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Expat Investor : March April 2009
OFFSHORE BANKING Banking products winning on practicalities The Institute of Public Policy Research tells us there are some 5.5 million British expats. Expat Investor likes to think the majority is in search of a practical bank account that functions well for their everyday money transmission needs. Here, six banks describe what they’re offering to the expatriate market. following 12 months. The Monthly Offshore Saver account works with the Abbey International Gold account. Savings are swept automatically from the current account into the savings account in the currency of your choice – sterling, euros or US dollars. Savers simply arrange to have their salary or another regular monthly income such as a pension paid into their Gold account and then nominate how much they would like to sweep into their Monthly Offshore Saver account each month. “The growth in sophisticated online and phone- based banking accounts has meant that users of offshore transaction accounts expect online facilities, easy bill payments, multi currency accounts and international Visa card based payment as standard now.” Any amount between £250 and £2,500 or euro or US dollar equivalent per month can be chosen, subject to a maximum of 20% of their mandated income. The Monthly Offshore Saver account has one of the lowest opening balances on the market at just £250, which opens up regular savings to a whole new range of users of the service who can now bank with confidence and save with ease. This new savings account adds an ABBEY BANK INTERNATIONAL Offshore current account banking is surely one of the growth and success stories of the last 10 years. For the global expatriate, seeking out a multi-currency account which allows easy payment of bills and savings used to be a trial, but 2 EXPAT INVESTOR ? internet based current accounts such as Abbey International’s Gold account have changed all of that. The growth in sophisticated online and phone-based banking accounts has meant that users of offshore transaction accounts expect online facilities, easy bill March/April 2009 payments, multi currency accounts and international Visa card based payment as standard now. One area which has lagged, however, is that of the regular savings facility. A new account which might just rewrite the rule book is Abbey International’s Monthly Offshore expatinvestor.com Saver account, a multi-currency facility currently paying 12% gross/AER sterling, 10% gross/AER for euro and 6% gross/AER for US dollar. The interest rate is set when the savings account is opened and guaranteed at that point for the extra dimension to current account banking offshore. In addition to many of the facilities bank customers have come to expect as standard, such as online and telephone banking, multi-currency accounts, bill payments, and worldwide payments cards, the new Abbey International Monthly
January February 2009
May June 2009