Why Brexit Has Changed The Face Of Banking And Created a Greater Need For Multi-Currency Bank Accounts
The Brexit Effect On Banking
Despite assurances that everything would be better after Brexit, there are several glitches that directly affect individuals and businesses. The simple fact is that the rules and regulations for banking in Europe can be different from those in the UK. This hasn’t been a possibility for many years.
It is now possible and is likely to happen in the coming years. You may wonder how this can affect you or make it necessary for you to adopt respectable multi-currency bank accounts. Here’s why:
The Cost Of Banking
Banking is not cheap. Even if you have an account that doesn’t charge you for the privilege of having an account, you almost certainly pay interest on overdrafts and an array of other fees. The average customer pays a minimum of £150 in unexpected fees. These charges rise dramatically when you go overdrawn without authorization.
With Brexit and banking divergence, these fees will go up. If you holiday abroad you will need to access your funds, there will be a charge for this. Alongside this the exchange rate can vary dramatically, making a surprising difference to your wealth while abroad. Not only will you get less money, but you’ll also be charged more for it.
How Multi Currency Bank Accounts Can Help
A multi currency bank account will allow you to avoid many of these charges. The exchange rate will be fixed when you want it to be as you can control when funds are released in different currencies.
This increases the control over your finances. Of course, a multi currency bank account will also make it easier to pay people and businesses in different countries. It can also make you seem more genuine which can be a real bonus when dealing with people in another country.
In short, adopting a multi currency bank account ensures you are capable of paying people in various countries through one simplified platform.
It doesn’t just help you to control the costs involved in funds transferred. It also reduces the cost of keeping your money as you only need to utilize one bank account, not several different ones. This also ensures your record keeping is simpler as everything is held in one place, allowing you to monitor and track your finances virtually effortlessly.
Who Needs A Multi Currency Bank Account?
The short answer is everyone. In the past, you may not have worried about the exchange rate for your foreign holiday or whether you will be able to access funds in an emergency. It wasn’t a concern as the EU and UK regulations were tied together and regulated.
But, as these regulations drift further apart you will find more times when you will need a safer and easier to record form of payment. That is what the multi currency bank account offers, convenience, practicality, and cost-saving.
What better reason is there to sign up for one today and be prepared for whatever the future throws at you?