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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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