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Local bank account or UK ?

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Local bank account or UK ?

Postby elmacca » Wed 27 Jan 2010 09:52 GMT

Hello all

I'm currently getting my salary paid from Malta into my bank account in the UK. I've been here a month and it's working fine so far as they offer fee-free withdrawals at a non-tourist exchange rate.

However, am concerned that I'm losing out slightly. Do you think it would be better for me to open a local account to get my salary paid into?

Cheers
Keith
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Postby gozomark » Wed 27 Jan 2010 10:02 GMT

Hi Keith

I've edited out the name of your UK bank - discussions of named banks can only take place on the RS boards.

As for whether you are losing out - is your salary denominated in € or £ ?
Are you being charged a fee to send the money to the UK ?
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Postby elmacca » Wed 27 Jan 2010 11:06 GMT

No problem at all Mark.

I'm paid in Euros from my company and the UK accuont in question is GBP. There have been no fees applied on my accuont. The exchange rate applied is a trade rate as is the cash withdrawal/ATM rate here in Malta (once again with no fee).

Cheers
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Postby gozomark » Wed 27 Jan 2010 11:12 GMT

In that case the main downsides for having a UK account only are that you are limited to withdrawing € 250 per day from an ATM, and if you need a replacement card there is likely to be a delay in getting it. The benefit of a UK card is if you spend any money in £ on a Maltese card you will be hit for exchange rate fees.

I guess ideally you would have both accounts, and have some of your salary paid into each, but I presume that's not possible. In which case, open a local account, withdraw money on your UK card and deposit in your Malta account 8)
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Postby elmacca » Wed 27 Jan 2010 11:23 GMT

Just what I was thinking! Thanks for clarifying things :-)
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Postby centralad » Wed 17 Mar 2010 11:32 GMT

gozomark wrote:In that case the main downsides for having a UK account only are that you are limited to withdrawing € 250 per day from an ATM, and if you need a replacement card there is likely to be a delay in getting it. The benefit of a UK card is if you spend any money in £ on a Maltese card you will be hit for exchange rate fees.

I guess ideally you would have both accounts, and have some of your salary paid into each, but I presume that's not possible. In which case, open a local account, withdraw money on your UK card and deposit in your Malta account 8)


The daily limit for withdraws from your UK account really depends on which type of account you have :)

My experience has been, that while living in the UK, our HSBC were really good for any enquiries, etc. So we kept our UK account.

When we moved to Malta / Gozo we found HSBC Malta to be really good.

BUT...................

Since moving to Malta / Gozo, getting a response from HSBC UK, regarding any enquiries or problems, has been VERY slow, and at times unhelpful :x

Out of sight, out of mind perhaps :!:
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Postby pjr » Wed 17 Mar 2010 21:16 GMT

You definitely need a local bank account if you live here. For one thing, I find that I need to use cheques here far more often than in UK - and it can't be good for your (local) credit rating not to have an account. It does seem unnecessarily complicated to send it all back to UK.

PJ
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Postby centralad » Wed 17 Mar 2010 22:32 GMT

pjr

Sorry, you have confused me, an age thing obviously.
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