Offshore bank accounts are not only for high-net worth individuals. Whether you are moving overseas for work or retirement, offshore banking arrangements should be a priority. Relocating to another country is a life-altering step for anyone, but faced with the prospect of handling their finances whilst they are away can seem both daunting and confusing to any expat. Many expats believe that they can get away with using an account based in their home country, combined with a local account in the country they’re going to live in. What many overlook is the potential cost of leaving their currency exchange in the wrong hands. By transferring their worldly goods to their new country via a high street bank, the average family risks losing up to a staggering £10,000 of their assets. We understand that making the decision to move to a new country is a big undertaking, both emotionally and financially. The last thing that any family taking the leap would want to do is unnecessarily lose as much as £10,000 in the process. Unfortunately though, this is exactly the case for the many people who entrust the transfer of their assets from old to new country to their regular high street bank, who typically charge 4 per cent more than currency specialists in unfavourable exchange rates.. This huge loss could be avoided simply by people being aware of the alternatives and making sure they get the best rate for their money, early on in the process. It is possible to live with a combination of a bank account back home and one based in your foreign country of residence. However, a combination of national regulations and the bank’s own limited systems means that it is highly unlikely that a ‘UK – local’ banking package will be operable wherever you are in the world. You usually won’t be able to access your account details around the world if it is a national package. For example, walking into a bank in Kuala Lumpur and attempting to transact on your British account could prove to be impossible. Offshore accounts are designed so that expat can pay their salaries or pensions into them, deposit money into other accounts, such as a local bank account in the country they live in and to cover any bills or expenses that they may still have in the UK.