Offshore Banking Updated:
If you live abroad as an expat, or perhaps have a second home overseas, you could well have both domestic and foreign banking arrangements. Making transfers between the two can be tricky and, in some cases, costly unless you have the right service to hand, but now there's a new player in town – NS&I.
NS&I has launched a new international payments service for their customers, allowing them to have payments from NS&I made directly into their international bank account. Previously, this wasn't possible – overseas customers would have either been able to receive payments directly into their UK bank account, or would have been issued with a paper warrant, sent to their overseas address, to be deposited into a foreign bank (often involving a fee).
However, this new service has been touted as a way to give customers far more flexibility in how they can access their cash if they're based abroad, whether they want to make withdrawals, receive interest payments or collect Premium Bond prizes. According to a statement, the service will offer a "fair rate" to its customers, so it could be a realistic option.
It'll certainly offer another level of convenience to customers, as Julian Hynd, retail director of NS&I, commented: "NS&I's new International Payments Service will offer overseas customers greater flexibility in how they transact with us and we expect it will be a popular service".
The international money transfer sector is a growing market, so it's great to see another provider offering this kind of service. Of course, there are still other ways to get your money abroad if you're not an NS&I customer – some providers will offer their own service, or you might need to call on a third party company to make the arrangements.
You'll need to make sure you've got a suitable offshore bank account for the transfer as well – this should be a key first step for anyone thinking of heading abroad – and as long as you compare the options (and the associated banking/money transfer fees) you can get the cash you need no matter where you are in the world.
Transfer money quickly, easily, securely 24 hours a day, seven days a week with our international money transfer service
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.