"The issue of bank current account charges is a matter of real concern to the banks' customers, and raises wider questions about competition and transparency of pricing, " said Mr Fingleton.
The OFT said that after its first, initial, review of bank current account charges, which it started last September, it now shares the worries of customers that they may be being charged too much.
The Reserve Bank of India, the country's central bank, has flagged the current account gap along with high inflation as major constraints to rate cuts that many believe are necessary to revive economic growth.
"The payments would not be so recognised by the typical customer when he opens a current account with a bank, and they are not generally so presented by the banks in their terms or other documentation, " he added.
Alternatively, speak to your current bank about setting up an international account.
Central bank data last week showed the current-account gap widened to a record 6.7% of GDP in the October-December quarter, from 5.4% in the preceding quarter.
The easing comprises a number of technical tweaks, including increasing the level of reserves in the current account and boosting the Bank's purchase of bonds, both of which should increase flows of money into the banking system.
However, high inflation and a wide current account deficit have constrained the central bank from lowering interest rates aggressively.
Together with Japan's central bank, the People's Bank of China financed half of America's current-account deficit last year.
Instead, the Reserve Bank of India warned that high inflation and a wide current account deficit have left little room for further easing.
MUMBAI--India is likely to record its widest-ever current-account deficit this fiscal year, central bank Governor Duvvuri Subbarao said Monday.
India's central bank instructed the country's lenders to stop processing current-account transactions with Iran using the Asian Clearing Union, and told Indian firms they couldn't use the mechanism to pay for oil or gas imports.
If China's economy continues to overheat, its current-account surplus could soon turn to deficit, and then its central bank would no longer need to buy American Treasuries to hold down its currency.
In a little-noticed comment during the weekend's meetings, Yi Gang, a deputy governor of China's central bank and head of the country's foreign-exchange reserves, said that China aimed to bring its current-account surplus below 4% of GDP within 3-5 years.
应用推荐