When looking for the right type of bank account many expatriates express the desire for a synergy of freedom and simplicity when it comes to their account structure and the banking services they require.
The ability to access, manage and track a bank account from wherever in the world the expatriate is becomes priority. Coupled with that is the need for comprehensive facilities from one central banking service provider, making expatriate online banking services the number one requested feature from any offshore or onshore bank.
Nowadays the majority of banking providers offer online banking facilities, they appreciate that we live in a world where our lives are hectic and full enough without having to take time out to pay bills in person or stand in a bank queue for our entire lunch period just to deposit a cheque, so what sets one bank apart from another and how can an expatriate be assured of finding the best online account structure and banking services?
As always it’s a case of personal circumstances dictating the perfect solution but there are general guidelines you can follow and points you should consider.
When choosing the right bank account from the best bank you will need to consider the location of the bank from the point of view of where it is head-quartered and where it is regulated. It’s essential for your financial security reasons that the bank is located in a political and economically stable jurisdiction.
You can find out a lot about the reputation of a bank from Standard & Poors, Moody and Fitch reports…although if you’re thinking of going for HSBC internet banking or opening an account with any of the major banking giants you may already be assured of their reputation.
If you want slightly more from your bank than the ability to deposit and withdraw money and you’re interested in possibly investing or saving with your chosen bank then you might like to consider the quality of the regulation the bank is subject to, are they part of an investor protector scheme for example? Also, are they an offshore bank and can you benefit from the many advantages offshore status can offer?
It’s also a good idea to consider the client focus of the financial institution you’re considering and whether it matches who you are. In very broad terms there are basically three types of expatriate client requirement and they are either high net worth, simple expatriate and commercial expatriate…
1) Private Banking Client Focus
Banks with this focus tend to specialise in wealth management services for high income individuals - often with an offshore bias. Costs and charges will likely be higher but the level of personalised service you will receive will also be higher. This type of bank is ideal for those with in excess of £100,000 which they need managing.
2) Expatriate Focus
Banks with this focus seek to provide simple, packaged, low maintenance, low cost online services for their clients. The emphasis will likely be on simplicity, cost effectiveness and accessibility.
3) International Commercial Focus
Banks with this focus are ideal for those seeking banking facilities for commercial purposes e.g., trading. Commercial clients often require cash management, foreign exchange, international trade, risk management services etc.
If you are clear about the features you require from your banking service provider this will make seeking the best expatriate online banking services so much easier.
If you would like assistance in realising your requirements and finding an account to match your needs please feel free to contact us.
