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At Standard Bank, we understand that people with international lifestyles have individual requirements and that no two expatriates' needs are the same. You may be dividing your time between different countries, retiring abroad, temporarily moving to develop your career, or perhaps working in a foreign country while retaining your main residence at home. Whatever your situation, a change of location brings many challenges, but also many opportunities. The impact on your financial affairs in particular may be complex. However, Standard Bank Offshore is ideally placed to help you make the most of your changing circumstances. Our products and services are specifically designed to make your financial arrangements simpler and also to assist you in taking advantage of any benefits that your new status may present.
Why offshore?
There are many reasons why you should consider using offshore financial services, including:
- The security and confidentiality which the premier offshore jurisdictions offer
- There are no exchange control restrictions within the islands. This allows you to move assets freely and without formality
- Interest on your savings and investment accounts may be paid gross, without deduction of tax at source (although you may have a liability to tax elsewhere)*
- Holding assets offshore may have some tax planning advantages*
- There may be inheritance tax benefits, depending upon your country of domicile*
- The offshore islands have sophisticated worldwide communication links, facilitating ease of access
*Please note: We are not tax advisers and therefore suggest that you seek independent advice from an accountant or other suitably qualified adviser.
Banking services for expatriates
We have specifically designed a flexible range of bank accounts to hold your cash in any major currency. Our accounts will meet your needs, whether you wish to access money on a regular basis, or are saving for the longer term.
Expatriate Savings Account
We recognise that many expatriates are able to use their time overseas to significantly build up their savings. That's why we have specifically designed our exclusive Expatriate Savings Account to offer highly competitive rates of interest, but with the important ability to access some or all of your funds if required. Its key features are:
- Available in pounds sterling, United States dollars and Euro. The minimum opening balance requirement is £10,000, $25,000 or €25,000
- The maximum permitted deposit is £1 million or currency equivalent
- Interest is calculated on the daily cleared balance and added on an annual basis, either to the same account or to a separate income account if required
- High rates of interest are paid, linked to bank base rates, to assure you of an ongoing competitive return on your savings
- Statements will be mailed to you on an annual basis
- A deferred interest facility is available, meaning that interest is only applied when the account is closed. This can be a very useful tax planning facility, for example to take advantage of an age-related allowance, or if moving tax residence to a country with lower tax rates
- One withdrawal of up to one quarter of the account balance may be taken out, without notice or penalty, within any given calendar quarter. Further withdrawals may be made subject to the loss of 90 days interest on the amount withdrawn or alternatively, 90 days notice of withdrawal may be given
- The account is fully internet accessible
We believe that our high interest Expatriate Savings Account, together with an Optimum Account for your everyday transactions, represents a great combination for managing your offshore finances.
Optimum account
If you need a bank account for regular transactions, then our Optimum account is right for you. This is a flexible, interest bearing demand account with the optional benefit of a debit card. A personalised cheque book is also available if your account is held in sterling. Its key features are:
- Available in pounds sterling, United States dollars and Euro. The minimum balance requirement is only £3,000, US$5,000 or €5,000
- Interest is calculated on the daily cleared balance and added on a quarterly basis, either to the same account or to a separate income account if required
- Statements will be mailed to you on a quarterly basis
- You can also arrange to make payments to other accounts, or to third parties
- The account is fully internet accessible
Offshore Visa Debit Card
Wherever you are in the world, the Offshore Visa Debit Card can be used to make purchases of goods and services in any currency, without the need to carry large amounts of cash, cheque cards or travellers cheques. The card is linked to your Optimum account in either pounds sterling, United States dollars or Euro. It can also be used to obtain cash when required, both through ATM's and over the counter at banks displaying the Visa sign. The card has pre-set spending limits and other security features to offer you additional peace of mind.
Fixed Term Deposit accounts
If you are saving for the longer term, you might wish to lock away a sum of money for an agreed period. We can provide Fixed Term Deposit accounts in most major currencies. Their key features are:
- Deposit periods range from one week to one year with interest rates linked to international money markets
- The interest rate is fixed for the term of your deposit and you may not add or withdraw funds until maturity
- On maturity the interest and all, or part of, the capital can either be repaid to you or reinvested for a further term according to your preference
- The minimum balance requirement for deposits of one month or more is £25,000, US$50,000 or €50,000. However, for deposits of six months or longer, the minimum balance is reduced to £10,000, US$25,000 or €25,000
- Transfers from your account can be made either by way of bank cheque or electronic transfer. We will need to receive instructions by midday on the date of maturity if you are transferring from a sterling account and two working days prior to the maturity date for accounts in other currencies
Apply now
Opening an account could not be easier. Please complete an application form and return it to us as soon as possible thereafter.
Benefit from a complete range of offshore financial services
As your need for offshore financial services grows, so to can your relationship with Standard Bank Offshore, through the use of our wide range of wealth solutions. Simply return to our main Home Page in order to explore our complete range of products and services.
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