Expat banking comes recommended
August 25, 2007 by admin
Filed under News, News-Banking
An expatriate lifestyle magazine has today mapped out some of the typical preferences regarding banking abroad for expats.
Rhiannon Williamson, director of ShelterOffshore.com, said that her clientele tended to gravitate towards established banking names because they were a “known institution”, and regarded banking using different currencies as a “bonus”.
Offshore savings accounts – favoured by expats – differ from conventional accounts in that they tend to calculate interest on a daily basis due to the account’s inherent increased flexibility, which tends to lead to lower interest rates.
“Expats seek flexibility and low charges when banking abroad,” Ms Williamson said.
She added: to have the ability to bank and transact – i.e. transfer money and pay bills – in various currencies is a bonuses and a benefit.
“In our experience at ShelterOffshore, those who do business internationally or who live, travel or work in more than one country have a strong requirement for bank accounts with a single bank in more than one currency.”
For more information, ShelterOffshore’s website offers a comprehensive overview of the positives and negatives of various different accounts suitable for expatriates.
