Choosing Your Overseas Bank When Moving Abroad
House Removals - Banking Your Money Smarter
Overseas banking is probably the last thing on your mind when you're moving overseas yet it's probably one of the most important things to get right. In fact what most people do is keep their UK bank account open but keep an eye on the market for a great deal with a local bank at their new country of residence. There is nothing wrong with this idea but surely researching all the banks before you relocate will give you better choices once you move.
There are lots of banks and exchange companies willing to help you every step of the way, you just need to figure out which one to choose. Why not go to your UK bank and ask them for their advice and see what offers they can tempt you with. They don't want to lose your custom so I'm sure they will be only too willing to try and keep your business and may even be able to negotiate you a better deal overseas for you.
A great overseas bank offering Free International Transfers is Lloyds Bank They offer free international transfers between a euro, sterling or US dollar account where you have 24/7 worldwide access to your money through internet and phone banking. This means that you don't pay any commission or exchange rate fee which is a fantastic offer for any big international spender that moves from country to country.
How does overseas banking work?
You can use a debit card to withdraw money for free in any country, no more charges means even greater savings.
The ease of movement between accounts helps you to protect your money against currency fluctuations.
If you're buying a property abroad you can open accounts in euro, US dollar and/or sterling to pay your mortgage, taxes or local bills.
As an added bonus, Lloyds offers free worldwide family travel insurance for anyone up to the age of 75 (this is not applicable to US or Canadian residents).
You get a relationship manager if you hold a balance of £50,000 GBP (or currency equivalent) or if you deposit £25,000 GBP within three months of opening the account.
Choose the bank that suits your needs
There are other banks to choose from and I'm sure most will offer you a fantastic deal as they all want your business. This is the great thing about researching before you move, you allow yourself time to compare deals so you can pick and choose who to approach and can set your bank account up in plenty of time.
Here is a list of the most common banks that are also overseas - each offering their own deals to anyone relocating abroad:
The above companies seem to be able to offer you accounts for many countries throughout the world, but if you are more confident and know a lot more about the country your moving to then you may be able to contact a local bank and sort out your banking issues when you arrive in the country.