The expat life is glamorous. Expat bank accounts accommodate people living away from their home countries. But like UK expat tax, conditions apply. Let’s review some
As a leading tax refund agent in the UK, we at Taxback, take care of many non-resident income tax files. As an expat, earning in the UK, you are obliged to pay tax, but you are also eligible for UK tax savings.
As there are conditions to both filing income tax and claiming back tax in the UK, you need help from a reputed tax consultant. The savings you make by only paying HMRC the bare minimum (what’s due), avoiding late penalties and claiming a UK tax refund, do outweigh the fees we charge.
Related Post: Leaving UK Tax Back Guide
Listed here are the best expat bank accounts;
01. HSBC Expat Current Account One Of The Best Expat Bank Accounts
The HSBC Expat Current Account is extended to both existing and new customers. If you are opening an account as a new customer, the initial deposit is £ 5,000, plus you need to maintain a deposit balance of £60,000. You get a Visa debit card in your chosen currency and added services like internet banking.
02. The Lloyds International Account For Expats
For the more moderate earner, the Lloyds International Account offers access to their funds when living in a foreign country. The accounts are based in Gibraltar or the Isle of Man. You can access funds in either GBP, EUR or USD. You have the option of holding your account in multiple currencies. There is a monthly fee and you can open an account if you can invest £25,000; even if your earnings are less than £50,000 annually.
03. NatWest Select Account For Expats In The UK
Expats and foreigners who are internationally mobile or living in the UK can operate the NatWest Select Account. You must open the account in sterling pounds, with the option of holding funds in multiple currencies once your sterling account is held. Other services offered include; phone banking, online banking and mobile transfers.
Related Post: How to Appeal an HMRC Self-assessment Penalty
As you can see, there are many options to holding an expat bank account in the UK. Plus, if you are a non-resident UK tax payer, you may be due for a tax refund as well.
There are many areas we can help you fine tune to save your hard earned money. Do contact us for an evaluation to see how you can grow your bank account.