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Study Shows Growing Expat Community

by Carla Johnson, Investors, London

12 September 2007

According to a recent study from Isle of Man savings bank Alliance & Leicester International, almost a third of expatriates move overseas to land the jobs they want, and the expatriate community is becoming more diverse than ever. Almost half (40%) are relocating to destinations such as the Middle East, Australia and the USA to further their careers. More recently, expatriate communities as far as Africa, Singapore, Thailand and Russia have been growing.

Even though workers are relocating to more diverse locations, their lifestyle choices and financial habits remain similar. The research revealed that today's expat has lived abroad for between one and five years (46%) yet over two thirds (70%) do not set up an offshore savings account immediately they relocate. And despite relocating in a bid to further their careers and earn better wages, expats are failing to save their hard earned cash in the best way.

Simon Hull, Managing Director of Alliance & Leicester International comments: "Although in today's diverse society there is no such thing as a 'typical' expat, people consistently fail to open an offshore savings account when moving abroad. With reliable internet access now widely available in most countries, expat workers can safely and easily find the best ways to save their wages."

Almost three quarters (70%) of expatriates use the internet on a daily basis, as being distanced from the UK they are reliant on it to keep in touch with family and friends, monitor the news, and manage their finances. With 40% of expats surfing for up to an hour a day they can easily email friends, catch up with current events, and save their wages in one stress-free sitting, regardless of where they are in the world.

Alliance & Leicester International's eSaver Offshore is the first offshore savings account to offer an online application process without the need for a 'wet' signature. By allowing customers to both buy and manage their account online, eSaver Offshore guarantees control over funds anytime and anywhere in the world.

Simon Hull concludes: "The eSaver Offshore's online functionality enables customers to set up accounts quicker and more easily than any other offshore online account. It is unique in enabling customers to transfer their opening balance within days of opening an account – unlike other offshore savings providers, whose postal application processes can take weeks to complete."

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