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Does it make sense to use UNFCU outside New York?

Posted: 18 Aug 2018, 16:58
by Ashraf
I like their offerings but does it make sense to use them outside New York?

Re: Does it make sense to use UNFCU outside New York?

Posted: 03 Sep 2018, 11:42
by Sebastian
Hi Ashraf,

not sure there is a perfect answer to this one. But in general the UNFCU makes sense in places where there is a weak banking system and/or in USD based economies.

I would like to hear from others. Are you using the UNFCU? If yes, why? If not, why not?

Re: Does it make sense to use UNFCU outside New York?

Posted: 03 Sep 2018, 13:50
by Pete
What exactly is this UNFCU?

Re: Does it make sense to use UNFCU outside New York?

Posted: 03 Sep 2018, 15:10
by Sebastian
Pete wrote:
03 Sep 2018, 13:50
What exactly is this UNFCU?
The UNFCU is the UN Bank: You can find more about them here: https://www.unfcu.org

Re: Does it make sense to use UNFCU outside New York?

Posted: 29 Sep 2018, 14:18
by UN linguist
UNFCU has the wonderful strapline that it serves the people who serve the world. Brilliant, eh? But from my perspective that’s the only good thing about it.

The truth is that it only really serves the people who serve the world from the comfort of their offices in New York. They can (or when I was last looking could) get home loans at 2%, while in my duty station I was quoted 13.9%, eventually negotiated down to 11.9%, the loyalty programme for the debit and credit cards is only aimed at US-based staff and so on.

The interest rate offered for savers is barely one step up from zero, when I can get 7% from my bank in the UN complex at my duty station - why use UNFCU for anything? It may well be OK if you are working in New York, but anywhere else, forget it.

Re: Does it make sense to use UNFCU outside New York?

Posted: 27 Oct 2018, 13:08
by Sebastian
Thanks @UN Linguist - would you say the US credit cards are helping on missions?

Re: Does it make sense to use UNFCU outside New York?

Posted: 30 Aug 2019, 15:10
by mdr
Sebastian wrote:
03 Sep 2018, 11:42
Hi Ashraf,

not sure there is a perfect answer to this one. But in general the UNFCU makes sense in places where there is a weak banking system and/or in USD based economies.

I would like to hear from others. Are you using the UNFCU? If yes, why? If not, why not?
I am. Mostly because I would like some of my salary in USD. I don't know if this applies across all UN agencies but at my workplace, in order to have 2 accounts in my payroll, I have to have one in the currency of my duty station (which is not in USD). Also, I don't come from a country with the USD although I only found out after I left that my bank does offer one but I wouldn't be able to change to it until I return so for now, I'm glad for the UNFCU.

Re: Does it make sense to use UNFCU outside New York?

Posted: 30 Aug 2019, 15:14
by mdr
Also, I would like to add that many of my colleagues use the UNFCU but I reckon my American and European colleagues don't.

Re: Does it make sense to use UNFCU outside New York?

Posted: 01 Sep 2019, 18:28
by Sebastian
Thanks a lot - this makes a lot of sense.

Re: Does it make sense to use UNFCU outside New York?

Posted: 29 Sep 2019, 16:23
by Vostok61
mdr wrote:
30 Aug 2019, 15:10

I am. Mostly because I would like some of my salary in USD. I don't know if this applies across all UN agencies but at my workplace, in order to have 2 accounts in my payroll, I have to have one in the currency of my duty station (which is not in USD). Also, I don't come from a country with the USD although I only found out after I left that my bank does offer one but I wouldn't be able to change to it until I return so for now, I'm glad for the UNFCU.
Wait, you can get part of your salary in USD and part of it in another currency? I guess the concurrence for the jobs just got harder!