Protect Your Regular Savings With Smart Banking Products

Offshore bankingThe general impression of people regarding offshore accounts and companies is that people who want to hide their wealth in foreign countries use them.

Although it may be used for this purpose, the advantages are many, and the top benefit is that it can help many people save themselves from heavy taxation in the country they live in.

So Why Should You Consider Offshore Banking?

Offshore banking is a great way to not only save on taxes, but become financially independent when it comes to travelling.

So if you move from one country to another a lot, or travel frequently, an offshore bank account will give the chance to deal in multiple currencies, and eliminate the need to open accounts in those places.

Apart from that, the same account can be used all over the world.

Which Service Is Right For You?

If you have decided that you need an offshore account, the first thing you have to do is ask yourself which services are important to you, and then, how much you are willing to pay for it.

Most current accounts will give you the ability to handle daily transfers like paying rent and bills and paying wages.

They also come with useful features like a chequebook and ATM cards.

Choose bank and accountBecause the current account takes care of most of the needs of internationally mobile expats and travellers, it is the most popular choice, and includes making transactions in multiple currencies, and online banking.

This choice is also suitable because people will use these basic services, as they store most of their money somewhere else.

How To Choose The Bank And Account

Because there are so many offshore accounts to choose from (the total is more than 200), the simplest option could be to ask your local bank if it offers this service.

This brings in another advantage of offshore banking in Dubai – GlobalEye UAE, namely the trust and awareness about the bank.

Setting an offshore account by your own bank also means an easier processing system, and lower charges when you transfer money between your offshore and other accounts.

What To Watch Out For

Bank charges for transfers are the most important things you should be aware of, because moving money from one bank to another for example, can attract high fees.

On the other hand, transferring money between accounts in the same bank usually attracts zero charges.

Secondly, find out what the minimum funds for the particular accounts are. In many cases, the bank will charge you a fee if your overall balance falls below a certain amount.