Guide to Essential Money Tools

Banking Tools

Money tool - multi-currency bank account

Bradford & Bingley International

You don’t have to look very far to find evidence of the more celebrated aspects of offshore banking: extremely attractive interest rates, particularly for US dollar and euro accounts, and all the usual perks associated with the best offshore financial centres. However, many advantages shared by all good offshore banks are less often promoted, despite providing the foundation for truly convenient international banking.

First and foremost, offshore banks are familiar with offshore expatriate banking needs. This sounds like such a simple requirement, but if your bank doesn’t often deal with, for example, international fund transfers, you could find that time is wasted in unnecessary red tape, perhaps to the detriment of your capital. Such transactions are standard for an offshore bank, which also has an in-depth knowledge of all international banking requirements and regulations, to assist you with a variety of queries. Furthermore, your bank needs to speak the same financial language as you: the term ‘bed & breakfasting’ will actually make sense to an offshore bank.

Offshore banks boast the ability to hold multiple currency accounts within one institution. This is an indispensable facility for many expatriates, particularly when exchanging between currencies before sending funds. Also, if you want to take advantage of changes in exchange rates to increase your capital you can do so without the need to pay for bank transfers. In addition, offshore banks offer very competitive currency exchange rates.

Work commitments often take expats around the globe, making it uncertain where the next assignment and address will be. With an offshore bank account you needn’t spend time shifting your savings every six months to your new local jurisdiction. You will have the peace of mind that your savings are secure in a politically stable, neutral offshore centre, regardless of where you’re residing.