International Personal Banking – Online, Offshore, Euro, UK & More

  • Posted by Jason on March 16, 2015 in Banking Exchanging Money Technology

Moving money between countries can be sluggish and expensive. Rest assured, however, as this can be largely avoided using the right international personal banking service. We’re going to check out your options when it comes to offshore accounts and moving money internationally.

Exchange rates

Saving Money When Using International Banks

It’s important to find a bank that fits your needs when it comes to fees. Some providers will charge a one off fee for international transfers – irrespective of the amount you send, while others will charge a percentage. Generally, if you’re sending large amounts, a flat fee works out cheaper than a percentage. Similarly, when sending small amounts, often a percentage works out cheaper.

Shop around on these fees and try to get the best deal to align with your expected intentions. For example, if you know that you’ll be moving huge amounts of currency, try to avoid using a bank that charges a percentage.

Personal Online Banking – Features Offered to You by Different Banks

HSBC

HSBC is an internationally recognised bank and operates through over 6200 different branches throughout 80 different countries. This gives great accessibility, particularly if you enjoy traveling or consistently relocating. This also means that you can seamlessly transfer money between HSBC branches, particularly in travel emergencies. It’s also nice just to have a feeling of consistency when banking abroad – rather than having different bank accounts for different countries. They charge GBP £20 – 30 per transfer and a monthly fee of GBP £5.

HSBC also has different membership types – the premier is the most costly, but offers free international withdrawals at ATMs and instant cash advances of USD $2000 for emergencies. It’s worth considering your needs and deciding whether these additional benefits are worthwhile for you.

Barclays

Barclays is one of the largest UK banks and offers an international account, dealing in three major currencies; the Euro, Pound and US Dollar. They offer fast, easy international transfers between these currencies, and give access to your accounts from around 50 different countries. Barclays charge around GBP £25 per transaction.

Lloyds

Lloyds is another large UK bank that offers a similar Euro, Pound and US Dollar transfer service to Barclays. They charge a USD $10 fee monthly, but charge nothing for international transfers. If you’re looking to transfer large volumes of currency frequently, this may work out to be a very attractive deal.

Much like HSBC, Lloyds offers different membership options based on the amount you have to invest with them. Those with more than GBP £100,000 have access to a Premier Banking Relationship Manager and International Financial Managers. While it’s difficult to gauge the usefulness and quality of this service, this may well suit your needs.

All of these banks offer a personal online banking service, so you can conduct all of your transactions remotely

If you need to transfer money into your international savings account, OrbitRemit can help. We offer low fees and competitive exchange rates. Check out our calculator on the top right hand side of the screen to find out more!



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