Citibank is providing Euro transfers and third party account payments with no fees to its customers.
Covering 31 European countries the Citibank initiative will get money into any bank account in Europe within 3 days. The fee free element applies to Citibank current accounts and savings accounts that use the Euro as their currency. Accounts that use a currency other than the Euro will have a charge of 2 percent levied for currency conversion.
A spokesperson from Citibank saw this new initiative as one that would speed up the whole banking process in Europe and make the transfer of money inexpensive and safe. It is expected to be especially popular with customers who have overseas properties and also those who send payments to bank accounts in different European countries.
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Abbey National has announced the introduction of 2 new student bank accounts, one aimed specifically at those from other countries coming to the UK to study.
The international student account that Abbey National has introduced pays interest of 6 percent on credit balances up to GBP500, no charge for the presentation of foreign cheques and an opening balance required of just GBP5.
The other student bank account is aimed squarely at the regular student market, with the key aspect being the overdraft, which steps up each year to a maximum of GBP2000. Credit balances are rewarded with an interest payment of 4 percent per annum and the Abbey National are kindly offering to fund part of the Freshers Ball with a cash payment upon opening the account of GBP50.
The bad news of England not qualifying for the Euro 2008 Championships is tempered by the fact that, according to the Abbey National, the average British football fan will have saved over GBP550 by England not being there.
The Abbey National survey found that around 1.8 million consumers were considering buying a new television towatch England play n Euro 2008, with nearly 2.3 million spending nearly GBP150 per person on football kit, flags, hats and so on. Celebrating victories or drowning sorrows was also planned for, with nearly GBP100 per person earmarked for alcohol at home plus a further GBP135 spent at the pub.
A spokesman for Abbey National empathised with the England supporters who would be missing out on a potentially great tournament but felt that the silver lining of saving so much money would make it all bearable. And of course it also means England will not be knocked out on penalties as usual.