The research has also revealed that seven in 10 are missing out on the benefits of an offshore savings account. Ever increasing access to the online world means it is effortless for people living abroad to keep an eye on news, family and friends and, as Alliance & Leicester International’s (ALIL) research shows, most importantly their finances. The survey has revealed the main benefits of banking online for expats include being able to access their funds anytime, anywhere and access to better rates online.
However, although there is a high proportion of expats using the internet for banking, only a 30% are using it to access an offshore savings account. Therefore 70% of expats are missing out on the benefits of saving offshore, such as access to superior rates of return, the ability to hold or send funds in a range of currencies other than Sterling and to plan their tax affairs in a way that is relevant to the country in which they live or work.
Simon Hull, managing director of Alliance & Leicester International, said: With internet access now so readily available, offshore consumers should take advantage of internet banking and saving. As well as offering speedy transfers and an up-to-date snapshot of your finances, the offshore banking and savings market is quickly developing many of the online facilities already available from its onshore counterparts.
