Once you have moved overseas you will need a convenient way in which to access your savings in order to pay for the day to day costs of living. It may be an idea to contact the bank to explain the situation and discuss possible options that might benefit you.

Three possible options are:

1) Maintain your bank accounts in your current country: The bank may be able to make your account a ‘not ordinarily resident’ account, in which your interest will be paid without the deduction of tax. Most banks are now able to provide customers with online banking, for easy access to accounts twenty-four hours a day every day of the week. This will enable to you to keep your current bank accounts and continue banking with ease. If you are not familiar with the process of internet banking have a friend or employee at your bank show you how to establish and use an account.

Keep in mind that your ATM cards might not be accepted in your destination. Check with your bank about the ATM services in other countries. It might be worthwhile applying for and taking a credit card with you to your new destination (providing credit cards are accepted) to ensure peace of mind.

2) Open a bank account in your new country: This provides you with easy access to your money.

3) Open an off-shore account: An off shore bank account is an international bank account that can be used for day to day purposes. It is