Guide to Essential Money Tools

Banking Tools

Private offshore banking

What can expats expect from a Rolls-Royce banking service?

Looking for more from your money? Need an investment buddy with whom you can chew the financial cud?

Private banking offers a range of services which have rescued many expats from the clutches of financial mismanagement. Having a private banker on your side, someone who watches over your finances whilst you get on with the business of working and living on the other side of the world, can be like having a financial guardian angel.

Overall, three features define private banking: wealth management, personal service and confidentiality. Whereas, increasingly, private banks, as well as the private banking divisions of retail banks, are lowering the minimum entry level so that more expats can enter, this is still a world reserved for high net worth individuals.

As for entry levels, not all private banks lay down hard and fast rules on the minimum sums required to secure their services. In many ways this is because private banks are turning to new money, rather than relying on inheriting the next generation of old family money.

Private banks have their sights set on the future prospects of clients, say those currently running a successful business, as much as on the current asset value held on deposit.

However, a benchmark figure is helpful to ascertain whether it is worth enquiring about private banking services. Those researching these banks will find minimum entry levels to some banks as low as £25,000, while others still insist on bankable assets of at least £500,000.

Private banking is a business where successful personal relationships count for everything. In this arena, expats should be looking for a bank which does not impose sales targets on its managers, who are then compelled to push products.

Private banking clients must feel that, in terms of service and advice, they are being treated not just as an individual but as a unique individual. To which end, the relationship built up between manager and client should be of a measure whereby absolute trust is the foundation.

The client must feel confident that the highest quality advice and investment judgement is on offer. After all, the plans laid down for wealth management must survive, indeed thrive, for many decades to come.

Essentially yours in private banking:

• Check out whether these services are available: relationship manager, multi-currency facilities, tax advice, sharedealing, internet banking, fiduciary (trust and company) services.
• Check out tax advice both in terms of confirming your non-resident expatriate status with the HM Revenue & Customs and any local taxation liabilities you may incur in your host country.
• Check out savings accounts and opportunities for achieving the best possible rates on all your currency balances. Ask about money market rates.
• Check out investment products and discuss your own investment profile and attitude to risk as well as your long-term financial aims and aspirations.
• Check out any lifestyle products which could make a difference, such as insurance cover, discounts on travel and hotels, help-lines and emergency assistance.
• Check out all lending criteria, including loans for property and overdraft facilities