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Bank Accounts Will Be 'open To All' In Eu

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http://www.bbc.co.uk/news/business-22436311

European residents will have the right to open a basic bank account in any country of the EU and compare the fees charged by providers, under new plans.

The European Commission is outlining proposals to make it easier for customers to compare charges and switch to another bank.

At present, many consumers find it difficult to open an account in another EU country where they are not resident.

The Commission also hopes to reduce the numbers who do not have accounts.

Would you want to open a bank account in Greece / Portugal / Ireland / Italy / Spain?

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That would be good news for me. Most of my income is from Germany and is paid by customers into the same bank account in Germany that I was using when I returned to the UK a few years ago. At the moment, I'm stuck with this account, but this legislation would give me the opportunity to shop around for a better account with lower charges.

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I've had a French bank account for years. It was no more difficult to open than a UK account.

If you live in France, that is!

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I don't, although I an in France at the moment.

Sorry, I thought you had lived in France.

In Germany, as in the UK, you currently need to be a resident of the country in order to open a bank account there. Once you've opened one, though, you can keep it when you move out of the country again.

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Wow. You'd be mad to have a euro account in any southern european country or Ireland when you can have a euro account in Germany if this goes through. Cue mass transfer of cash. Maybe that's the German plan? dry.gif

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That would be good news for me. Most of my income is from Germany and is paid by customers into the same bank account in Germany that I was using when I returned to the UK a few years ago. At the moment, I'm stuck with this account, but this legislation would give me the opportunity to shop around for a better account with lower charges.

You can open a Uk euro account in many of the big banks. I have four different currencies. Then you can choose when to transfer to sterling. You can also use a third party to convert reducing the fees considerably, as IME most conversions are quite expensive.

So saying that you're "stuck" with this account is probably a bit over the top.

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You can open a Uk euro account in many of the big banks. I have four different currencies. Then you can choose when to transfer to sterling. You can also use a third party to convert reducing the fees considerably, as IME most conversions are quite expensive.

So saying that you're "stuck" with this account is probably a bit over the top.

Well, maybe, but UK euro accounts look pretty expensive compared to German accounts. I just checked Barclays' offering (iBank) to get an idea: £10 per month compared to €11.80 per quarter for my Postbank account in Germany.

Edit: I'm betting that the exchange rates and charges offered by the UK banks are worse too.

Edited by snowflux

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Well, maybe, but UK euro accounts look pretty expensive compared to German accounts. I just checked Barclays' offering (iBank) to get an idea: £10 per month compared to €11.80 per quarter for my Postbank account in Germany.

Edit: I'm betting that the exchange rates and charges offered by the UK banks are worse too.

Ouch! Didn't realise they did that.

I had a US$ account with Barclays until 2009. Terms were crap compared to a £ account, but nothing like that monthly charge!

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Well, maybe, but UK euro accounts look pretty expensive compared to German accounts. I just checked Barclays' offering (iBank) to get an idea: £10 per month compared to €11.80 per quarter for my Postbank account in Germany.

Edit: I'm betting that the exchange rates and charges offered by the UK banks are worse too.

Our French bank charges €3 a month each but I think that's for the Visa cards not the accounts. We have a current account and a savings account each, plus a joint savings account and full online banking facilities.

One difference in France is that a husband and wife are considered "the same" so one can sign for the other and pick-up new cards etc.

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  • 243 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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