Bank accounts fall into two categories, those offering lending facilities ( Overdrafts ) and those that do not.

It is thought that as many as 1 in 4 adults living in the UK would only be able to apply for the latter.

 

Banks use a system called Credit Scoring to assess every new bank account application, and if the computer says NO you will only be able to get a "Basic" account. Basic accounts do offer some normal banking facilities e.g Direct Debits and Standing Orders but almost certainly won't offer you a cheque book.

 

Basic bank accounts usually only come with a standard ATM/ Cash Machine card, although some now offer a debit . Visa Electron and Solo symbols on cards offer you some debit card facility, although not all retailers accept them.  

 

If you thought that Internet ONLY banks were different, think again, they apply the same Credit Scoring system for assessing their customers.

 

All of this has left a large market for companies providing Overseas/ Offshore type bank accounts and Pre-Paid Credit Cards. If you thought Offshore banking was only for tycoons, think again. Many banks based in other EU Countries are happy to provide UK customers all the facilities their UK counterparts frequently deny us Brits. This is because the EU bank will not be in a position to Credit Score your application.

 

So an EU / Offshore  Bank Account seems like a great way to get over the hassle of being refused an account providing full facilities. Just one snag though, it seems to be necessary to apply in person.

 

Various companies around the World then began appearing on the Internet claiming to be agents for EU and other overseas accounts and Credit Cards. Unfortunately if Internet consumer forums are anything to go by, a number of companies offering to provide EU and other Offshore accounts appeared to be unable to provide the advertised accounts, or there were excessively long delays in receiving the associated cards. 

 

We have however been impressed with the products being offered by a UK based company specialising in EU and other Offshore Bank Accounts and Credit Cards both Private and Corporate..You can take a look for yourself by Clicking Here to visit their website called Money Matters. We think that more of these companies will be appearing in the UK as frustrated Brits turn to Europe and beyond for private and business banking.