Cash-strapped abroad? You only need to ask

Article Abstract:

There can be many difficulties and considerable expense associated with transferring money between countries. When sending money abroad, especially to a developing country, it is important to be aware of the local exchange rate of the currency in the country of destination. Banks may make quite high charges for negotiating a cheque drawn in a foreign currency, and it may take some time for the funds to be transferred. It is worth considering sending or receiving bankers drafts, which are drawn on the issuing bank, rather than an individual's account. However, these can also prove expensive.

Depository Credit Intermediation, Money Management Accts & Svcs, International finance, Asset management accounts

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Money tied up with solicitors? It's as well to take an interest

Article Abstract:

People who are obliged to deposit a large sum of money with a solicitor because they are involved in a dispute should ensure that they are aware of how much interest this money is likely to gain. In some cases, the money may be held in the solicitor's general client account, and will therefore gain very little interest. Solicitors argue that they cannot be expected to act as bankers and go to great lengths to find high rates of interest. However, guidelines from the Law Society indicate that solicitors should aim to gain a fair rate of interest on money held in a general client account.

Legal services, Offices of Lawyers, Laws, regulations and rules, Law firms

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Is your mortgage a source of stress?

Article Abstract:

It has become increasingly common in the UK for borrowers to complain about the practices of mortgage lenders. A particularly common complaint relates to cases where the mortgage term has been lengthened as a result of the account going temporarily into arrears, rather than the borrower first being asked whether he or she would like to pay more instead. Deputy Bank Ombudsman Chris Eadie advises all borrowers to carefully check their annual mortgage statement.

Mortgage bankers and correspondents, Mortgage Bankers, Real Estate Credit, Mortgage banks

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