DeVere has recently launched an app, called the deVere Vault, aimed at internationally mobile individuals and expats which allows users to withdraw money in a range of currencies from any cash machine worldwide and get real-time notifications on all their transactions.
Quoting a poll produced by the company at the launch of the new app, Green said: “Nine out of 10 people told us that they found the fees for using their cards overseas were ‘unacceptably high’.”
“You can see why: 6% per cent for accessing your own money when outside your country of origin is a scandal,” he pointed out.
“As an expat myself and as someone who travels internationally a lot for my work, I am speaking from experience,” Green added.
The deVere chief executive concluded: “People no longer need to tolerate the banks’ high charges for accessing their own money when overseas.
“Today’s world is a global one. Our society is increasingly internationally-mobile and people should not be hit with unnecessary charges for choosing to live, work, retire or travel outside their country of origin. Access to banking needs to be borderless in the 21st century.”
Green’s comments come as the international advisory group is undertaking a steady expansion into finanical services. It has recently launched an investment bank on the offshore jurisdiction of Mauritius, and opened a private bank on the Caribbean island of St Lucia.
Last month it launched a model portfolio service (MPS) in association with Pacific Asset Management which will offer a range of Ucits-regulated funds invested in low cost, index trackers.
