According to a recent study from Isle of Man savings bank Alliance &
Leicester International, almost a third of expatriates move overseas to land
the jobs they want, and the expatriate community is becoming more diverse
than ever. Almost half (40%) are relocating to destinations such as the
Middle East, Australia and the USA to further their careers. More recently,
expatriate communities as far as Africa, Singapore, Thailand and Russia have
been growing.
Even though workers are relocating to more diverse locations, their
lifestyle choices and financial habits remain similar. The research revealed
that today's expat has lived abroad for between one and five years (46%) yet
over two thirds (70%) do not set up an offshore savings account immediately
they relocate. And despite relocating in a bid to further their careers and
earn better wages, expats are failing to save their hard earned cash in the
best way.
Simon Hull, Managing Director of Alliance & Leicester International
comments: "Although in today's diverse society there is no such thing as a
'typical' expat, people consistently fail to open an offshore savings
account when moving abroad. With reliable internet access now widely
available in most countries, expat workers can safely and easily find the
best ways to save their wages."
Almost three quarters (70%) of expatriates use the internet on a daily
basis, as being distanced from the UK they are reliant on it to keep in
touch with family and friends, monitor the news, and manage their finances.
With 40% of expats surfing for up to an hour a day they can easily email
friends, catch up with current events, and save their wages in one
stress-free sitting, regardless of where they are in the world.
Alliance & Leicester International's eSaver Offshore is the first
offshore savings account to offer an online application process without the
need for a 'wet' signature. By allowing customers to both buy and manage
their account online, eSaver Offshore guarantees control over funds anytime
and anywhere in the world.
Simon Hull concludes: "The eSaver Offshore's online functionality enables
customers to set up accounts quicker and more easily than any other offshore
online account. It is unique in enabling customers to transfer their opening
balance within days of opening an account – unlike other offshore savings
providers, whose postal application processes can take weeks to complete."
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