Benefits of international banking

What is international banking?

International banking enables people who live or work abroad to manage their finances in one central location. By keeping your money in one place, it allows you to make transfers and payments in several currencies from a stable and secure offshore jurisdiction. Providing you with a link between all of your banking arrangements, you can be in complete control of your money, wherever you are in the world.

Who is it suitable for?

International banking can make life easier for a wide range of people:

  • Do you spend a lot of time working or travelling abroad?
  • Do you receive income in multiple currencies and would like to access this from one central place?
  • Do you need to hold multiple currencies across different countries?
  • Do you want to send money to your family who live abroad?
  • Do you want to diversify your savings to protect yourself from currency fluctuations?
  • Do you want to be able to make payments in multiple currencies?
  • Do you want a simple solution to managing your finances that is accessible 24/7?

If you have answered yes to any of the above questions then international banking could help you.

What are the benefits of having an international bank account?

There are many advantages to opening an international bank account with Standard Bank Isle of Man

  • Safe and secure global access to your money 24/7
  • Quick and easy transfers in multiple currencies gives you greater flexibility over your finances
  • Simple and convenient to operate and offers one central location for all your banking requirements
  • Unlimited access to foreign exchange
  • Provides security against exchange rate fluctuations
  • Grow and protect your money in a stable offshore jurisdiction on the Isle of Man
  • Confidential service wherever you are in the world

The Isle of Man as an international financial centre

Your international bank account will be operated in the Isle of Man, which is a premier international financial centre. Located off the north west coast of England, the Isle of Man benefits from a strong and stable economy due to its 1,000 years of continuous parliamentary government. It also operates a Depositors’ Compensation Scheme and a Financial Services Ombudsman Scheme for the protection of consumers of financial services in the Isle of Man.

As one of the world’s premier offshore financial centres, the Isle of Man’s status is supported by Moody’s Credit Rating Agency who have awarded it an Aa1 Sovereign credit rating.*

*Credit rating as at December 2013

Legislation in the Isle of Man

The Isle of Man has modern legislation on banking, collective investment funds, insurance, investments and trust companies to protect the investor and ensure that the industry is highly regulated. In addition, specific legislation exists to maintain the reputation designed to keep the Island free of the proceeds of drug trafficking, insider dealing and money laundering.

The Isle of Man exercises its extensive political and legislative independence through its ancient parliament, Tynwald.

Visit the Isle of Man Government website for more information at www.gov.im.