Offshore accounts, also known as offshore bank accounts or offshore savings accounts, can make it simpler to manage your financial commitments across multiple countries and regions. They can be useful if you need to make, or receive, regular international payments and transfers.
Most expats have a bank account in their home country and another account in the country they're living in. Many also consider opening an offshore account, as this can be an effective way to save, invest and manage money while abroad.
Reasons to open an offshore account include:
- you’re already living and/or working abroad
- Applying for a bank instruments
- you’re planning to move abroad – eg for work, or to retire
- you’re an international assignee and move countries regularly for work
- you make frequent trips between countries – eg for business
- you get paid in a foreign currency – eg for freelance work
- you own assets abroad – eg investments, or property
- you have family members abroad who you support financially – eg a child’s school fees