ECONOMY

UK banks first choice for cash sent abroad

In the 2010-12 period, when many Greeks chose to shift their savings to other countries while the economic crisis raged back home, the most popular destinations for deposits were Britain, the Netherlands, Germany, Switzerland and Cyprus.

Almost a year later, according to data processed by banks, the United Kingdom was the top destination, thanks to the UK banking system’s great flexibility and the affinity many Greeks have for the country after either their children went there to university or having studied there themselves. However, the pound’s sliding exchange rate against the euro means they stand to lose part of their capital.

Surprisingly, the Netherlands ranked second, which is attributed to the high credit rating of the country and the fact that its economy is considered to be among the most robust in the European Union. This also explains Germany’s third spot. Switzerland, which many thought would have been at the top, comes with high charges for the safety it offers and targets very big deposits.

The banking system on Cyprus, meanwhile, appears to be suffering even more than its Greek counterpart these days.