Best Banks in Jersey for Expats – that will be the topic of today’s article.
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Offshore bank accounts are, as the name implies, bank accounts that are located offshore. As such, they are the best banks in Jersey for expats. Typically, these locales, such as the Isle of Man, Gibraltar, or Jersey, are also purported tax havens. Offshore bank accounts are designed to allow people to receive money in different currencies while living or working outside of their home country.
Offshore bank accounts, which were once thought to be used for tax evasion strategies, are now useful for persons who work overseas or have international interests. Although tax may still be due on income, it is critical to understand the tax regulations in your country of residence. For example, whether the bank account is offshore or not, tax will be due on worldwide income for those domiciled in the UK.
Best Banks in Jersey for Expats
Most high-street banks provide offshore banking services, however the types of accounts available differ greatly. As a guide to the offshore bank accounts you might want to consider if you need to create an offshore bank account as an expat, we’ve highlighted what we feel to be the top best banks in Jersey for expats below. To maintain neutrality, the offshore bank accounts are listed alphabetically.
1. HSBC Expat Premier Account
Minimum Balance Requirement: £50,000 deposit or £100,000 sole salary or are HSBC Premier in another country
The award-winning HSBC Expat Premier Account is available in pounds, dollars, and euros. A Foreign Exchange app, a debit card, and a free travel security service are all included with the account. The account may be accessed via phone, mobile banking app, online, or through a dedicated Relationship Manager 24 hours a day, 7 days a week.
The HSBC Expat Premier Account is best for people who already bank with HSBC, regularly move from country to country, have a family, regularly make international payments, need 24/7 telephone banking support, and need to save money in multiple currencies.
2. Lloyds Premier International Account
Minimum Balance Requirement: £100,000+ salary per year (or £100,000 to deposit into a Lloyds saving account)
The Lloyd’s Premier International Account is for high-earning expats who need to handle numerous currencies while residing outside the United Kingdom. The money is kept in offshore accounts in Gibraltar or the Isle of Man. A professional relationship manager and international travel insurance are also included with the account. With a Visa debit card in the chosen currency, account holders can choose the account’s currency from Sterling, Euro, or US Dollars.
The Lloyd’s Premier International Account is best for people who earn more than £100,000 per year or have significant savings over £100,000, simply want a private bank experience, or just want to choose the currency of the account.
3. Standard Bank Optimum Account
Minimum Balance Requirement: £4,000 (currency equivalent applies)
Opening an overseas bank account with Standard Bank is simple and affordable for anybody looking to broaden their horizons. The Standard Bank Optimum Account, with its modest entry point, is your gateway to the world of worldwide banking. Expats looking for the confidence of a well-established bank capable of providing comprehensive financial solutions need look no further.
The Standard Bank Optimum Account is best for people who need either a sterling, dollar (US and AU) or euro transactional banking account; require cross-border flexibility and access to FX, savings, and lending services; seek a secure repository for their finances; frequent travelers; studying, working, or retiring abroad; requiring an account to receive a payroll; preferring digital solutions such as internet and mobile banking; and requiring a VISA card to make payments or withdraw cash.
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