23 Nov 2022
Do you want to find out how to pick the best bank account to use when sending money abroad? If you're trying to decide which type of account best suits your needs or if you want to know which account characteristic you should compare, this might be the case. You might also be thinking about changing your bank account.
Choosing the right bank account type can save you from several hassles. Opening a local or international bank account would occur to you if you moved abroad for work, and far too many expats do the same when they move abroad and need a bank account.
The first time newcomers realise that transactions are becoming more expensive, whether due to foreign transaction fees or currency conversions, is when they begin to withdraw money in the local currency or receive money from abroad. This guide lets you learn how to choose the appropriate bank account type as an expat worker.
Keeping your current bank account makes sense if you're moving abroad but want to keep some of your assets in the UK, like a piece of real estate. Maintaining your current standing orders and direct debits is possible, and opening a bank account now will ensure that you have one when you get back home.
Expatriates who have lived outside of the UK for a while may find it difficult to reopen an account. If you intend to keep your current bank account while you live abroad, your bank may offer special fee-free services like free use of international ATMs and no currency exchange fees.
To find out what options your bank can provide, talk to them and explain your plans. One benefit of being an ACE customer is the ability to transfer money from your account to many locations worldwide.
Most users use a current account with a bank or building society for daily financial management. You are then able to:
You have the following options to help in money management:
Fees can differ significantly between banks and accounts, with the highest fee being assessed for exceeding your agreed-upon overdraft limit (if you have one).
Did you know that opening an account that better fits your needs could help you save hundreds of pounds? Choose an account that will let you have an overdraft up to a predetermined limit without fees and with a low-interest rate if you frequently go over your available balance.
Look into the accounts that pay interest on your credit balance if you're careful with your spending and never go overdrawn. However, paying too much attention to the credit interest may not be a good idea if your income is on the low side and you occasionally use your overdraft.
Rather, pay more attention to the charges. Banks typically assess a monthly fee to maintain a checking account, but these costs can vary greatly. And if you meet certain requirements, like setting up direct deposit for your paychecks or meeting and maintaining a minimum balance requirement, a bank may waive or lower them.
Understanding what a bank will actually charge you for using a checking account will help you keep these costs to a minimum. Inquire about its standard fees, which may include:
Many other services, discounts, or features that might be essential to you are offered by the majority of banks. Take time to consider how you use your current accounts and where you are losing money in fees or time because every person's needs are different. Find a bank to make a money transfer that is a better fit after that. Some crucial elements include:
The majority of banks currently provide these options. A robust online service can help you save a lot of time if you frequently use your account, especially to manage standing orders and set up new payments.
Even if you work with your bank primarily online, there are instances when going in person is more convenient. For many people, having a nearby bank branch is essential—at least for their checking account. A network of ATMs may also be crucial to you, for example, if you frequently travel and require easy access to cash while on the go.
Even though most banks have loss insurance, there are still differences in the level of security they provide for online services. You can quickly eliminate a bank in this regard by checking the news to see which banks have recently had security breaches.
Different factors should be considered when selecting a bank account as an expat, depending on your circumstances. Look for the lowest transfer costs, greatest exchange rates, and fastest transfer times. Last but not least, delay making a choice. If you have any doubts, look over a list of the top foreign bank clients and decide which one might be right for you.
It's not difficult to simplify the best method for selecting a bank. A good bank is one that: doesn't charge excessive fees, gives you easy access to your money, offers a good interest rate on your savings; has great online and app-based banking services; offers excellent customer service, and is trustworthy with your money. Overall, ACE Money Transfer is the best option for sending money online to your loved ones.