Lloyds TSB International Account 'perfect' for expats Go compare with our comparison table

Lloyds TSB International Account 'perfect' for expats

24 March 2010 / by Andy Davies

Brits that are currently living abroad are being urged to open a multi-currency account by Lloyds TSB International, to limit their exposure to currency fluctuations and bank charges.

Official statistics have revealed that more than 100,000 Brits emigrated last year to pursue a new life abroad, but Lloyds TSB International has claimed that many are still transferring sterling from a UK current account to a euro or US dollar account.

Commenting, Caroline Rose, product manager at Lloyds TSB International said: "Many British émigrés making sterling to euro or sterling to US dollar transfers have experienced significant reductions in buying power, as sterling’s value continues to negatively fluctuate."

For instance, expats that do not bank in the local currency could be charged for using their debit card, paying a cheque or even charged when their salary is paid into their account.

However, Ms Rose suggests that some expats have managed limit the impact of currency fluctuations by opening a variety of different currency accounts and are saving money by banking in the local currency.

One such account is Lloyds TSB's International Account, which is a global current account specifically targeted at providing expats with easy access to their money from anywhere in the world.

The account, which is available in sterling, euro and US dollars, or even all three, is free from charges for the first three months and account holders can check balances and transaction details 24 hours a day by phone or via the internet.

Ms Rose believes this type of current account is "perfect" for people who are currently living, working, or travelling extensively abroad.

"By spreading their savings across three different currency accounts expats can mitigate their exposure to the vagaries of the money markets, choosing which currency will deliver the best value at any given moment. This is something that our international client base has been increasingly concerned about as the value of sterling continues to fluctuate," she said.

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* GROSS RATE – The contractual rate of interest payable before deduction of income tax at the rate specified by law.

** AER RATE – AER stands for Annual Equivalent Rate and is the notional rate which illustrates the gross rate as if it was paid and compounded once each year. As every advertisement for a savings product will contain an AER you can compare more easily what return you can expect from your savings over time.