Most of you in Lebanon have bank accounts at the bank you are used to dealing with: You know the branch manager, you become friends with the tellers, have coffee with the customer service officers, and you know where to park your car when you go there – a key issue in Lebanon. But what most of you don’t know is all what your bank can do for you. Having a better knowledge of this will make you both save money and earn higher interest!
Most banks in Lebanon offer many types of current accounts, different kinds of cards, a wide array of loans etc…Choosing the wrong one might result in that you pay much higher fees or not earn the best benefits and/or interest.
Take for example the current account: How do you know that the type of account you have at your bank is the right account for you and the most convenient for your needs? Consider that your bank offers the following kinds of current accounts (Both do not earn interest):
- Monthly Charges: 10$ per month.
- Fees on Each Bill that is Automatically Paid through account: 1$ per bill.
- Offers: Free debit card
- Monthly Charges: 5$ per month.
- Fees on Each Bill that is Automatically Paid though your account: 4$ per bill.
- Offer: Free debit card
Now consider that you have only one bill (phone bill) that is automatically paid through your account, which account would choose to open? Let’s do the math of what would be you monthly charges on each account:
On Account-A: Monthly Charges of 10$ + Fees on Bill Transfer of 1$= 11$
On Account-B: Monthly Charges of 5$ + Fees on Bill Transfer of 4$= 9$
The obvious answer is Account-B since you pay less monthly charges.
But what if you had 2 bills (Phone and Electricity Bill) that are automatically paid through you account?
On Account-A: Monthly Charges of 10$ + Fees on Bill Transfer of 2$ (2 bills) = 11$
On Account-B: Monthly Charges of 5$ + Fees on Bill Transfer of 8$ (2 bills) = 13$
Here the best option is Account-A. So bottom line, if you need to use the Automatic Bill Payment service through your account and have a lot of bills, your best offer is Account-A. But if you just want to open a bank account for withdrawing and depositing cash and just one Bill Automatic Payment, then go for Account-B.
The same applies for any products offered by Banks in Lebanon, for instance while selecting a credit card make sure you know which card at your bank offers you the right points and rewards.
Not all banks in Lebanon have the time to advise you what is best for you as they have thousands of clients. So go on Bnooki.com, filter by bank and find the best options for you at your own bank!