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UK bank account 'wise for expats'

By Sarah Engle, Tue 22 Apr 2008 - Published in Banking

Keeping UK bank account open is an essential step for any expatriates that may one day decide to return to the country, it has been claimed.

Opting to keep open a UK bank account when moving overseas allows some form of credit history to be kept and will also help individuals in a number of other situations.

However, expatriates who wish to lose their British domicile status for tax reasons are generally not advised to keep open a British account, the director of Shelter Offshore, Rhiannon Davies, said.

"A UK bank account is essential for anyone who may one day repatriate because it helps to keep some form of credit history open and it will help the individual in question when it comes to proving their identity," said Ms Davis.

She added that it is, however, important to remember that each person is different and that every case should be viewed on an individual basis.

A recent survey conducted by NatWest International Personal Banking found that British expats may expect to see an increase in their wages if they moved abroad.