Who is International banking for? Retired abroad

After years of working hard and saving money, you may be looking to enjoy the fruits of your labour by retiring abroad.

There are a number of reasons why you may want to do this - perhaps you fell in love with a certain destination while on holiday or you want to be closer to family members who are already living abroad. Whatever your reason - or reasons - behind wanting to spend your retirement overseas, you may wish to consider getting an international bank account before you leave your home country.

What are the benefits of having an international bank account if I'm retiring abroad?

Prior to emigrating, you could be well advised to set up an international bank account. Of course, there is the option of registering for a domestic bank account in your new country of residence when retiring abroad, but keeping an offshore account to manage money could save you money on fees and exchange rates.

In the short term the International Account also means you can relax in the knowledge that your banking abroad is with a name you know and a language you can understand. By taking out an international bank account before you leave your home nation, you will be able to carry out transactions - such as paying credit card bills and transferring money - literally as soon as you arrive.

In a similar way to Britain, you can use the debit card that comes with your international bank account to pay for goods and services in a wide number of outlets while living abroad. By setting up an international bank account prior to leaving, you can be sure that money from your state pension back home will be paid directly to you, as well as being able to receive money from your private retirement pot into such an account.

An international bank account can also prove to be of assistance if you're moving abroad to a country that at the time has a currency weaker than the one of your home nation. By holding money in an international bank account, you can keep cash in the financial vehicle of your domestic currency until such a time when the exchange rate improves, where you can withdraw the cash or transfer funds to a domestic bank account.

Does it matter where I choose to retire abroad to?

As you reach your autumnal years, you may want to consider living abroad in a country that offers a warm, Mediterranean climate such as Spain or Greece. These destinations have the benefit of only being a short-haul flight away from Britain, ideal if you want to return home to visit friends and family.

UK nationals can retire to any country located in the European Economic Area, which as well as Spain and Greece, includes countries such as France, Germany and Portugal. However, if you're looking to retire abroad further afield - perhaps somewhere like South Africa or even Australia - international accounts can still be useful.

No matter where you are thinking of living abroad, international personal banking services will have something that is suitable for your needs.

Getting an international bank account from Lloyds TSB International

A Lloyds TSB International bank account guarantees you expert guidance and excellent customer services. Regardless of where you are living abroad, help is always on hand for any problems or enquiries you may have by telephone, email and through their website. To find out more, visit Lloyds TSB International.