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Best Offshore Bank Accounts

Best Offshore Bank Accounts

Last updated: 9 October 2017

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Traditionally viewed as part of tax avoidance schemes, this view is outdated and offshore bank accounts are suitable for people who work abroad or have foreign investments.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 Current Account

The HSBC Expat Current account is a bank account available for existing and new customers of HSBC. For new customers, £60,000 of deposits must also be held with HSBC to be eligible and the minimum initial deposit is £5,000. The bank also provides telephone and internet banking support and offfers a VISA debit card in your choice of currency.

Perfect for people who

  • People who already bank with HSBC
  • Need 24/7 telephone banking support
  • Regularly move country
  • Live outside of the UK
  • Regularly make international payments
  • Need to save in multiple currencies

Important Facts

  • Minimum Balance
    £5,000 (plus £60,000 already saved or invested with HSBC)
  •  
  • Country restrictions
    None, providing you remain above the minimum balance
  •  
  • Fees and Charges
    No monthly or annual fee, but charges may apply with some transactions and transfers
  •  
  • Application options
    Online, Phone

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

The Standard Bank Optimum Account is an international bank account designed for expats. The minimum standard deposit required to keep the account free of monthly charges is lower than normal international bank accounts at only £4,000 (or currency equivalent). Unlike many international bank accounts who focus on high net worth individuals, the Optimum Account is designed for anybody who needs access to an international bank account.

Perfect for people who

  • Have a small initial deposit
  • Need either a sterling, dollar (US and AU) or euro current account
  • Internationally regularly
  • Need of a VISA card for payments
  • Studying abroad

Important Facts

  • Minimum Balance
    £4,000 or $6,000 (USD) or $6,000 (AUD) or €6,000
  •  
  • Country restrictions
    None
  •  
  • Fees and Charges
    NA
  •  
  • Application options
    Online, Phone

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.

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