Offshore banking and international banking are the same things. An offshore bank account is a bank account you have in a country that you do not live in. You can open an offshore bank account with any bank that facilitates international banking services, such as allowing for regular international payments.
Offshore bank accounts are perfectly legal as long as you remember that they are not tax-exempt, which means that you still need to pay the appropriate tax for money kept in offshore bank accounts according to the rules of the relevant tax authorities. You thus cannot use offshore accounts for the purpose of tax evasion. If you are unsure how this works, then our consultants at Infinity would be more than willing to guide you through the process.
We make sure to stay informed about all regulations related to international banking for expats. Although we have relationships with many offshore bank account providers and internal banks, we are not tied to any offshore banks specifically, which allows us to give impartial guidance on the best option to suit your individual needs.
Offshore banking often allows you to store your money in multiple currencies, making international transfers and general finance much simpler. Furthermore, offshore bank accounts commonly offer lower tax rates and higher interest rates than local savings accounts.
International banks offer different financial services to people who need bank accounts in a country they might not live in. Although most local bank accounts will have offshore banking options, some banks specialize in international finance and multi-currency accounts. These banks offer a wide range of international banking and offshore banking products but might not offer the same kind of products as domestic banking institutions would.
When you live outside of your home country and need advice on a global financial system and deal with foreign currency, foreign accounts, and foreign investments, it might be a good idea to consult with one of our advisors. Moving abroad and working abroad can be daunting enough without having to consider offshore banking and local knowledge.
When it comes to foreign currency, some banking services can be pretty expensive for exchanging and converting foreign currency. This is yet another benefit of international banking. An offshore bank account will likely not involve high conversion costs for foreign currency, and some even allow you to conduct your business with an offshore account without having to exchange currencies all the time.
Offshore bank accounts, also known as offshore accounts, makes managing money across many countries in multiple currencies much simpler. Having offshore accounts in various countries enables you to make international payments regardless of your current country.
When you open an offshore bank account, you can manage money, make wire transfers, and receive payments effortlessly with easy access to your mobile banking app, even if you regularly travel between multiple countries.
Offshore accounts allow you to:
- Open bank accounts in more than one country and manage money in multiple currencies using online banking. This is especially beneficial if you open an offshore account for a company registered in a given country, but your employees work abroad, or you have many international transfers occurring regularly.
- You can benefit from all the services of your offshore account that let you manage foreign exchanges.
- You can keep all your money in one bank that serves as a central location, using mobile banking to make transfers.
- You can grow your money in multiple currencies in a tax-efficient expat bank account.
- You never have to change banks when you move abroad, as the functionality of offshore accounts does not depend on your location.
Don’t know where to open an offshore account? Follow the ABC rule to optimize offshore banking.
If you originally come from country A and currently reside in country B, open an offshore bank account in country C.
This rule will make it possible to have easy access to multi-currency accounts and VISA debit cards. Offshore banks also offer better security and protection on your investments.
No, you will still need to pay tax on offshore funds.
That will largely depend on your unique individual circumstances. Come and speak to an Infinity consultant today so that we can help you find the ideal world money option for you.
Yes, we can help with a wide range of banking services and advice on investments in different Asian countries.
No, we have relationships with different banks, but we are not directly affiliated with any, so we are free to give impartial advice on their services and help you find the international services to suit your income, capital tax bracket, and even your business needs.
No, not necessarily. Especially when you are an expat or you work with different currencies, international and offshore banking options are available to everyone and could be more cost-effective than what local accounts can offer. If you regularly deal with foreign currency payments or you do business across the world in different countries, you might need to stay informed about different international and domestic tax laws. This can be difficult to do, so subscribing to services that can do this on your behalf can provide peace of mind.
Yes, Infinity can definitely provide this service.