Sending money abroad

Article Abstract:

One hundred sixty payments of about 100 pounds sterling each were sent by mail transfers and telex between banks in 11 countries in Europe, with the process proving costly and slow. Three of the transfers were lost completely, with the banks not required to pay compensation under current law. One transfer took 30 days to arrive, while transfer times averaged eight days. The most expensive transfer cost about 35 pounds sterling, with charges in UK and overseas banks averaging about 13 pounds sterling. The European Commission should introduce laws to regulate transfer times and costs to give consumers a better deal.

Money transfer

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Banking from home

Article Abstract:

Home banking is growing in popularity, with about 2 million customers using computers or telephones to access their accounts. Account costs are similar to ordinary accounts, but have additional home-banking costs. There are fees for connection equipment and some banks, the TSB, Clydesdale Telebank and Bank of Scotland, have regular service charges. There is also the cost of the phone calls. Users prefer a tone phone system to a tonepad or voice response. Using a computer is efficient for those making a lot of use of home banking.

Prices and rates, Home banking, Home banking services

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Problems with wills

Article Abstract:

Banks and solicitors appointed as executors of wills can take years to complete the task, and charge excessive fees. Beneficiaries cannot take any action against unreasonable charges. The law will change so that banks and other professionals can apply for probate. A Probate Ombudsman will resolve disputes. Beneficiaries should be able to dismiss professional executors if they are dissatisfied. Banks should have a code of practice for managing wills. Friends and relatives make more reliable executors than banks.

Wills, Executors and administrators, Executors

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