Banking Overseas
Banking overseas is frought with problems due to internet connectivity, security & fraud.
Setting up expat banking is one of the first things on a jobs-to-do list when you move overseas!
How Many Bank Accounts Do I Need?
At least three! A UK account, a local bank account in your new country of residence and an offshore bank account.
- If you are moving overseas, DO NOT close your UK bank accounts. You will need them in the future for many reasons.
- You will need a local bank account in the country you are moving to. This is to pay local bills and set up direct debits if possible.
- You will need an offshore account to hold all your monies. Offshore accounts in stable jurisdcitions such as the Isle of Man are suitable, reliable places to set up an offshore bank account to protect your money.
Speak to a financial specialist who can guide you through the process of setting up the right UK and overseas accounts for your needs.
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