by James Gairdner
Managing Director
Halifax International

Living abroad is a popular phenomenon. According to Halifax International almost three out of 10 Brits are actively considering leaving British shores to move to or buy a home abroad. Additional research has also shown that over two-fifths (41%) of those that have moved abroad have no intention of ever returning.

Millions of us take overseas holidays every year, the most visible element of this exodus; but there is a vast community of less obviously visible departees too. Elderly people retire in large numbers not just to Spain but also to increasingly far-flung destinations; successful businesspeople buy second properties all over Europe; thousands of students study overseas; and tens of thousands of adults accept temporary work contracts everywhere from America to Australia. In all, around an estimated 5.5 million* British citizens live abroad – a significant percentage of the population.

This otherwise very disparate collection of individuals all have one vital thing in common - they need to manage their finances very differently from the way they do at home. Extended stays overseas inevitably require access to funds in foreign currencies, without the hassle and potential losses involved in randomly timed currency conversions. Whether you're an engineering contract worker or a retiree, money suddenly becomes a problem; and the more of it you have, the bigger that problem can get.

Traditionally shrouded in myth and uncertainty, offshore banking has often been considered to be the preserve of the super wealthy and out of the reach of the average person. However, if you are working overseas, living permanently or temporarily abroad, or if you are an expat on the move, the role that offshore banking can play in supporting your existence overseas should not be overlooked.

Many expatriates have now come around to the benefits of offshore banking and make them a significant element of their overseas financial plans. Modern offshore accounts are highly accessible to a very wide range of people - not just the very wealthy individuals with whom they're most often associated, as minimum deposit levels can sometimes be as little as £1,000.

These Brits abroad simply require a service that allows them to painlessly transfer a salary or pension. They may receive their paycheque in Euros and have a requirement to meet regular Sterling mortgage payments on a UK property, or receive a pension in Sterling and need to convert to the local currency of Euros or US Dollars. Having the ability to promptly change money into different currencies, whenever and wherever, or at a time when the rate is most beneficial has become a fundamental component of managing finances overseas.

These people also get a banking service that offers a reassuring link to home, which enables them to bank in their own language and provides the expertise and resources they are accustomed to and need to manage their overseas affairs efficiently, securely and conveniently.

Offshore accounts are no longer just the preserve of the insanely wealthy; the many thousands of citizens living and working away from UK shores that have one do so purely to make life easier. They’re not expensive to open, and the benefits are immediate. What offshore accounts are is incredibly useful and convenient for saving money and managing mortgages if you’re one of the thousands of people whose life is spent (or a portion of it...) outside the UK.

*Public Policy Research, has estimated that there are more than 5.5 million British citizens living abroad.

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James Gairdner

Managing Director

Halifax International

www.halifax-international.com

01534 846501