More Expats Than Ever Using Online Banking, Say Alliance And Leicester

by Carla Johnson, Investors Offshore.com, London

20 December 2007

More expats than ever before are turning to the web to manage their finances, according to research by the offshore savings bank, Alliance & Leicester International Limited (ALIL).

A survey conducted by ALIL has found that 92% of expats use online banking to keep their finances in check - yet seven in 10 are missing out on the benefits of an offshore savings account.

The survey revealed that the main benefits of banking online for expats include being able to access their funds anytime, anywhere (41%) and access to better rates online (26%).

However, although there is a high proportion of expats using the internet for banking, only a third (30%) are using it to access an offshore savings account.

Therefore, ALIL argued, 70% of expats are missing out on the benefits of saving offshore, such as access to superior rates of return, the ability to hold or send funds in a range of currencies other than Sterling, and the ability to plan their tax affairs in a way that is relevant to the country in which they live or work.

Simon Hull, Managing Director of Alliance & Leicester International commented: "With internet access now so readily available, offshore consumers should take advantage of internet banking and saving. As well as offering speedy transfers and an up-to-date snapshot of your finances, the offshore banking and savings market is quickly developing many of the online facilities already available from its onshore counterparts."

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