Expat Internet Banking
A second reputable bank seeking a high profile for its internet
services is Isle of Man-based Singer & Friedlander Offshore.
The Singer & Friedlander site, www.singers-iom.co.im, allows
you to order a cheque book or a pay-in book, and transfer funds
anywhere in the world.
Whether the ability to transfer funds anywhere in the world is
an entirely good thing is open to debate. It means payees are not
pre-nominated, so that a hacker could, theoretically, set up a receiving
account anywhere in the world and magic away your money.
Expat Internet Banking & Aidan Docherty
It is not a problem that Singer refutes. Assistant director of Singer
& Friedlander Offshore, Aidan Docherty, says: “As you can
appreciate, we cannot legislate for a client’s own security
at their PC.
“Obviously any client using the internet,
especially if they transact any type of business online, must ensure
that their own system is secure and should protect their PC using
the latest anti-virus software.”
Nor does Singer & Friedlander pledge to pay back funds should
you be the victim of an online fraud. “It is impossible
to answer such a question,” says Docherty, “as any such
circumstance would merit special investigation. In a case where
the bank has been at fault, obviously a client would be compensated.”
The responsibility is clearly on the customer. So what can you do
to ensure your own system’s security? Well, first the battle
between anti-virus software and new viruses is one that is constantly
being fought. This means that technology that works as a defence
one day may not work the next.
At the moment, popular anti-virus software packages include Sophos
Anti-Virus and Norton Anti-Virus, but you should update your anti-virus
software regularly and try to keep up to speed on new developments.
Expat Internet Banking - Singer & Friendlander
Singer & Friedlander’s interest rates are also lower than
FSharp’s. The offshore bank’s instant access rates range
from 2.8125 for the minimum investment of £2000, up to 4.0625
for more than £100,000 invested. On the dollar side Singer &
Friedlander offers rates from 3.875 up to 4.4375, again with instant
access. However, Singer & Friedlander’s site has
already won 550 customers since launching, so a number of investors
are comfortable with their online security arrangements.The latest
British bank to launch an online operation is Barclays, which went
live in January this year.
Expat Internet Banking - UK Banks
The UK bank’s offshore internet operation is called Premier
and can be found at www.internationalpremier.barclays.com.
The site offers a mix of real-time online banking services, including
transfers to other accounts, online statements and, like FSharp, currency
transfers. But the real benefits, says head of customer proposition,
Hans Wolff, are increased access and reduced expense for customers.
“Premier reduces investors’ costs because they can transact
online, rather than spend money on international telephone calls,”
he says. “It offers greater transparency and peace of mind.
Investors know that, if they are doing it themselves, it will be
actioned.”
Given the number of letters received at Investment International
about transaction requests that are going un-actioned by the world’s
offshore banks, this last statement is a particularly accurate one.
Barclays’ strength is more to do with its resources for services
than interest rates.
Expat Internet Banking And Barclays
Barclays’ sterling high interest cheque account, which combines
a current account with the tiered interest rates of an instant savings
account, pays a rate (as at 6th April) of 3.60 per cent for balances
over £100,000. Its sterling International 60 Day savings account
pays 4.9 per cent for balances over £100,000. In dollars, Barclays
US dollar instant savings account pays 3.65 per cent on balances over
US$50,000, while a one-year fixed-rate savings bond (US$) pays 4.0
per cent. But with 120 relationship managers, the majority
of whom are investment qualified, and a customer services operation
in support, Barclays boasts impressive resources. Again, Barclays
says it is unable to ensure customers’ own security, but the
bank does give you guidance on how to protect yourself against hackers.
Help can be found at https://ibank.internationalbanking.barclays.com/bos-html/help/security.html
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