Expats 'must find a bank that suits their needs'

By Sarah Engle, Thu 24 Apr 2008 - Published in Banking

It is important for expatriates to ensure that they find a bank account that suits their needs, an expert has said.

The director of Shelter Offshore, Rhiannon Davies, said that while the majority of expatriates tend to turn to well-known high street banks that have a number of international branches, it is important to consider what the account offers.

It is also important to determine whether a particular international account allows users to make transactions in a number of different currencies, said Ms Davies.

"Expats need to look at the flexibility of any account they are thinking of opening ... and ultimately, they have to make sure that any account they choose is ideally suited to meet their needs," she said.

Things such as charges for using ATMs abroad or making transactions in different currencies must be considered before opting to open an account, she said.

A report from the BBC suggests that Britons hold some 400,000 offshore bank accounts.

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