The offshore arm of Alliance & Leicester, Alliance & Leicester International (ALIL) has revealed that expatriates living abroad could stand to significantly increase their income by using offshore banking and savings.
According to research by ALIL, the competitive rates offered by offshore banks could see expats' income undergo a healthy expansion.
However, ALIL found that only ten per cent of expatriates bank and hold savings offshore.
More than half (56 per cent) hold savings in the UK, ALIL discovered, and 82 per cent hold savings in the country where they are living.
"The research shows that there are many expatriates who have not considered whether they would benefit from holding their savings in an offshore account," said Simon Hull, managing director of ALIL.
"Given the competitive rates available from offshore banks such as Alliance & Leicester International, they could increase their interest earnings significantly."
ALIL's MyBankOffshore account uses internet banking to allow customers to access their account from anywhere in the world, 24 hours a day.Click here to find out more about offshore banking.
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