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Personal finance: A regular banking review

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One of the most important aspects of expat living is having access to meaningful bank accounts that afford us the greatest flexibility. As life moves on we tend to accumulate various accounts on our travels and neglect them as they become less important in our minds. A regular banking review is time well spent in streamlining your accounts and also stamping out unnecessary costs. 

In previous "Net Worth" articles we have discussed annual banking reviews, the last one being "Review your banking arrangements" on April 15, 2012. Such reviews should be a matter of course. It is not just a question of whether you are happy with your current accounts but also whether they are necessary and if you are using them to your advantage rather than the bank's. There is also a growing concern among expats these days about the security of the banks they use.

While living as expats we sometimes forget about accounts we left behind. What we should do is close them or use them more sensibly.

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