Should I Keep My Bank Account Open When Moving Abroad?

This is a question that many expats often contemplate before moving abroad when they have found new employment or are pursuing a new lifestyle. This guide is here to clear up your questions and concerns when it comes to offshore banking in your life. Stop considering the options and stop contemplating the decisions. Get informed and make the right choice, now.

Whether you are heading to a new place to work abroad permanently or only moving away for a few months you are probably curious as to what will happen with your bank account when you move away. You may already know that you can keep your account open, but will it benefit you or be a burden to your finances? What makes the whole topic even more difficult is the fact that there doesn’t seem to be one set answer. Some expats will tell you that you must keep your bank account open while others will try to persuade you to shut it down. Finally, here is a simple and straightforward guide that will answer your questions pertaining to offshore banking and help make your financial situation a little bit clearer.

Keep your Bank Account Open When Working Abroad

If you have any sort of inkling that you may be returning home one day after working abroad then it makes complete sense to keep your account open. Get in contact with your bank before leaving and make sure they know what you are up to and that it is ok to leave your account open. Most banks have no problem with that decision but I am sure there are the odd few that may kick up a fuss from time to time.

Even if you choose to leave the minimum balance in the account and not touch it you can be saved the hassle of having to re-apply and start all over again when you go home. It can be surprisingly difficult to apply for a bank account, especially in the UK, after living abroad for many years. The red tape is pretty substantial as you can run into anti-money laundering regulations and a whole host of bureaucratic paperwork. By holding onto your account you negate all of this trouble, can keep track of your credit rating, hold your presence in your home country, and can benefit even more from an offshore bank account.

If you do have a long term plan to change your residency, then it may be advisable to shut down your bank account completely. Having a bank account open, in somewhere such as the UK, can make the process of changing your domicile a bit more difficult. In some cases you will actually be told to close your account as you need to prove that you have cut ties with your home nation before changing citizenship. However, if that is something you are doing then it is advisable that you seek out professional advice before doing so.

Do I Need an Offshore Bank Account When Working Abroad?

There are a lot of presumptions and untruths when it comes to an offshore bank account in society today. They are not just accounts run by shady offshore businessman or a way for millionaires to launder their money back into the country to evade taxes. In reality a standard offshore bank account is a useful tool for expats that have homes in another country or who travel overseas on a regular basis.

A standard offshore bank account is really just a personal account that is located in a different place than where you live or where you work. It offers incredible flexibility that cannot be found with other accounts and allows you to easily make transactions in a whole host of currencies. An offshore bank account can save you on transaction fees that are normally associated with bank accounts and lets you access and use ATM’s all over the world in local currencies.

What expat wouldn’t love to have an account that saves money on fees and allows easy access to money in local currencies all over the world?

If chances are that you will be working abroad and getting paid in one currency yet doing transactions in another then an offshore bank account in your name is your best bet. These accounts are no longer seen as immoral or “sleazy” and are simply recognized as a necessity for frequent travelers and expats. The low costs, flexibility and convenience leave for very few reasons for not applying for an offshore bank account when relocating abroad.

Banks are starting to crunch down more than ever on extra fees and add on charges. It is now proven that commercial banks actually make more money from middle of the road citizens than they do from the affluent, due to overdraft charges and so on. You can escape this extra clamp down, which is more important now than ever, with an offshore bank account. We all know you are going to need every dollar you can hold onto when living abroad, and this is an excellent way to do it.

Open an HSBC Offshore Bank Account In Sterling, US dollars or Euros