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June 23, 2024
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Financial Planning • June 23, 2024
Best offshore bank accounts for expats
Hoxton Blog • Best offshore bank accounts for expats
The best online offshore bank accounts for expats are HSBC, Lloyds Bank, Money Corp & NatWest.
Where should your money be?
Living abroad has its share of exciting advantages but being away from home can also mean some sense of financial insecurity. As a non-national in your country of residence, you should ensure that your money is safe and easily accessible. The rule to follow for this is called the ABC Rule. Simply put, if you are a citizen of country A who is living in country B, you should have a bank account in country C.
With account options dedicated to expats, these banks can offer you monetary safety and attractive facilities and services. The added benefits include multi-currency accounts and VISA cards, alongside tax benefits and investor protection. These are only some of the many reasons why you should consider an online offshore bank account.
What is the minimum amount to have in offshore accounts?
In your online offshore bank account, you will have to maintain a minimum balance. This minimum can range from US$3,000-US$7,000. Typically, these accounts are meant for emergencies, and local banks are used for daily needs. The emergency categorisation is two-fold:
- There may be a fee for regular transactions and withdrawals.
- As we mentioned earlier, offshore accounts are for safekeeping and security.
When looking for an online offshore bank to set up an account with, you will likely consider the services, minimum balance, fees, and accessibility, among other criteria. In no order, here are some of the best offshore banks that you can consider:
1HSBC
The Expat Premier Account by HSBC offers one central location that serves as your bank account, which allows you to move countries freely as an expat. The savings tax rate is competitive with several countries. Foreign exchange services and tax resources are also available for your home country and internationally.
To set up an account with them, you need to be at least 18 years old, with either a minimum balance of £50,000, have a salary of £100,000, or be already eligible for HSBC Premier in another country. Also, you have to be living in a country that is eligible for these services. This bank may be useful for those with a family and who move countries often, thereby needing access to different currencies. Your account will be accessible 24×7 via phone or mobile app.2Lloyds Bank
Lloyds’ international account is suitable for those without significant savings as you can save and invest with £25,000 or with an annual salary of £50,000. While there is no fee for the first three months, £7.50 is levied subsequently. Only one fee is applicable if you have accounts in different currencies. At the same time, international payments can be conducted without any charges. Visa debit cards are available in the GBP, USD, and EUR for unhindered access to your money always throughout the day.
3Moneycorp
The Moneycorp Personal Account can help you set up a recurring transfer internationally. This can be a good option for pensions, sending money back home, receiving a salary, and paying bills. Overseas payments are available in 120 currencies to 190 countries, of which online transactions can be conducted in 33 currencies. Moneycorp has a long and trusted history in foreign currency transactions. They also have a dedicated account manager alongside 0 transfer fees. Best part? No minimum balance.
4NatWest
The NatWest Select Account has no monthly fee and offers a contactless debit card. To be eligible for this account, you must be over 18 years of age and have an annual salary of £40,000 or more. However, some fees may be applicable for transactions or transfers. Online and mobile app banking are also available.
The best currency exchange sites for expats?
If you are solely looking for currency exchange sites, our financial advisers recommend the below for convenience and cost:
Choosing the right offshore bank to set up an account with requires extensive research. Select the one that meets your requirements and provides the security you desire. Managing finances as an expat is not always easy. That is why, at Hoxton Capital Management, we aim to make this process smoother. Contact our financial advisers, who will help you through offshore banking
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