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

They allow you to make and receive payments, hold money and set up savings and investment accounts in multiple currencies.

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.


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What are the benefits of offshore banking?

While each offshore account will come with different features and benefits, here are some of the common ones:

  • Potentially tax-efficient savings and investments in various currencies, although any tax benefits would depend on your circumstances
  • Hold money, make and receive payments in multiple currencies
  • Manage foreign exchange
  • Access international expertise and investment advice
  • Keep your money in a secure and central location, connected to your local accounts
  • Keep the same bank account every time you move