Expat banking services
Expatriate banking and offshore bank accounts with Barclays Wealth International
With its wide range of dedicated services and benefits, Barclays Wealth International is as close to a specialised expat bank you are likely to encounter.
We offer all of the traditional banking facilities you've come to expect, as well as catering to your expat banking needs by offering a range of additional benefits tailored to assist an expat living overseas. These include:
- The provision of an offshore bank account (if required)
- Hold your account in euros, US dollars and sterling
- Set up direct debits and standing orders while abroad
- Withdraw cash and make purchases in the UK from your sterling account
- Use a deferred debit card on your US dollar and euro accounts
- Manage your finances when and where you want using our International Telephone and Online Banking service
- Pay bills and make payments of up to £50,000 (or currency equivalent).
- And for a limited period, Barclays Wealth International are offering new clients the opportunity to earn a fixed 3% AER/Gross* on sterling savings and a fixed 2.5% AER/Gross with EUR or USD deposits when they open the New Client Term Deposit**. The 12 month fixed term deposit is available on balances between £10,000 and £250,000 (or currency equivalent). Interest is paid upon maturity of the term deposit and withdrawals are not permitted.
What about the expat tax situation? Your account could be held in an offshore location such as the Channel Islands or the Isle of Man. In most cases, this means your interest will be paid gross of tax, so your savings accumulate more quickly. You may, however, incur a tax liability elsewhere1.
If you need tax advice, we can introduce you to our preferred tax advisers Ernst & Young, the international financial services firm.
Features of an offshore bank account
Offshore banking simply means banking in a jurisdiction other than the country you reside in and offers a high degree of capital security.
Our International Bank Account offers competitive tiered interest rates and multi-currency options including euros, US dollars and sterling. It is the core of each of the bank account options available to expats:
- Our international Relationship Manager Service has been developed to help our affluent clients manage their wealth. It acknowledges your expat status and creates highly tailored and appropriate solutions.
- iBank Plus is a comprehensive range of international banking services. It includes benefits such as a Barclaycard Platinum credit card and a Deferred debit card.
- iBank is an easy, low-cost way to control your finances when living abroad.
Banking online for expatriates
For anyone working or living somewhere other than the country of their birth, our International Telephone and Online Banking Service is invaluable. Online banking lets you manage your money wherever it suits you, while our international telephone option provides you with a more personal service from our UK-based call centre2. You can use the internet3 to:
- Check the balance of your accounts
- Enquire about transactions
- Transfer money between your Barclays accounts in any currency
- Make payments up to a maximum of £50,000 (or currency equivalent) per payment
- Pay bills to most companies with UK banking facilities
- Set up and amend both UK and international standing orders
- Order cheque books, paying-in books and replacement credit or debit cards.
Offshore benefits for expats
Barclays Wealth International aims to offer you a choice of offshore locations in which you can locate your account. There's Gibraltar, which offers an attractive offshore account location. Alternatively, you could choose the Isle of Man or Jersey, which are ideally placed to offer both local and offshore banking facilities due to their special status as British Crown dependencies.
No matter which account location you choose, you'll benefit from:
- An economically stable country for your money
- The security of banking in a highly regulated financial market
- An excellent reputation for providing financial services
- Potential financial planning opportunities.
How to apply for an international expat bank account
It's easy. Simply call us on +44 (0)141 352 3902† or click the link below and we'll be in touch.
1 You have sole responsibility for the management of your tax and legal affairs, including making any applicable filings and payments and complying with any applicable laws and regulations. We have not provided and will not provide you with tax or legal advice and recommend that you obtain your own independent tax and legal advice tailored to your individual circumstances.
2 Telephone banking operates during UK office hours only.
3 For a short period of time every night (UK time), the site may be unavailable whilst we refresh data. Access may also be limited in some countries due to the prohibited transmission of encrypted data over telephone lines. Please contact your local embassy to check your country's legal position.
† Lines are open 7am to 8pm weekdays and 8am to 5pm weekends and UK bank holidays local time. Call charges may vary. Please check with your local telecoms providor. Calls may be recorded for training and security purposes.
The products and services described on this page are provided by the following companies, which are part of Barclays Wealth: Barclays Bank PLC in England and Wales, Barclays Private Clients International (Gibraltar) Limited in Gibraltar and Barclays Private Clients International Limited in the Isle of Man, Jersey and Guernsey. For further information on these companies and Barclays Wealth please read the Important Information.
Products and services on this site may not be available in certain jurisdictions. In particular, these products and services are not being offered in Japan or the United States or to US residents. For full details of exclusions and disclaimers please see the Important Information before proceeding. Each Barclays Wealth company reserves the right to make a final determination on whether or not you are eligible for any particular product or service.
*AER (Annual Equivalent Rate) illustrates what the interest rate would be if interest was paid and compounded once each year. Gross is the rate of interest payable before tax is deducted. For example, if £100,000 is deposited in the New Client Term Deposit for the full 12 months at a rate of 3.00% AER, £3,000 in interest would be earned. Therefore the total return at the end of the 12 month term would be £103,000.
**Offer may be withdrawn at any time. Eligibility criteria apply.
