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    Are foreign banks better than UK ?

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    papa_umau
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    Are foreign banks better than UK ?

    Post by papa_umau on Mon 07 Mar 2016, 12:27 pm

    Do other countries offer better banking than the UK?

    By Brian Milligan
    BBC Personal Finance reporter.

    Are their banking charges lower - or at least clearer - and are consumers happier?

    Overdraft charges:

    The Competition and Markets Authority has announced an extension of its inquiry into the current account market.

    The competition watchdog said that more time was needed for the industry and consumer groups to consider its new proposals on softening the impact of overdraft charges on bank customers.

    Suggestions include a "monthly maximum charge", an upper limit on combined interest, daily charges and unpaid item fees. This would not be a regulated cap but set by individual banks.

    Vive la banque

    So, do other countries do banking any better than us Brits?

    Along with a cafe serving pastis - and a boulangerie, of course - every small town in France has at least one bank.

    But unlike the UK's free-if-in-credit model, in France you will pay to use a bank, whether you are in credit or not.

    You will pay a monthly fee to have a current account; you will pay to have a debit or credit card; and you will pay to use a cash-point if it is outside your local region, or if you are using another bank.

    Read more on this subject from the BBC HERE




    When we see just how they do it in France and many of the other European states maybe we are not so bad done by here in Britain ?

    What do you think ?


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    Nuthin fancy
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    Re: Are foreign banks better than UK ?

    Post by Nuthin fancy on Mon 07 Mar 2016, 4:29 pm

    Hi all,

    In short Paps I don't know. Perhaps someone with banking 'know how' could help.?

    One thing; a few years ago our local 'clowncil' got its fingers burnt by investing in the Icelandic banking system just before the country went bottoms up in the financial crash.

    To Icelands credit they have got themselves out of the mess on their own by prudent actions ( they told the world bank and EU to stuff it and jailed some of the bankers who messed up big time !! ).

    I have seen some tempting offers from the Bank of India, but I am somewhat reluctant to follow it through. I don't know if funds will be as safe as they are in the UK ( up to a limit opf 75,000 ). they certainly seem to have some good interest rates. If I could be sure of the safety of some of these institutions I may be tempted.

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    papa_umau
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    Re: Are foreign banks better than UK ?

    Post by papa_umau on Tue 08 Mar 2016, 12:15 pm

    Yes, Technician, I too have considered doing some of my banking abroad if only for the better interest rates, as you mention, but also, as you mention, I would worry if my money was in a foreign bank without British protection.

    Since the big banking crash I think that many of the British banks are safer than they used to be.

    I still worry about Barclays and the Royal Bank of Scotland as it seems they have not learned from their mistakes.

    I am not recommending this but I have personally found that the Peer-to-Peer ( P2P ) lenders, ( not really banks ), have very good rates of interest paid to their investors as well as the rates they charge to their borrowers.

    I have had a Ratesetter loan for coming up to three years now and I was able to borrow securely at a rate that is less than my own bank charges.

    I have yet to invest any money with Ratesetter, but I am considering it.

    BTW...They will only lend to people who have excellent credit scores !

    One note: The P2P lenders and investors are not signatories to the government compensation scheme FSCS yet. Read about this HERE

    ZOPA is another Peer-to-Peer lender and investor which is much bigger than Ratesetter, but I only have experience of Ratesetter.


    Last edited by papa_umau on Tue 08 Mar 2016, 12:26 pm; edited 2 times in total


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    Re: Are foreign banks better than UK ?

    Post by Nuthin fancy on Tue 08 Mar 2016, 12:19 pm

    Hi Paps,

    Thank you for that and the links, it is something I have heard about but again have little knowledge. Again if I can be sure there is minimal risk, then I may be tempted.

    One thing I did do was invest in one of the 'small' UK banks (Vanquis). To be fair I have had not one complaint about them or their service to date, so my experience has been very positive.

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    papa_umau
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    Re: Are foreign banks better than UK ?

    Post by papa_umau on Tue 08 Mar 2016, 12:27 pm

    Since you replied to my last posting I have added a couple of lines that you might be interested in.


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