What is an Offshore Bank Account?

An offshore bank account is one that you have in a country you don’t reside in.

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
• 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
  

  We can assist in opening an Offshore Bank account with:

  • Multi-currency bank in GBP, USD, EUR and AUD
  • Low minimum balance requirement £4,000, $6,000, €6,000 and A $6,000.The minimum must be kept in all the currencies selected.
  • No maintenance or management fees on the account if the quarterly averagebalance is held above the minimum threshold
  • Visa debit card facility in four main currencies
  • Online banking facility and mobile application
  • Standing orders and direct debits can set up in the UK (treating this account typically as a UK current account)

  • Security and confidentiality in a stable jurisdiction