There are many reasons why offshore banking could be beneficial to your business. Security and privacy are especially important so you can feel secure knowing that your money is safe and protected.
Offshore banking is using a bank or financial institution that is outside of your residential jurisdiction.
There are many benefits of Offshore Banking, including securing/protecting your capital, enjoying the highest service levels, potentially save tax on deposits and savings.
We explain below the main benefits of opening an offshore bank account
1. Privacy/Security
Privacy is now one of the most important reasons people look to bank offshore as the account is strictly private. The operations conducted through the account are protected by the legalisation of the country where the bank is located and you can feel secure that your money is safe.
2. Convenience
Offshore banks are simple and convenient to open and operate. They allow one central location for all your banking requirements. When opening an offshore account they usually provide a Visa debit card in GBP, USD, AUD or EUR
Having the ability to save in the currency in which you are removes the risk of losing out on exchange rate fluctuations. Many traditional banks charge high fees for currency transfers and may even charge commission fees. Offshore bank accounts can help you get the most from your money.
3. Level Of Service
The level of service provided by offshore banks is usually higher than that of a more traditional bank. They offer a more personal service, with 24 hour access to your money, 365 days a week by telephone or online. Offshore Banks are assessable any time day or night and from almost anywhere in the world. Offshore banks have removed the need to be in the same country to where your bank is located.
You are usually assigned a banking account manager who will be your direct point of contact, which will make the process more personal as they have the full knowledge of your account.
4. Competitive Exchange Rates
Being able to locate all your banking in one place regardless of the currency is a real benefit for many clients who have multi-currency businesses. Allowing you to transfer money between accounts quickly, easily and usually free of charge. Offshore banks provide a competitive exchange rate compared to regular banking services. Making multi-currency payments all from the same account is perfect for clients who have international financial obligations.
5. International Experts
Offshore banking can give more flexibility for lending and credit facilities.
A great benefit of offshore banking is the knowledge that can be gained from speaking to the banks international experts. They can discuss how you will get the best from your multi-currency account.
If any of the above benefits apply to you the Offshore banking is definitely worth considering, feel free to contact our office for an informal chat about our offshore banking options.
