EU bank accounts 'open to all'

8 May 2013

Europeans will soon have the right to open a basic bank account in any EU nation under new proposals.

The European Commission is currently outlining plans to make it easier for people to compare charges and switch to another bank should they want to.

Proposals are being drawn up in order to make the process of opening a bank account in a foreign EU nation far less complex. The current system makes it difficult for customers to open one in a nation which they are not a resident of.

The main objective for the European Commission is to reduce the number of people who do not have a bank account.

It estimates around 58 million people over the age of 15 across the EU do not have a payment account. Naturally, the levels vary across the various EU states.

The plans would mean anyone could open an account, allowing for basic payments to be received such as their salary and pensions, or to pay bills.

By Tony Aynsley

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