'Research bank deals for best money transfer rates'

Expats ought to thoroughly research interest rates before they commit to opening accounts with banks, according to an industry expert.

Financial advisor Shelter Offshore recently highlighted the pitfalls of transferring money to international savings schemes.

The firm explained some offshore institutions attract customers by promoting the tax-free aspect of international banking, but then they hit clients with low interest rates.

In addition, at times overseas banks may only offer their best deals to payees via financial advisors.

In order to find the most lucrative account for their needs, expats are advised to investigate financial products on offer at their chosen institution or seek the assistance of expert companies.

"You may have to dig that deep to find an account that suits you," said the company.

"Seek the services of an advisor - find out what sort of interest rates they can get you."

According to a poll by investment expert Skandia, the majority of investment experts believe emerging markets provide the best opportunity to make short-term gains on shares, ifaonline.co.uk reports.

Click here to make an International Money Transfer.

By Linsey Summers