Online Offshore Banking Grows in Prominence

Expat Globe

Most of us have taken internet banking for granted since it first arrived on the scene over 15 years ago. However, for expats living in places with priorly poor internet connections the usefulness of this most essential of resources has been frustratingly lacking.

Now, with rapid broadband common place in locales not previously covered, expats are coming to rely on internet offshore banking more and more.

The HSBC Expat Explorer study confirms that, “79% of expats doing their banking online when making a payment. In comparison, only a fifth (20%) of expats make a payment face-to-face in a branch, while much smaller proportions use the telephone (7%) or mobile phone apps (5%).”

However, this is not the case everywhere, for example “in the Middle East, face-to-face banking is more appealing for making payments, with expats in Oman (38%), Kuwait (30%), Saudi Arabia (26%), the UAE (26%) and Bahrain (26%) being more likely to favour this method of communication with their bank for making payments, especially in comparison to levels seen in countries such as the USA (16%), New Zealand (12%) and Australia (10%).”

For information on banking overseas and making sure your wealth is managed correctly offshore please consult an IFA.