A non-resident bank account is an account you can open in a central location based in a country or territory you don't currently live in. These accounts are also referred to as Offshore Bank Accounts or Offshore Accounts. Some of the more well-known locations which offer this service include the Channel Islands, Isle of Man and Singapore.
You can use this type of account to hold money and send and receive payments. You may also be able to set up savings and investment accounts in different currencies. Most non-resident bank accounts come with standard features such as mobile and online banking, and a debit card. Some have charges and fees, and you may need to meet certain eligibility criteria. Always check the terms and conditions.
A non-resident bank account can make it simpler to manage your finances whilst you are living and working outside your home country.
For example, if you were to move from your home in the UK to another country to live and work and you wanted to rent out your UK property whilst you were overseas you could consider opening a UK non-resident bank account to receive the rental income and to pay any commitments you may still have in the UK. This could make it easier to manage foreign exchange and you may be able to link the non-resident account to your local account.
Other reasons to open a non-resident bank account include:
In addition to providing you with a bank account in safe central location, a non-resident bank account offers a number of other benefits, these include:
An HSBC Expat Account gives you control of your finances and flexibility when you're living or working abroad. Based in Jersey, Channel Islands – just a short flight from London, an expat account is available in pounds sterling, as well as euros and US dollars, with savings accounts available in many other currencies. You'll get a UK compatible sort code and account number, so it can integrate with the UK bank network, meaning you can set up Direct Debits and Standing orders for any regular commitments you may have in the UK.
Once you've opened a HSBC Expat bank account you can also open additional savings accounts in pound sterling and up to 18 other currencies, or apply for a sterling credit card. We even provide buy-to-let mortgages on UK property purchases.
You don't have to pay a monthly fee, or fees for making international transfers between eligible HSBC accounts.
Eligibility criteria applies.
If a non-resident bank account isn't right for you, you may want to look at alternatives.
If you do not qualify for an HSBC Expat account, but still need an account in another country you may be interested in HSBC International Services.