Finance

The Benefits Of Offshore Banking

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Offshore banking isn’t just for the incredibly wealthy or for criminals; it actually has several advantages for regular customers. An offshore bank is one that is literally located somewhere else, or offshore, and perhaps the biggest benefit is that any taxes assessed on deposits and investments are often a lot lower. Most offshore banks pride themselves on their high level of service, typically offering 24/7 service and that all important personal touch. And if you move between countries a lot, perhaps because of work, having an offshore account means it can remain in one place regardless of where you live. An offshore bank also usually has a wider choice of investments and funds available, many of which aren’t offered in your home country. Many also offer more competitive mortgage rates and allow easier and cheaper transferring and converting of foreign currencies between accounts.

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