Wednesday 2nd January 2008
Using the internet for banking is a popular method for expats, according to the latest research, but more could use the online banking experience to make their money work harder for them.
Alliance & Leicester International Limited (ALIL), the offshore savings bank, has found that some 92 per cent of expats do some form of banking using the internet, whether that be checking statements, making payments, or accessing funds.
Around four in ten (41 per cent) see being able to access funds at any time as the main benefit of internet banking, while accessing better rates was the draw for a quarter (26 per cent) of those involved in the research.
However, according to ALIL, some 70 per cent of internet bank-using expats are missing out on the opportunity to capitalise on an offshore savings account, which could make the most of any money they may have put aside.
"With internet access now so readily available, offshore consumers should take advantage of internet banking and saving. As well as offering speedy transfers and an up-to-date snapshot of your finances, the offshore banking and savings market is quickly developing many of the online facilities already available from its onshore counterparts," said Simon Hull, managing director of Alliance & Leicester International.
The research also revealed that seven out of ten expats also look for online accessibility when opening any form of account, suggesting using the internet to manage their savings is very important to those that leave the UK.
Last month, figures from Birmingham Midshires revealed that around one in ten Britons opened a savings account in the previous three months, with six per cent having switched savings account prioviders in the same period.
A more competitive rate of interest was cited as the main reason for the switching customers choosing a different account provider.
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