- When travelling to countries with exotic currencies, we recommend taking a sufficient amount of US dollars, a widely-accepted currency that can be exchanged for local currency in most places.
How to handle day-to-day payments?
- Ask your foreign employer to send your earnings directly to your bank account. To receive payments, you need to give your account in the IBAN format and know the bank's SWIFT code. All this information is available on the bank's website.
- If you are short on cash, pay by card. With SMS notification, you will be instantly notified if the payment was made.
- Not all countries of the European Economic Area are also eurozone members, i.e. the euro is not their national currency. This results in a higher cost for foreign transfers compared to eurozone countries. For example, a transfer from a bank in the Czech Republic may be more expensive for a payer than a transfer from Spain.
- Banks in eurozone countries do not differentiate euro payments sent by clients within the country or between any country within the European Economic Area - both types of payments incur the same fees and a transfer takes only one business day.
- In the event of a payment card loss/theft, it is necessary to contact the DIALOG Live contact center immediately to block the card. If your stay abroad will last longer, it is possible to request a replacement card to be sent by courier to a foreign address - although the costs will be borne by the card holder.
Be careful with checks
- Checks are not a commonly used payment product in Slovakia. Moreover not all banks facilitate their remittance, or even if they do this process may take several days or weeks.
- So students are encouraged to receive their pay via bank transfer to their account with Tatra banka, which is faster and safer.
- If an employer refuses to pay your wages directly to a bank account, you can avoid carrying a large amount of cash by depositing it in a newly-opened account abroad. You must bear in mind however that a foreign transfer may set you back a couple dozen euros.
- Tatra banka offers the service package to students for free. Its advantage is that the bank charges no fees on a received foreign transfer and credits the full amount received from a foreign bank.
- With foreign interbank payments, the fee of the processing bank or the fee of the payer's bank may be charged if these costs are transferred to the beneficiary.
Be careful with banknotes
- Banknotes in US dollars are among the most counterfeit global currencies, so be careful when accepting cash abroad.
- We recommend always checking several security features of a US banknote - the paper of the bill and its security features (watermark, security thread).
- If you are given a US dollar banknote abroad that you find suspicious, do not accept it and ask for another one.
- If you are issued a counterfeit banknote abroad, contact the local police. Counterfeiting banknotes and putting counterfeit banknotes in circulation is a crime. This applies in Slovakia as well as abroad.
1The 100 percent discount on the Tatra PersonalTB service package automatically applies to full-time students from the age of 15 up to the age of 20, or from the age of 20 up to the age of 26 after presenting a school attendance certificate.