This paper assesses the impact of exchange of information on foreign-owned bank deposits in international fnancial centres (IFCs). IFC deposits declined globally by 24% or USD 410 billion during 2008 to 2019. The commencement of automatic exchange of information is associated on average with a 22% reduction in IFC bank deposits held by non-IFC jurisdictions. Increasing multilateral expansion of exchange of information on request seems to diminish marginal gains of new bilateral treaties. IFC jurisdictions specialising in banking activities have been mostly affected by increasing tax transparency. A comprehensive multilateral approach is thus fundamental for successfully increasing international tax transparency.