When I first decided that I wanted to take up a job offer abroad about ten years ago I had no idea that I was about to become an ‘expatriate’ – it wasn’t a term I was familiar with. In addition to this fact I had no idea that offshore banking as a concept was something that I could not only suddenly benefit from, but it was something I’d be mad not to take advantage of.
Fortunately for me I was working in an international environment with colleagues from many different backgrounds who were all very switched on when it came to everything ‘financial,’ and so I quickly cottoned on to the concept of taking an international approach to my money and my lifestyle! If you’re now in a similar position and wondering can offshore banking benefit you, this article presents in clear terms who offshore banking is appropriate for and how an offshore bank account can help you.
Are You - An Expat Newbie?
If you’re just about to move abroad for the first time or have recently rocked up in your new home country – congratulations – let the adventures begin! Now that you’re living abroad have a think about this – can the old bank account that you’ve probably had since you left school, started university or got your first pay packet fully service your needs in your new country – for example, can you pay local bills in Euros or some other currency from your old bank account ‘back home?’ It’s unlikely…so should you keep that account going or close it?
Should you open an account locally to you? But what if banking laws differ, what if it’s difficult for you to open an account locally, and is it legal for you to keep your bank account back home running now you’re no longer resident in that country? What if banking in your new country is a little unstable with banks in operation today, gone tomorrow – and what if the currency you can bank in is more than a little tempestuous in terms of its volatility?
These are all questions you need to consider and here’s just one more to add to the mix – and this one’s an important one! If you do decide to open bank accounts here, there and everywhere to manage your different financial commitments and requirements at home, overseas and on the road – how on earth are you going to build up any credibility, continuity and congruence in terms of your banking history when you want to repatriate or raise a mortgage or something?
Well – the answer to all of these dilemmas posed is relatively simple - you should probably consider selecting an offshore bank account from an international provider.
Basically you need to select a bank that has a presence locally in many nations around the world but which also has a strong global reputation and represents the highest international standards in banking. You can then have an offshore bank account which you can tailor to suit your requirements in terms of being able to access funds internationally, do international transfers and transactions easily, get money out of the wall anywhere without having to pay charges – and better still, you can build up your own banking history with such an international banking group and you can take that history anywhere with you if you decide to move on or move back home.
Are You - A Seasoned Expatriate?
If you’ve already been living abroad for a while, by now you’ll have a good understanding of international taxation and investment options and that with an offshore bank account as part of a carefully structured international financial plan you could well have a chance of minimizing your taxation outlay and maximizing your investment returns.
So, does the offshore banking provider you already favour offer you the chance to have access to advice on your personal financial situation? Can they help you with your global enquiries and work with you to formulate an overall financial plan for your future? If not you need to seek a new offshore banking partner who can assist you – we may be able to help. Get in touch with us via our offshore advice service form and tell us a little about your situation and what you want to achieve.
Are You – An International Commuter or Regular Traveller?
If you’re living in one location and working in another or if part of your job or lifestyle requires you to travel regularly or you and your family live apart and regularly travel to meet up, then there’s a strong chance that if you’re still banking onshore in one single location that you’re not making the most of your money and that you’re making your financial management situation far more complicated than it needs to be!
If you bank in a single location and yet have financial commitments from regular bills to travel expenses in different locations, you’ll be creating a situation where you’re battling the odds when it comes to getting attention from your banking provider as and when you need it! Additionally it’s highly likely that the charges you’re paying are not based on your personal situation and are therefore not optimised for someone like you who has a very international lifestyle.
Try selecting an international bank which offers offshore and onshore account solutions, which has lower charges for the type of transactions you regularly make, which can offer superior, round the clock accessibility both online and offline through call centres and fax services and which understands your challenging and changing needs. The best banks for you to look at are those with an international approach to banking – i.e., those which have a local presence in locations around the world but which also have a reputation as a global player. They will understand you far better and be flexible enough to structure a solution to suit you.
If you wish to further discuss whether offshore banking can benefit you or if you would like us to put you in touch with our preferred banking service providers just get in touch with us today and we will endeavour to assist you. You can learn more about the services we offer or you can contact us on our offshore services page.
