Money Matters: International Bank Accounts

How an offshore account can facilitate your life abroad

• Ease of Transactions. First, it makes transferring money between bank accounts and between currencies easier than with individual domestic bank accounts in several countries. If you get paid in one currency but have financial obligations in another, an offshore account can serve as a central repository for all your transactions. For example, if you are living in China but own property back in the US an offshore bank account can facilitate the transfer of funds with seamless movement between the Yen and the Dollar.
• Low Interest Rates. If you are planning on buying property overseas, you will likely find that obtaining a mortgage for foreign property can be very expensive. An offshore bank can offer you excellent interest rates and financing options.
• Multiple-currency Account. Exchange rate differences when working with more than one currency or when transferring money internationally can be financially crippling. An offshore bank helps alleviate the pain by offering multiple-currency accounts. That way, you can deposit money in one currency and someone back home or in another country can withdraw it in another currency.
• Flexibility. Another benefit of an offshore bank account - if you have property at home a tenant can deposit their rent money in your multiple-currency account and you can access the money with your ATM card in your host-country currency. And, keeping a stash of money in one currency, rather than changing money whenever necessary, can save quite a bit in fees. It also makes it less expensive when you have to pay bills in a particular currency.


• Security. An international bank account in a secure country can be an ideal place to store money for someone working in a less secure location.
• Additional Perks. If you travel frequently an offshore bank will often provide you with additional perks such as access to airport lounges and travel services.