Until a number of years ago offshore internet banking was only offered by the more dynamic and forward thinking banking institutions. Building societies, smaller and private banks didn’t offer the services to their customers as they felt it would be of little benefit to them.
Naturally enough the world has moved on apace since then and internet banking is not seen as an additional extra, it’s seen as an essential component of a good offshore banking solution.
Expatriates and those who travel abroad frequently are in the highest percentage of those who open offshore bank accounts and they are also exactly the kind of people who require far more flexibility from their bank accounts therefore in general they have been more vociferous in terms of getting their bank accounts enhanced.
We take a look at the growth of offshore internet banking and some of the features and benefits it can afford customers nowadays: -
Just two years ago a report in British ‘Telegraph’ newspaper highlighted the fact that traditional savings institutions and even the smaller banks were being incredibly slow to react to their clients’ demands for internet access to their banking information. Reasons cited included security risks and the fact that these financial institutions could not see why anyone would want to check their financial health outside of office hours.
Thank goodness that the world has changed and realised that actually, not all of us live within an easy distance of our bank, not all of us are in a position to call our bank during ‘normal’ working hours and that we all need flexibility to counteract the negative effects of our increasingly busy lives!
Banks such as Lloyds TSB and HSBC Offshore, who have an international presence and who generally cater well for their global client base, were among the first to realise the degree of flexibility that offshore internet banking could offer clients. They realised that those who reside in different time zones, work outside the normal working week, who need to transact in various or multiple currencies and who require instant access to support, assistance and information need internet banking and that’s exactly why the best offshore banking providers supply it nowadays as part of their standard package for expats and international citizens.
Indeed, a seamless, global banking service is offered by an increasing number of institutions to help their clients manage their money. The general features of an offshore bank account with internet banking are having access to accounts and account services 24/7, managing global financial commitments from standing orders, transfers, payments and direct debits, creating a flexible savings policy or retirement plan which takes into account the potential tax status changes affecting the individual account holder and a highly secure and stable internet banking platform that can be relied upon totally.
