Royal Bank Of Canada Offers New Information Resource For Expats

by Amanda Banks, Tax-News.com, London

30 July 2001

The Royal Bank of Canada (RBC) has launched a new online banking facility for wealthy people who live and work outside their home country and have special financial needs.

The service, entitled 'Financial Services For Expatriates,' is a new expat section of the RBC's Global Private Banking website. The Bank says the service takes a different look at the products and services on offer and provides a view from the perspective of an expat.

'And not just one perspective,' states the Bank, 'we've learned that expat needs change over time. An expat just starting out has dramatically different needs from one who has a year or two of experience. And the needs of this settled expat will be very different from an expat who has many years abroad.' The new expatriate section recognizes these differences and allows expats to look at a broad range of financial solutions from the standpoint of their own situation.

Although it is claimed as a service for expatriates, Simon de Ferrer from RBC Global Private Banking explained: 'Subject to local banking regulations, our account services are open to anyone, anywhere. And we can give round-the-clock support to customers with our 24-hour online and phone banking.' A special feature, said de Ferrer, is that customers and their accounts will be allocated a 'relationship manager' to assist them in their banking needs.

The Bank's services are free of charge but a minimum balance of £10,000 (sterling) is required. As well as an investment service, the Bank also provides information concerning property ownership worldwide and forming trusts to protect estates from tax liabilities.

The Royal Bank of Canada is one of the world's leading offshore private banking groups with offices in 23 financial centres including 8 offshore jursdictions.

Recommended