International bank accounts and offshore accounts enable those living and working abroad to access their money whenever they need to.
International bank accounts
International bank accounts enable those living and working abroad to access their money whenever they need to.
They are provided by the offshore divisions of UK high street banks and enable expatriates to benefits from all the usual perks associated with an onshore current account such as an overdraft, debit card and, in some cases, a cheque book. Accountholders can also choose which currency they want their account to be denominated in.
That means if you are a British expatriate living in the US, you can choose a US Dollar account, or if you are living in Spain, you can open a Euro account.
However, international bank accounts aren’t usually available to everyone, and many of them require you to keep a high minimum balance, or you will be charged a monthly fee, usually ranging from £5 up to £15.
Some accounts come with added extras, such as a concierge service or travel insurance, which is particularly useful for those who travel extensively abroad. Most now offer 24 hour internet and phone banking, making it easy for those on the move to manage their money wherever they are.