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A simple solution for your expat banking, saving & investment needs

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By Simon Danaher - October 12, 2015

[Estimated time to read: 3 minutes]

Taking the stress out of your expat finances

Pensions, investments, savings plans, investment funds, low costs, high returns, advice, platforms, portfolios, strategies, currencies – the world of wealth management can seem overwhelming at times, making it hard to know where to start.

expat banking solutionsWe all know we should probably save more, invest more, shop around for the best financial deals more, but it can all take so much time – particularly when you are living an expatriate life where even the simplest things have a habit of taking longer than they should.

All you really want is peace of mind that you have made the best choice, that your money is safe and secure and growing each year. You want to know that when you need it, your money is there to support you and your family – not locked away in the hidden depths of an insurance company’s belly.

At AES International, as a company almost entirely made up of expats, we understand these worries well. We also believe we have a solution which could be right for you.

Offshore private banking is, in our view, the cornerstone of all good financial planning for expatriates. It provides a solid backbone from which you can build a cohesive saving and investment management strategy, but is also flexible enough to meet the needs of someone who is internationally mobile.

To help you build a clear picture of how offshore private banking may be able to help you and your family, here are some answers to frequently asked questions:

Can I manage all my banking and investment needs from one place or are they separate?

All bank accounts and investments are managed in one place. There is also the option to hold money in up to 15 currencies which is helpful if you have financial commitments in more than one country.

How much investment flexibility does an offshore bank account offer?

An offshore account can house an unlimited number of investment portfolios designed to achieve different outcomes. For example, you may have one portfolio aimed at saving for school or university fees, another for future property purchases and another for your retirement.

This is in contrast to other savings plans usually offered to expatriates which are only able to accommodate one portfolio, meaning you would have to open further savings plans to meet different objectives and would therefore incur additional charges.

How easy is it to change the base currency or investments if I move or my circumstances change?

There is full flexibility to change the account profile – including base currency and the investment profile – if the family moves or circumstances change. This is unlike a regular savings contract for example, where the charges will remain fixed, the investment universe is often limited and it is unlikely you will be able to change the base currency.

Can I include my pension in the account?

Yes. You are able to pull all of your savings, investments and pensions together into one place. This makes it easier for you to keep on top of your investments and ensure you are on track to achieving your goals, while also benefiting from economies of scale.

Are there any lending facilities?

Yes. We can offer very attractive lending on property purchases through the offshore account. In addition, the lending facility can be used to refinance existing debt that the family may have – making it easier to manage debt obligations and reduce cost.

Can other assets also be managed through the account?

Shares can be moved “in specie” into the account and even borrowed against. This is advantageous if you or your partner cannot sell shares while still in employment but you want to release equity to support the family or finance further investment.

If you are interested in offshore private banking and want to explore it even further, download our free guide using the form below.