Opening Offshore Bank Accounts
Many expats choose to open an offshore bank account to effectively manage and consolidate their finances while theyTravel. These accounts can be opened with a number of banks in popular destinations such as Europe, the Middle East and North Africa (also known as the Middle East or Africa). Offshore accounts can typically be opened in multiple currencies and you can choose from a range of accounts and services, making it simple to manage and control an expat’s finances from anywhere in the world.
Many banks offer internet banking, whereas others still require a personal meeting with a consultant. This can be extremely convenient and can be especially useful for those who find it difficult to communicate overseas with their banks.
Benefits of using an Offshore Account
Offshore bank accounts are known to offer enhanced security of funds, as well as a wider choice of secure, quick and convenient offshore banking services and usually offer higher interest rates on money stored in their offshore accounts.
Many of the offshore banks offer an internet banking facility, enabling you to manage your money from any computer. You can also easily transfer funds from your internet banking account to an offshore account. Technology can enable you to make easy transfers amongst various accounts, without ever having to visit the bank and may also offer the option of direct deposit of your pay into your offshore account through your employer’s payroll department.
It is also usually no cost to use offshore bank accounts although there will be fees for using electronic money transferring facilities. These fees are often lower than bank charges and can often be set out as debit amounts in your monthly bank statement, meaning that your funds always clear without any delays.
Offshore bank accounts are also the perfect choice for those who are concerned about their liability in financial circumstances, especially where this may arise in an overseas country where they earn income.
By opening an offshore account they can enjoy the advantages of holding money within a country, yet are less likely to be taxed or required to pay tax in their native country. Because the money is held on an offshore account, it is usually much more secure and therefore offers greater peace of mind as well as protection against local financial laws not favourable to expats.
Millions of expats around the world have found that effective and affordable offshore bank accounts provide a perfect and sensible means of managing their finances. Take a browse through some of the bank accounts available, and discover the perfect account for you.