Expats managing finances online
Research by offshore savings bank Alliance & Leicester International has found that 92% of expats use online banking to keep their finances in check.
However, 7 in 10 are missing out on the benefits of an offshore savings account. Ever-increasing access to the online world means it is effortless for people living abroad to keep an eye on news, family and friends and, as A&L’s research shows, their finances. The survey reveals the main benefits of banking online for expats include being able to access their funds anytime, anywhere (41%) and access to better rates online (26%).
Although there is a high proportion of expats using the internet for banking, only a third are using it to access an offshore savings account. Therefore 70% of expats are missing out on the benefits of saving offshore, such as access to superior rates of return, the ability to hold or send funds in a range of currencies other than sterling and to plan their tax affairs in a way that is relevant to the country in which they live or work.
Simon Hull, managing director of Alliance & Leicester International, said: “With internet access now so readily available, offshore consumers should take advantage of internet banking and saving. As well as offering speedy transfers and an up-to-date snapshot of your finances, the offshore banking and savings market is quickly developing many of the online facilities already available from its onshore counterparts.”