Offshore banking often brings one of two things to mind: either a type of bank account used exclusively by the ultra-wealthy, or, the type of account used by those who have something to hide. The reality is, offshore bank accounts appeal to a broad client base.
But what are the benefits associated with having an offshore bank account?
Offshore accounts often allow for multi-currency banking, making them ideal for receiving different currencies into an account, whether that’s your salary as an expat, or your pension in sterling if you have retired abroad.
One of the many advantages of having a multi-currency account is the ability to hold onto your funds in the currency in which they are received until exchange rates become favourable, minimising the risk of currency fluctuations.
Privacy & Security
Offshore bank accounts are often considered a secure solution for managing your money well. They can offer greater asset protection against future threats such as the consequence of divorce, creditors or even legal action. However, the security of your funds will depend on the regulations of the jurisdiction in which your bank is based.
Some jurisdictions also offer strict, financial privacy and confidentiality agreements, which means your personal information will not be passed on to third parties, ensuring your assets are shielded to safeguard your personal or company information.
If, pre-pandemic, you travelled frequently, and expect this to continue as we look to enter a post-COVID world, the convenience of having easy access to funds in a multitude of currencies would prove to be an attractive solution as opposed to trying to open a current account every time you travel or relocate. The beauty of the modern banking world is that accounts can be managed online, and transactions can be made in more than one currency.
At Turner Little, we offer privacy-assured banking to suit your bespoke needs. Whether you’re an individual or a business, get in touch with us today and see how we can help you prepare for your future.