Because more than two-thirds of those who have moved abroad do not properly prepare themselves financially for the move, they consider switching their savings providers once they have already moved, offshore savings bank Alliance & Leicester International Limited has found.
According to ALIL’s research, only 30 per cent of expatriates open an offshore savings account when they first move abroad; those who are slow to switch their accounts to a new provider then become eager to benefit from the best offshore savings deals in order to sort out their finances.
The global reach of the internet means that it is easier then ever for expatriates to manage their savings, and also accounts for the fact that when they are selecting their offshore account, 70 per cent of expats look for one that offers online management, so even if people do forget to put things in order before they leave for foreign lands, it can be done from their new home.
Market leading interest rates are also a factor for 64 per cent when considering which provider to choose, illustrating that savers want their accounts to be both accessible and competitive.
Simon Hull, Managing Director of Alliance & Leicester International, said: “It is crucial for those making a permanent relocation abroad to ensure they set up adequate banking and saving facilities, soon after they move. With reliable internet access now available across the world, the offshore savings market is rapidly developing many of the online facilities already available from its onshore counterparts.”
He concludes: “Competitive rates and new online capabilities mean there is no better time to open an offshore savings account, or switch to a better offshore savings provider.” property
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