Offshore bank accounts have both a good and bad reputation.
- The good side being that individuals can easily access needed money anywhere they go, as well as the possibility of better banking rates and terms.
- The bad side being that the American IRS, European governments and the media have targeted these types of accounts because of the way they are sometimes used to “hide” money.
To make things easier for you, we’ve scoured the market and found 3 excellent offshore accounts
Click here to compare our Favorite Offshore Bank Accounts
So why would you want one? Are there issues to having one?
An offshore bank account is located outside your country of residence. These accounts can be used by either business or individuals. Corporate offshore accounts are more anonymous than individual accounts. An offshore account can be set up with, or without, legal help.
There are two types of an offshore bank account: commercial and individual bank accounts. A commercial account is used by any business entity or organization either for-profit or nonprofit. An individual account can be used by any individual wanting an account outside of their own country.
Offshore bank accounts have many similar functions to regular bank accounts. You can use them as checking or savings accounts; you can send and receive money orders, wire transfers, or bank drafts; some accounts come with credit cards and online services. You can also exchange currency through your account.
One commonly used feature is the lower tax rates for having your money in another country. Another feature is the privacy because most offshore banks do not need to know much information about the account holder, nor do they release much information. Another feature, which is helpful in the import/export trade, is the ability to pay with funds from local currency to avoid exchange rates and tariffs.
While holding an offshore bank account can have many advantages, it can have disadvantages as well. Your account is subject to the laws of the host nation where the account is.
|Bank||HSBC||Lloyds Bank||BNP Paribas
|Account Name||International Account||Premier International Account||International multi currency account
|Opening Cost||No Fee||No Fee||No Fee
|Banking||24 hour internet and phone banking solutions||24 hour internet and phone banking solutions||24 hour internet and phone banking solutions
|Minimum Requirement||£5,000,$10,000,€10,000||£2,500, €2,500, $3,500||€ 50,000
|Features||Flexible international current account for day-to-day banking||Free international transfers* - send and receive money internationally for free|
No monthly fee charged if minimum monthly balance of £2,500/€2,500/$3,500 is maintained.
|Day-to-day cash management in different currencies around the world.
As an expatriate you benefit from our preferential fee structure “Expat Investors”:
No transfer fees for bank transactions
Reimbursement of transfer fees charged by your bank
Reduced foreign exchange fees
50 % discount on the annual account management fees
50% discount on the annual fees for an international bank card (Visa, Mastercard)
|Multi Currency||Yes £/$/€||Yes £/$/€||26 currencies: euro, US dollar, pound sterling, Swiss franc, Singapore dollar, Hong Kong dollar, etc