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Best Offshore Bank Accounts

Best Offshore Bank Accounts

Last updated: 13 July 2020

Which are the best offshore bank accounts?

Offshore bank accounts are bank accounts which are, unsurprisingly, located offshore. Typically these locations will also be supposed tax havens, such as the Isle of Mann, Gibraltar or Jersey. The purpose of offshore bank accounts is to provide a location for people to receive money in multiple currencies outside of their country of residence or domicile.

Traditionally viewed as part of tax avoidance schemes, this view is outdated and offshore bank accounts are suitable for people who work abroad or have foreign investments. Tax may still be owed on income, however, it is important to understand the rules surrounding tax in your country of residence. For example, for people domiciled in the UK tax will be owed on world wide income, regardless of whether the bank account is offshore or not.

Which are the best offshore bank accounts for expats?

Most high street banks provide offshore bank services, however the type of acccount offered can vary significantly. We have highlighted what we consider to be the best offshore expat bank accounts for expats below as a guide for the offshore bank accounts you may wish to consider if you need to open an offshore bank account as an expat. The offshore bank accounts are listed in alphabetical order to ensure neutrality.

HSBC Expat Premier Account

The HSBC Expat Premier Account is an award-winning bank account available in sterling, dollars or euros. Included with the account is a debit card, a Foreign Exchange app as well as a complimentary travel security service. The account is access via 24/7 phone access, mobile banking app, online or a dedicated Relationship Manager.

Perfect for people who

  • People who already bank with HSBC
  • Need 24/7 telephone banking support
  • Regularly move country
  • Have a family
  • Regularly make international payments
  • Need to save in multiple currencies

Important Facts

  • Minimum Balance
    £50,000 deposit or £100,000 sole salary or are HSBC Premier in another country
  •  
  • Country restrictions
    You must reside or be situated in an eligible country
  •  
  • Fees and Charges
    No monthly or annual fee, but charges may apply with some transactions and transfers
  •  
  • Application options
    Online, Phone, Mobile App

Lloyds Premier International Account

Lloyd's Premier International Account is designed for high earning expats who need to manage multiple currencies while living outside of the UK. The accounts are held in offshore accounts in either Gibraltar or the Isle of Mann. With the account there is also a dedicated relationship manager and worldwide travel insurance included. Account holders can also choose the currency of the account from either Sterling, Euro or US Dollars with a Visa debit card in the chosen currency.

Perfect for people who

  • Earn more than £100,000 per year, or
  • Have significant savings over £100,000
  • Want a private bank experience
  • Want to choose the currency of the account

Important Facts

  • Minimum Requirements
    £100,000+ salary per year (or £100,000 to deposit into a Lloyds saving account)
  • Country restrictions
    None, providing no regulations in your country of residence
  • Fees and Charges
    No monthly or annual fee, but charges may apply with some transactions and transfers
  • Application options
    Online, Phone

Standard Bank Optimum Account

Opening an international bank account with Standard Bank is easy and within the reach of anyone wanting to expand their horizons. With a low entry point, the Standard Bank Optimum Account is your door to a world of international banking. Expats need look no further if they want the assurance provided by an established bank able to offer holistic banking solutions.

Perfect for people who

  • Need either a sterling, dollar (US and AU) or euro transactional banking account
  • Require flexibility across borders and access to FX, savings and lending services
  • Seek a safe repository for their finances
  • Frequent traveller
  • Studying, working or retiring abroad
  • Requiring an account to receive a salary
  • Favour digital solutions such as internet and mobile banking
  • Need a VISA card to make payments or to withdraw cash

Important Facts

  • Minimum Balance
    £4,000 (currency equivalent applies)
  • Eligibility
    Eligibility applies
  • Application Options
    Online, phone, post
  • Fees and Charges
    Quarterly maintenance fee applies should the average balance fall below the minimum balance per quarter

Disclaimer about our list of offshore bank accounts

Please note that we are not recommending any offshore bank accounts nor are we affiliated to any of the offshore bank accounts listed below. We do not receive any payments for sponsorship or advertising for the information provided and all details are maintained on a "best endeavour" basis. We cannot be held responsible for out-of-date information contained on these pages or external websites we link to.

We try to keep this page up to date, however from time to time our information may be out of date. If you spot an error, or have some feedback about the products on this page please email us at advice@expertsforexpats.com.

We've also been instructed to remove one or two major international banks from this list due to over protective brand police. For this we apologise.

Before making any decisions about your finances, you should always seek independent financial advice.