British American Business 2008 | Practical Advice | Lloyd’s TSB International

As an ever-increasing number of companies tap into overseas markets, the international workforce has quickly become the norm. With this age of mobility well underway, the need for companies to fully recognize and address the challenges that face their international workforce when relocating has never been greater.

When relocating staff overseas, factors that are given careful consideration tend to include housing, visas, healthcare, travel and schooling for children. While these factors are vital to a successful relocation, whether it be an assignment for a year or a five-year secondment to set up a new branch of the business, there is another factor that should be considered – that of international banking.

To deal with day-to-day banking needs, international workers need a telephone and internet banking service

All individuals when relocating will need to give thought to their banking arrangements. They will require a bank account that fully accommodates their international lifestyle as well as giving them peace of mind that they will be able to easily access their money wherever their work takes them.

Without this facility, the international commuting workforce could be faced with the challenges of managing their finances on a global scale, which could lead to undue stress. It should therefore perhaps be a company’s responsibility to give consideration to international banking arrangements for their staff. After all, tailoring a relocation package that considers all the factors will let staff know that the company is with them every step of their journey and allow them to concentrate on the more important things, like settling into their new home.

When looking for an international bank that can offer support to employees while abroad, look for a financial institution that is wellregarded, trusted and will take the time to understand individual needs and goals. The bank should offer a specific range of products and services especially designed to provide a seamless worldwide personal banking service, such as an international account. With an international account, your employees will benefit from relocating in the knowledge that their bank account can travel with them.

An international account must:

• Operate across borders: The account should offer a range of currencies, each with debit cards. When operating across the Atlantic, look for an account which is available in sterling, US dollar and euro, and offers the option to have more than one currency account so that money can be moved between two different currency accounts at a low transfer fee.
• Make moving money easy: To deal with day-to-day banking needs, a telephone and internet banking service should operate. The service should provide a friendly, supportive 24/7 service, regardless of which time zone the account holder is in.
• Be built on relationships: A dedicated relationship management team, which combines a thorough understanding of international banking with knowledge of individual banking requirements, should be on hand. It should provide a high standard of customer service.
• Have worldwide offices: Make sure that there are Representative Offices located particularly in the UK, US and Europe, so that accounts can be set up pre-departure and should there be any queries advisors will be easily accessible to talk face-to-face. If relocating staff to the UK, then look for a bank that in addition has a local branch network.
• Be competitive: The account’s interest rates and subscription charges should be competitive to ensure the best deal is gained. Look out for an account that offers an introductory period and can pay interest without deducting tax.
• Go the extra mile: The account must include a range of added-value benefits, which the international commuter would find invaluable. These benefits should incorporate independent tax advice from an international tax expert, health and travel insurance, country profiles, airport priority passes, a concierge service, card cancellation service, plus much more. These benefits can ensure a smooth transition and that life remains as worry and stress-free as possible.

The international workforce, in addition to an international account, may also require access to a range of other international products like mortgages, savings and investments, and lending.

International Mortgages

An international mortgage service should be designed to take the worry away from securing finance and make buying an investment property (including buy-to-let) or a holiday home in another country as simple as possible. Look for a company that can lend in a range of currencies and countries, offers a free preapproved advance credit line service, no early repayment penalties and has a re-mortgage/equity release option. By choosing an international mortgage with a company that also offers international accounts, foreign exchange rates can be avoided.

Savings and Investments

Having easy access to capital is vital, so a credit card may help

There are plenty of offers, each with different policies and objectives, that cater to all types of investor needs. So being consistently on the move needn’t hinder saving and investment plans for the future.

Lending

Transatlantic commuting can be expensive, so having easy access to capital is vital. To make life a little easier, look for a credit card that is accepted worldwide and offers an interest-free period with no annual fee charges. When considering a loan, be sure to choose one that offers a competitive interest rate, a suitable repayment period and won’t charge for early repayments.

International banking products and services, like an international account, from a reputable bank can allow staff to carry out their duties and responsibilities overseas with ease and reassurance, while allowing a company to encourage global talent through a well-thought-out relocation package.

Lloyds TSB, voted “Best Offshore Bank Product Range 2007” by International Investment and “Best Overseas Mortgage Lender 2007/2008” by Your Mortgage and Mortgage Solutions magazine, is on hand to provide more information on international banking. Its International Banking Advisors are committed to helping the global workforce efficiently manage its banking requirements, around the world.

For more information on the products and services Lloyds TSB Offshore Limited offers:
Tel: +44 (0)1624 638000
E-mail: newaccs@lloydstsb-offshore.com
Website: www.lloydstsb-offshore.com/expat

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