The following is a guest post about Online Offshore Banking:
Online offshore banking, what exactly is it? To summarise it is a secure, efficient and convenient way to manage your finances wherever you are in the world.
The basic understanding of an offshore bank is a financial institution based outside your country of residence. Offshore banking offers a range of benefits with regards to financial security, business flexibility and access to international investment opportunities.
Offshore bank accounts typically offer account holders anonymity, low tax rates on interest or no taxation at all, easy access to deposits and protection against political and economic instability in your country of residence. The accounts offer two core benefits one for frequent travelers or second helps you to protect your assets from inflation, taxation or political unrest, offshore bank accounts allow you to spread your wealth over a diverse range of international investments, funds and currencies.
With the current economic instability around the world people find with offshore banking that you have a better chance of maintaining your wealth in the event of another economic downturn. By diversifying your investments in international bonds, funds and/or currencies, your funds will not be affected if the economy in your country of residence slides into crisis.
As technology has evolved, offshore bank accounts online have become increasingly popular. You can access account balances, transfer funds to other accounts, pay bills, set up direct debits or standing orders and order statements or tax certificates. You can make transactions with offshore bank accounts at any time regardless of business hours or time zones. As long as you have a laptop and internet access, you can manage your account at any time of day or night from anywhere in the world. Secure Socket Layering (SSL) encryption ensures that your offshore banking transactions are secure and confidential.
There is the choice of choosing different offshore bank accounts specifically to save or as your primary bank account. Offshore banks offer current accounts with a debit card, investment products, insurance and loans. In fact, most of the products and services that local banks offer are now available with offshore banking.
Flexibility is one of the most popular key advantages of offshore banking accounts. It gives you the freedom to manage your finances in the currency of your choice and make international money transfers online. By using offshore banking gives you the freedom to operate your account in multiple currencies without incurring losses due to unfavourable exchange rates.
Many offshore banking institutions operate in low tax jurisdiction countries, this means that you are able to earn higher rates of interest on your funds and pay lower tax rates. Some people may think there is a grey area to offshore banking but there is nothing underhanded or illegal about offshore banking in low tax jurisdiction countries. All offshore financial institutions operate within the laws of their country and offer legal tax savings for offshore investors.
However selecting where to invest your money is a decision that should be taken cautiously. Deciding what to invest is a tricky question, as you can invest in gold or bonds, protect your assets from an economic crisis or simply want to diversity your personal wealth, try speaking to a professional wealth manager about the range of online offshore banking products available.