Double click here to edit Header component

International Banking

International Banking

Parsys 1
Parsys 2
Is international banking right for you

International banking could provide reassurance that your wealth is secure and easily accessible worldwide, but is it right for you?

Wherever you live, banking offshore gives you the potential to grow and protect your money beyond your home country.

Holding part of your wealth overseas could offer you peace of mind. It might make life easier if you’re working in a foreign country or making international payments.

In today’s interconnected world, banking offshore has become increasingly popular. A report by the Boston Consulting Group estimated that private wealth held offshore rose to $8.9 trillion in 2013, a 10.4% rise on 20121. In this article we look at some of the practical benefits you might find by banking offshore.

Look for a secure financial centre

A good offshore bank account is designed to provide you with reassurance that your wealth is secure and easily accessible from around the world. That’s why the stability of the offshore location you choose to hold your wealth in is vital.

In Britain, London is a popular destination for investors from around the world seeking security. London has well-established and regulated capital markets providing access to huge volumes of investment funds and deposits.

London has well-established and regulated capital markets providing access to huge volumes of investment funds and deposits.

London has a legacy of providing financial services to international clients, and is easily accessible, including via five international airports.

The Channel Islands and the Isle of Man are also well-regulated offshore locations, with their own government, legal system and financial regulator. However, they have close ties with the British economy and its currency – historically. The regulatory authorities have worked hard to ensure their rules meet high standards of governance.

The Channel Islands, Isle of Man and the United Kingdom each have their own deposit insurance scheme. These are designed to compensate eligible depositors in the worst-case scenario of a bank failure. That compensation applies up to a maximum of £50,000 per person, per bank in the Channel Islands and the Isle of Man, and up to £85,000 in the UK.

You can read more about the rules governing deposit insurance on the following websites: 

GuernseyGuernsey (new window) JerseyJersey (new window) Isle of ManIsle of Man (new window) The UKThe UK (new window)

Manage your currency costs

If you have income or expenses in a foreign currency, high levels of volatility in the currency exchange markets can be challenging.

You may own a property in the UK, with school fees and other commitments to pay in British pounds and US dollars. You could also be receiving income from previous investments, shares and pensions in a diverse range of currencies.

An offshore account can help limit this risk. It is impossible to predict exchange rate movements with any accuracy. But spreading funds across sterling, euro and dollar accounts can reduce the risk of being caught out by sudden swings.

Many offshore bank accounts will allow you to hold numerous accounts with multiple currencies and make secure international transactions at any time. This flexibility allows you to limit your foreign exchange costs. If you are moving around the world, you have a neutral base to keep your money. And you can leave it to gather interest as you move from one country to another.

Operating your offshore account

Moving your wealth to an offshore bank account doesn’t mean you have to make any sacrifices in terms of level of service. Many offshore accounts provide real-time access to your funds from around the world.

Most offshore accounts offer the traditional features associated with a standard bank account, including debit cards allowing ATM withdrawals, and a chequebook. You can also manage your money using online banking and mobile banking, although this might not be available in every currency.

Plan for the long term

Holding an account offshore can make it easier to manage your finances overseas. For example, if you plan to retire in a different country, it could be useful to save into an offshore account. It may also help alleviate concerns about any exposure to sovereign and political risk arising from instability in a particular country or region.

Depending on the tax rules in place in your country of residence, you may be required to pay tax on the interest earned on the offshore account.  If you are, you will need to declare it in your tax return. Interest on a bank account in the Channel Islands and the Isle of Man will be paid to you gross – that is, without tax deducted. It is worth obtaining independent tax and legal advice before you open an offshore bank account. Please note Barclays does not offer tax advice, and that the tax rules may change in future; moreover, their effects on you will depend on your individual circumstances, which may also change in future. 

Offshore banking is about finding a secure and flexible way to manage your currency exposure – and securing a solid base from which you can plan your financial affairs, no matter how volatile the global economy becomes.
Parsys 3

Discover Barclays products

We make it easy to manage your wealth outside your home country.

Parsys 4
Parsys 5
Parsys 6
Parsys 7
Parsys 8
Parsys 9
Parsys 10
Parsys 11
Parsys 12
Parsys 13
Parsys 14

Want to know more about how we can support you in the UK?

Let us manage your wealth offshore

Our offshore banking and savings accounts help clients around the world look after their wealth offshore.

Parsys 15
Parsys 16
Parsys 17
Parsys 18
Parsys 19
Barclays seeks to ensure that the information published on this website is as accurate as possible. Please note the information on this website does not constitute legal or professional advice. Barclays accepts no responsibility for the contents of any pages referenced by an external link. Any references or links on the website to external organisations or websites are provided for the purposes of ease of access. Such links should not be taken as an endorsement of the contents of those external websites or of those organisations.
Parsys 20