Slow to save expats want the best offshore savings deal

Over two thirds of expatriates (70%) do not prepare themselves financially when they first move abroad, as only 30% set up an offshore savings account, according to new research by the offshore savings bank Alliance & Leicester International Limited (ALIL).

It may be easy to forget financial arrangements in the midst of organising a new start abroad, but the global reach of the internet means opening and managing a savings account is today a far more straightforward task for expatriates. 70% of expats look for an account offering online capabilities when it comes to selecting an offshore savings provider.

Whilst the typical offshore savings account application process can take weeks, ALIL’s eSaver Offshore is the first offshore savings account that enables savers to apply entirely online, allowing expatriates to open and deposit money into a savings account within days.

Simon Hull, Managing Director of Alliance & Leicester International comments: “It is crucial for those making a permanent relocation abroad to ensure they set up adequate banking and saving facilities, soon after they move. With reliable internet access now available across the world, the offshore savings market is rapidly developing many of the online facilities already available from its onshore counterparts.”

Simon Hull continues: “For instance, the eSaver Offshore is the first offshore savings account to fully harness the power of the internet by offering end-to-end online capability, granting expats access to their finances anytime, anywhere.”

With 64% of expatriates considering competitive rates as important when choosing an offshore savings provider, savers need their account to be both accessible and market leading.

Simon Hull concludes: “Competitive rates and new online capabilities mean there is no better time to open an offshore savings account, or switch to a better offshore savings provider. With a fast and secure service such as ALIL’s eSaver Offshore, expatriates can open a functional savings account and make transactions within a week of arriving in their new home country.”