Offshore accounts, also known as offshore bank accounts or offshore savings accounts, can make it simpler to manage your financial commitments across multiple countries and regions. They can be useful if you need to make, or receive, regular international payments and transfers.
Most expats have a bank account in their home country and another account in the country they're living in. Many also consider opening an offshore account, as this can be an effective way to save, invest and manage money while abroad.
Reasons to open an offshore account include:
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you're already living or working abroad
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you're planning to move abroad, for work, or to retire for example
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you're an international assignee and move countries regularly for work
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you make frequent trips between countries for business
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you get paid in a foreign currency, for example, for freelance work
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you own assets abroad such as investments, or property
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you have family members abroad who you support financially, for example, for a child's school fees
What are the benefits of offshore banking?
While each offshore account will come with different features and benefits, here are some of the common ones:
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potentially tax-efficient savings and investments in various currencies, although any tax benefits would depend on your circumstances
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hold money, make and receive payments in multiple currencies
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manage foreign exchange
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access international expertise and investment advice
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keep your money in a secure and central location, connected to your local accounts
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keep the same bank account every time you move
