An offshore or international bank is simply a bank based in a jurisdiction outside of your country of residence. You can choose to have an account in US Dollars, UK Sterling, Euros or a multi currency account in all three currencies.
But what exactly is offshore banking? Contrary to accepted wisdom, an offshore bank does not have to be in the Bahamas, or any other tropical place for that matter. The word offshore simply means in a country other than your own. It means doing your banking “overseas”. For example, if you currently live say in Australia, then banking in the USA is “offshore”. And if you live in the UK, banking in Singapore is offshore.
Offshore banking involves choosing a country with good financial standing and practices, and opening a bank account there – instead of down the road. But isn’t this inconvenient? Perhaps it was – once. But not anymore. With the Internet you can conduct all your personal or business banking needs with ease, using online access, tele-banking and even your mobile phone. Your offshore bank will give you a credit or debit card (like any other bank), to enable to you access your funds at will from any ATM machine in the world. And transferring money in and out is a relatively simple matter.
Always best to get professional advice!
More Info
But what exactly is offshore banking? Contrary to accepted wisdom, an offshore bank does not have to be in the Bahamas, or any other tropical place for that matter. The word offshore simply means in a country other than your own. It means doing your banking “overseas”. For example, if you currently live say in Australia, then banking in the USA is “offshore”. And if you live in the UK, banking in Singapore is offshore.
Offshore banking involves choosing a country with good financial standing and practices, and opening a bank account there – instead of down the road. But isn’t this inconvenient? Perhaps it was – once. But not anymore. With the Internet you can conduct all your personal or business banking needs with ease, using online access, tele-banking and even your mobile phone. Your offshore bank will give you a credit or debit card (like any other bank), to enable to you access your funds at will from any ATM machine in the world. And transferring money in and out is a relatively simple matter.
Always best to get professional advice!
More Info
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