ODY who has moved to the UK for work will know how stressful, difficult and time-consuming it can be to open up a simple bank account and manage your finances. For people who regularly relocate for business, opening an offshore account can offer numerous advantages.
First, you get 24-hour telephone banking and internet access wherever you are in the world. Second, depending on where you move to, it might be beneficial in terms of tax. Offshore accounts also offer the ability to manage your finances in multiple currencies, keep all your savings and investments in one place wherever you are living and provide a safe location for your money.
If you are moving to London, you should open an offshore account before you relocate because you can use your existing documentation to open the account. On the other hand, if you are already living in the UK and want to open an offshore account, you will still need to provide proof of identity, UK?address, employment/income and source of funds if you are depositing more than £500,000.
Provided you have all the right documentation, an offshore account can be open within 48 hours and debit and credit cards usually received within 14 days. HSBC International offers debit cards in euros and US dollars, credit cards in sterling and American Express cards in sterling, euro and US dollars.
If you are already an HSBC Advance or Premier customer, then HSBC will not only be able to set up your offshore account, they can also set up local accounts for you in your new country and transfer your credit history before you arrive. This saves you the trouble when you arrive in an unfamiliar country.
For those expats who still have financial responsibilities back home, HSBC International’s internet banking service gives you access to all your eligible accounts in one place and you can transfer money between those accounts instantly and free of charge.
For more details about HSBC Bank International, go to www.offshore.hsbc.com or call +44 1534 616079.