Should you use Barclays Online Bank or another internet system? Here is a brief review of their system to help you decide this.

Where are they located?

While they are based in the United Kingdom, they are really a “global” company. This leads us to one of their main benefits…

Offshore banking

This is one of the unique features of this bank. What does offshore mean? Simply it’s banking someplace OTHER than the nation where you live.

Why would you do this?

This makes it easier to take advantage of currency rates. For instance, if you are going to be living in Pakistan, you can still earn interest in US dollars with Barclays Online Bank.

This is a BIG advantage

You can also possibly save with taxes in this method. Why? Because since the bank is offshore, they will give you interest BEFORE your national tax is applied.

Obviously the interest rates are minimal so this isn’t a huge deal… but it’s something to think about. Also, if you live in a more risky country, keeping your holdings in a more stable nation is always a good thing.

But what about the online interface?

There are positives and negatives about it. On the whole is decent… but it’s a little slow from time to time. Also it’s not always the most reliable around-sometimes you can get in, sometimes you can’t.

And the customer service?

It’s pretty good considering it’s one of the larger banks around the globe. It’s certainly doesn’t compare with a local small town branch where they know you by name… but usually you can expect to get someone on the phone who knows what they are talking about.

Recommended or not?

On the whole, the pluses of Barclays Online Bank outweigh the minuses. And they are particularly recommended if you want to take advantage of their offshore banking.

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