Offshore but online – are the big banks moving with the times?

Offshore Internet banking has seen a marked increase in favour over the last two years, where in 2004 the availability of additional services for offshore account holders was in direct contrast with today’s climate, and the only firms offering a comprehensive, round the clock online service were HSBC Offshore and Citibank.

In today’s offshore landscape, global Internet banking facilities form an integral part of any comprehensive offshore package, with the majority of providers making it a standard for all expatriates and overseas customers. It is now fully recognised that offshore clients require financial services which reflect their circumstances; demanding greater flexibility from their bank as well as a structured support system which allows them 24/7 access.

Banks are wising up and integrating different ways to help customers manage their money into their existing services. As face-to-face banking for UK residents progresses, it is necessary that any big changes also translate across into the offshore services. Depending on the country of residence, UK-based telephone support may be difficult to call due to conflicting time zones, meaning other methods of communication must take precedence – primarily the internet.

The other crucial feature of an offshore bank account is a user-friendly approach to ‘multi-currency’ transactions, something most offshore providers readily agree with. If you live abroad or regularly move through different countries, depositing money, withdrawing cash or writing cheques will all be far cheaper and easier to make in the national currency rather than converting it into sterling, and banks which accept this integral part of intercontinental living are the best value choice.

All offshore banks are now planning with the internationally mobile consumer in mind. It is universally accepted that offshore clients need their bank to come to them and not the other way round, especially if the client is someone whose place of residence changes a lot – it is imperitive that their banking remains constant. The money is always kept in the same place meaning that there is permanent global access, whichever country you may be in.

Tony Wilcox, managing director of Bank of Scotland International says of online banking for offshore customers, “It provides the level of 24/7 flexibility and accessibility required by the majority of expatriates who need to access their account details and money quickly and easily, regardless of country or time zone.”