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  • Writer's pictureJoe Woodhouse

The ABCs of International Banking


You’re from country A


You live in country B


So bank in Country C



Meet Lenny:




He's from the UK, England. But lives in the UAE, however banking out there is quite high risk for an expat, so therefore it makes sense to have an international account, in Lennys case, in the Isle of Man, AKA Country C.




Why do people have offshore accounts?



Security - again, in Lennys case and in that for most of my clients it’s not safe leaving money in the Middle East, the minute your residence or work visa is up there, you have to leave, and I’ve known bank accounts freeze in these circumstances, or heaven forbid something more serious happens, such as a road accident or death, can your family get at your money easily?



Currency - You can hold different currencies, so you decide when is best to transfer between them, I have GBP USD and EUR accounts, although granted the euro account gets seldom used, but it’s there for when I travel.



It’s also tax free, it’s convenient and you get an international service, which means, most of the time you have no hiccups using your accounts or debit cards on your travels, and if there are any issues, a quick phone call or email usually resolves the matter



So there you are, the quick and simple ABC of International (or Offshore) Banking.


Not sure where to go? Get in touch and i'll happily give you some pointers on the best places to go for your international account.


Thanks for reading,




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