Natwest: Lack of understanding over offshore banking

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Natwest: Lack of understanding over offshore banking

Mon 13th Aug 2007

There is a "lack of understanding" over what benefits offshore banking can provide to people retiring abroad, Natwest has claimed.

Julian Gouge, head of international private banking at the institution, said many people still think of offshore banking in terms of the tax angle, despite many changes over the past ten to 15 years.

This misconception, he claimed, means that many people feel a "nervousness" about using such overseas facilities.

"The offshore banks have developed services and products that are designed for people who have international requirements, so that might involve more sophisticated systems around international payments," he said.

However, Mr Gouge claimed that there is "no shortage" of people based in the UK or abroad who can provide advice to people considering banking overseas.

As well as offering current accounts, loans, mortgages and credit cards, Natwest also provides insurance products for the home, car and travel.

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