Bank Account Situations

Are you struggling with your bank account? We have a story from one woman living in Kenya at the moment. She is a UK citizen and therefore has her money transferred into Euros so she can use her UK bank account. However, she is being charged 50 pounds every time she gets paid for this service. Not only that, but she has a hard time keeping track of her finance and phoning the UK regarding her bank account. Is there something she can do and anyone who might be in a like situation?

The experts are saying that yes, even though she is unable to open a Kenyan bank account because of her citizenship being in the UK, there are several things she can do to make life a little easier and avoiding some of the more excessive bank charges. You might consider these even if you are not in this type of situation and your bank charges are too high.

Those who are spending time overseas, even in small amounts can see their charges increase as a result of making transfers to and from the UK wherever they have travelled. One thing that may help if you are gone for more than a month is taking a look at how you spend while you are away.

IFA suggested that using a different type of account may work for her. While she can’t and doesn’t want a Kenyan account this person could try the offshore Euro accounts that will allow her to get rid of the conversion fees. There are plenty of bank accounts out there that can suit different needs. Finding one and signing up for it is very important.

Nationwide or the Bank of Scotland has branches in the off shore department that will make changing Euros into local currency and local currency to Euros a little easier. Another option is having such spending as direct debit in the off shore account in the country denomination and have the salary in her euro account.

There are plenty of situations like this one that could have a UK citizen struggling in the money department. Even if you are not in an overseas situation it may behoove you to find out the current types of accounts you can access to find one with lower fees, or a better interest rate to help you save more money and pay your bills.

Back To Financial News June 2008

100 Percent Mortgages
36 Percent Fall in First Time Buyer Loans
Arrangement Fees for Mortgages
Bank Account Situations
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