UK Money News
23rd April 2008
Expats urged to retain UK bank account
Keeping a bank account open in the UK is a prudent move for expatriates, an international lifestyle magazine has claimed.
According to Rhiannon Davies, director of ShelterOffshore.com, opting to keep an account open allows expatriates the ability to easily pay "any mortgage, bill or standing order that they have committed to".
There are also benefits should those who have left the country for a new life eventually opt to return home, Ms Davies said.
She explained: "A UK bank account is essential for anyone who may one day repatriate because it helps to keep some form of credit history open.
"It will help the individual in question when it comes to proving their identity for getting anything from a new mobile phone contract to a rental contract on a property back in the UK."
The growing trend for Britons to relocate to hotspots such as Spain was born out by a recent BBC Online report which revealed that the number of offshore accounts held by Britons now stands at 400,000.
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