Two Reasons Why You Need An Offshore Banking Account

12 January 2016
 Categories: Finance & Money, Blog


When you think about offshore bank accounts, you may picture the criminals that you've seen on television that are hiding their assets in order to keep them away from prying eyes.  However, this depiction is often not true, since offshore bank accounts are simply a place for you to place your money so that it is accessible when you need it.  Learning more about the benefits of offshore accounts can help you determine if you should open one as soon as possible.

Keep Your Assets Open

One of the most compelling reasons why you should open an offshore account is because it helps to keep your assets open.  The last thing you need when you attempt to withdraw money from a bank in your country of origin is to find out that your assets have been frozen due to unpaid debts.  

Whether it is due to student loans or unpaid medical expenses, when you have your money stored in a domestic bank, they may be able to file a lawsuit against you and get a court order that gives them the right to withdraw garnishments from your banking account.  Just imagine the extent of the monetary damage that can occur if you don't know that this has happened.  You may write a check for your monthly rent, only for your landlord to inform you that the check was returned because the money was not there.

When you open an offshore account, you're able to keep better tabs on your money.  Even if you happen to have a creditor in your country of origin, they won't be able to lay their hands on the money that you've safely stored in another country.

Offshore Accounts Can Net You More Money

Another reason why it's such a good idea to open an offshore account is because of the difference in currency rates.  You may find that by having a foreign account, you're able to get a better return on your investment.  

For example, if one dollar of your United States currency is worth five dollars in the currency of another country, you'll be able to garner more interest.  This is simple math, but you would be amazed at the difference this can make over time.

Don't limit yourself to local choices when you need a banking account.  Open an offshore account as soon as possible so you can enjoy these benefits and many more. Contact a business like Harbor Financial Services for more information.