'Expats may have tax advantage'

UK emigrants using foreign exchange services could find their money goes further if they opt to open accounts with offshore banks, according to finance experts.

International Advisor recently revealed how Britons living overseas could make savings by carefully choosing who they bank with.

The portal explained that offshore accounts do not tend to tax savings so interest accrues at greater rates than land-based banks.

"Offshore banks do not automatically deduct tax from interest payments at source, as occurs in UK onshore accounts," said the resource.

"This enables interest income to roll up and accumulate exponentially, thus increasing one's annual return."

In addition, the portal added that some offshore banks may be less affected by inheritance tax regulations, while also offering competitive rates.

In other news, finance commentator Peter Ellis recently urged Brits planning to move abroad to consider the foreign exchange fluctuations of their new home.

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By Linsey Summers.