Which is the Best Offshore Bank Account for Expats?
Any expatriate who wants to open an offshore bank account will need to know which offshore banking provider offers them the best bank account.
Any expat who has ever investigated their offshore banking options will know that the choice of account type is almost as varied as the choice of bank account provider, therefore it will come as no surprise that when it comes to choosing the best offshore bank account for expats, you have to define the account type before you can select the bank!
Fortunately Nexus magazine regularly publishes ‘best buy’ charts for an expat’s offshore banking options, and by utilising the information they publish it’s been possible to determine winners in a set number of categories.
As a result, we hope the following article will help our readers find the best bank for their account requirements, depending on whether they want a plain vanilla account or something a little more flavoursome!
The overall winner in the Nexus Best Bank Awards was Nationwide International, simply because this particular provider ranked consistently well across all the other main categories, however, for the most popular type of offshore bank account utilised by expats, it was actually the joint winner alongside Lloyds TSB International.
In the Best Offshore Bank for Expats, Sterling Instant Access Accounts category, Lloyds and Nationwide both came out on top.
Most expats who contact us at Shelter Offshore are specifically researching for this type of account. It allows them maximum flexibility when they’re abroad and accessing their wealth around the world as well as back home in Blighty.
Lloyds TSB also ranked in the top three best banks for the same account denominated in Euros and US Dollars.
The Best Offshore Bank For Expats, Sterling Notice Accounts was again won by Nationwide. The banks were ranked by the number of times their accounts appeared in the ‘best buy’ tables printed in the 11 issues of Nexus Expatriate News magazine in 2012.
The banks appear in these tables by virtue of having the best interest rates available at the time as judged by Moneyfacts.