Things to consider when opening an offshore account
If you live or work abroad then one of the best ideas is to open a offshore bank account. Obviously it is difficult to know where to start, there are a number of jurisdictions where you can open an account and many people competing for your custom.
Here are some great things to think about before going ahead with your account:
Consider your circumstances
The first thing that you must do is make sure that you are someone that needs offshore banking. You should ideally be an expatriate, this way you will be open to a number of advantages that will help you to grow your funds. It will also allow you to continue saving in a tax effective way.
Making the most out of your money
Possibly the biggest advantage of offshore banking and investment is that it will allow you to effectively manage both finances and investments. In a number of the jurisdictions there are people to help you manage your money. They are finance experts, accountancy and legal specialists, these are the people you need to speak to when you start thinking about cross border investment and asset management.
Can you speak the lingo?
You need to make sure that the jurisdiction that you choose to bank in speaks the same language as you. Ideally the local language will be your mother tongue, this will lead to less complications in the future for you. For example if you need to call the bank in an emergency then you want to know for sure that you are going to be able to communicate easily with the person on the other end of the line. They need to be able to help you in your understanding offshore savings accounts.
Choose multiple currencies
The best offshore banks will be able to offer you an account in more than one currency, this means that when you do business in different currencies you don’t lose out on the exchange rate. It means you can also change currencies easily when they are at a better rate.
You need to be able to access your funds
One of the other key points to consider when choosing an offshore account is how easy it will be to access your funds. Nearly all of the major offshore banks offer a 24/7 phone banking service so it doesn’t matter where you are in the world when you call, secure internet banking, and also through apps on mobile devices. It makes a lot of sense to look around to find a bank that has everything you need.