Here at blogfinances.com we discuss why having international current accounts are essential and discuss some points to consider before moving or working abroad.
An international account means you can use your debit card in many outlets, just as you would in the UK. Your foreign salary can also be paid into this type of account. It is advisable to set up an international account before you go abroad to live or work, as opening up an account in a foreign country is a long process.
If you keep an account with your UK bank, you can have your state pension, occupational pension etc. paid into this account when you are living or working abroad. You would still be able to make payments through online banking and sent cheques to family and friends for Christmas and birthdays.
An international current account allows you to have all the facilities enjoyed with an onshore current account such as an overdraft, debit card and even on some, a cheque book – but they can choose the currency the account is denominated in. You may need to keep a pre-arranged balance in the account, or confirm your income to avoid monthly fees. Dependant on the bank you choose, it may offer travel insurance which is of advantage if you travel frequently.
Exchange rates are constantly fluctuating, so when transferring money back to a UK bank you need to monitor the currency market.
So there you have it, it is definitely worth keeping your banking in the UK if you are living or working abroad