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Expat Investor : December 2008
RETAIL BANKING Five top tips for banking abroad Brits moving abroad, and those already ensconced overseas, can use these five top tips to buff up their banking skills. (CDD) legislation. Make sure you have at the ready: 1) Keep a file of all necessary documentation. Before commencing any formal money management credit balances, and could greatly increase the ability of the individual to shop around. It would allow the creation of comparison tables to facilitate switching for those consumers who want to maximise the benefits of their credit balances. It would crucially create a means to allow consumers to assess the financial benefits of one account over another. The introduction of portable account numbers would make it easier to switch and to stop consumer’s number one fear of their direct debits going astray during the process. This fear is recognised in the OFT study. The Which? current accounts survey of our members in 2008 found 20 per cent of those who had switched had problems with the companies that their direct debits were set up with. Portable account numbers would address this problem. The idea deserves to be considered fully, even though some will dismiss it as unworkable or too costly to implement. We would also like to see shared banking facilities between different providers, particularly in rural areas. If access to a branch network is a key barrier to smaller banks and new entrants gaining market share, then all options to encourage competition are worth consideration. Finally, the most public part of our work at Which? has been in opposing disproportionate charging structures on unauthorised overdrafts. The banks’ collective failure to allow consumers to opt out of having an unauthorised overdraft and the associated charges at all, must be addressed. The OFT study echoes this issue and found over 60% of consumers would prefer to have their payment refused rather than enter an unauthorised overdraft. (The events over the last half of the year) has seen a seismic shift in the banking industry. The rule book has been ripped up but we must ensure that this isn’t at the long-term expense of consumers, and use it as an opportunity to implement radical and beneficial reforms to the current account market. procedures with banks, brokers, financial advisers or investment managers you’ll need the following documentation to comply with worldwide Know Your Customer (KYC)/Customer Due Diligence ? Proof of your identity (you’ll need a notarised copy of your passport). ? Proof of your current address, including the date of your arrival there. ? Proof of the nature and location of your employment. ? Information about the sources of your wealth (for example, income, property, investments, inheritance). ? Details of any regular transactions you expect to make. ? (For banks) a statement of your reasons for wanting to open an offshore account. 2) If you haven’t already done so, open an online account. If you are based in one country and your bank is located in another, you’ll need an online bank account to keep tabs on Continued on page 8 Alliance & Leicester International of mind with Peace We’re backed by one of the world’s largest banks • Alliance & Leicester International is now part of the Santander Group, which has more than 150 years’ experience in banking, andmore branchesworldwide than any other international bank. Alliance & Leicester International and Santander are committed to serving our customers and helping them make the most of their money. In 2008 Santander won the Euromoney ‘Best Global Bank’ award. • Santander has 70million customers and more branchesworldwide than any other international bank. • Santander has a AA credit rating* Find out how you can make the most of your savings. Click www.alil.co.im/ads/ex *Credit rating as per Standard & Poor’s long-term issuer rating (domestic). Correct as at 17 September 2008. Alliance & Leicester International Limited. Registered Office: Alliance & Leicester House, 19/21 Prospect Hill, Douglas, Isle of Man, IM99 1RY, British Isles. Incorporated in the Isle of Man (No. 81918C). Alliance & Leicester is the registered trade mark of Alliance & Leicester plc. Telephone calls will be recorded for security, quality control and training purposes. Complaints we cannot settle can be referred to the Financial Services Ombudsman Scheme for the Isle of Man. Alliance & Leicester International Limited is a member of the Depositors’ Compensation Scheme as set out in the Compensation of Depositors Regulations 2008. Licensed by the Isle of Man Financial Supervision Commission to take deposits. Details correct as at 19 November 2008. Fast Facts 10002 EXPAT INV DEC 2008 December 2008 ? EXPAT INVESTOR 7
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