Not too many emails come to Family Money from far-flung Bishek, Kyrgyztan, once the capital of one of the great Silk Road kingdoms. But that is where Mr McD, an Irish citizen who has been working on an EU Commission-assisted environmental project since 1993 spends his days . . . when he is not living in Estonia. Paid in ecus, Mr McD is getting fed up with the cost of transferring ecus into the variety of currencies (Estonian, Russian, US, Irish, Belgian) he needs.

"I'd like to avoid any further fleecing by banks when converting from ecu to pay credit cards and other bills and when transferring cash to other EU countries." He wants to know if and when he can open a euro bank account with an Irish bank in Ireland or off-shore.

According to Bank of Ireland, Mr McD can open a euro account now here or with an Irish offshore bank, but neither can be used until next January, when Economic Monetary Union becomes operational for non-cash transactions. Since he will be paid in euros rather than ecus from next January as well, he will be able to have his salary paid in without any foreign exchange transaction charges and will be able to pay any non-cash bills he has in other EMU member-states from the account. He will also be able to take out an euro-denominated credit card.

His euro account will not solve his currency-cost problems in Russia, Estonia or Kyrgyzstan where the rouble and more likely the dollar are the currency of choice. He would not able to use it either if he is visiting or working in Britain which is not joining EMU with the first-round countries.

Suggestions Welcome

Family Money welcomes suggestions from readers on topics of personal finance they would like to see highlighted. Please write to Jill Kerby, c/o The Irish Times, 11-15 D'Olier Street, Dublin 2 or by Fax No. 6798874 or e-mail: jmkerby@indigo.ie