As the world continues to open up and the UK competes on a global stage to attract top talent and investment3, new research from HSBC UK finds that people relocating to the UK are amongst the most optimistic when it comes to managing important aspects of their finances in their new home country.
However, financial hurdles could be causing people to change course and the UK to miss out on attracting much needed skills to our workforce.
The study was commissioned to understand how international citizens’ financial lives are evolving, their motivations for moving abroad, and issues they face as they settle into their new home.
It comes as HSBC UK is expanding its international products and services – to help solve the current financial frictions that customers experience when moving abroad or banking cross border.
Commenting on the findings, José Carvalho, Head of Wealth and Personal Banking, HSBC UK said:
“Newcomers are vital to the growth of our economy, with the flow of ideas and experiences enriching the lives of people across the UK and around the world.
“From struggling to get essential services set up due to lack of local credit history, to juggling finances between locations and understanding tax considerations – newcomers can face real and unique hurdles when settling into their new lives in the UK.
“Moving abroad takes planning, but it doesn’t have to be complicated. As the UK’s leading international bank, we use our global network and expertise to help open up a world of opportunity for our customers. From relocating to or from the UK, to exploring international opportunities like travel and investment.”
More information on HSBC UK’s international banking services: https://www.hsbc.co.uk/international/
For more information on what to consider when setting up abroad, read HSBC’s Guide To Moving Abroad.
Notes to Editors:
About HSBC UK
HSBC UK serves over 14.75 million customers across the UK, supported by 24,000 colleagues. HSBC UK offers a complete range of retail banking and wealth management to personal and private banking customers, as well as commercial banking for small to medium businesses and large corporates.
HSBC Holdings plc, the parent company of HSBC, is headquartered in London. HSBC serves customers worldwide from offices in 62 countries and territories in its geographical regions: Europe, Asia, North America, Latin America, and Middle East and North Africa. With assets of US$2,967bn at 31 December 2022, HSBC is one of the world’s largest banking and financial services organisations.