What is Expat Banking?
Expat bank accounts are international bank accounts designed for people living an international lifestyle away from their home country.
2/3rds of expats report a better quality of life since relocating, the latest Expat Explorer study finds.
For example, you are born in the UK and become resident in Dubai. As an expat, you can set up a bank account in the Isle of Man.
This is considered an offshore bank account and you can set up a bank account in GBP, EUR, USD, AUD, AED & ZAR.
The minimum to open an offshore bank account us usually around $3,000.
Expat Banking Features
- Multi currency (GBP, EUR, USD, AED & ZAR)
- Internet banking / online banking
- Phone banking
- Mobile banking
- Transfer money internationally to any other bank account
- Security usually involves password plus a dongle
- Client portal or dashboard to view statements & transactions
- Unlimited deposits and withdrawals
- Visa debit card
- Free electronic payments
- Standing Orders
- Direct Debits on sterling accounts
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Types of Bank Acount
Interest is applied to applicable accounts at various stages throughout the year. Example bank accounts & interest rate
- Personal Account: Quarterly on the last business day in March, June, September and December
- Corporate Account: Quarterly on the last business day in March, June, September and December
- Personal Notice Account: Quarterly on the last business day in March, June, September and December
- Fixed Term Accounts: On maturity
- Offshore Moneymarket Call Account: Monthly
- Offshore Reserve Savings Account: Half yearly on the last business day in February and August
- International Saver Notice Account: Annually, on the last business day in June
Negative interest
Market conditions may result in negative interest being applied to accounts:
- This means that instead of earning interest on money in an account, you will be charged a fee based on the full balance of your account
- The total interest deducted from your account will be shown on your statement as ‘negative credit interest’
Please read the General Terms and Conditions document, Clause 6.21 if you require any clarification.
Transaction charges and fees
When you provide a payment instruction to us, you will have the option of selecting one of three charging options:
- SHARED – This means that you will pay the banks charges, but any agent or correspondent bank charges that are incurred en route will be deducted from the payment amount. “Shared” is the default if another charge option is not specified.
- REMITTER (OUR) – All fees will be charged to you as the sender. This means that you will pay the bank’s charges and any fees charged by the receiving bank and any correspondent bank.
- BENEFICIARY – All fees will be charged to the receiver. This means that any charges levied by both sending and receiving banks will be deducted from the amount of the payment, together with any agent and correspondent bank charges that the payment incurs en route.
A correspondent bank will apply a small additional fee.