Offshore Current Account

An offshore current account is only one of the many types of accounts that are available at offshore banks and are used by companies mainly for conducting offshore transactions. Offshore current accounts are set up primarily to facilitate the receipt and making of payments and are normally accompanied with cheque books.

Companies with offshore current accounts are able to perform a number of transactions that would not normally be possible with domestic banks. Given that offshore banks are set up primarily to facilitate international business and investments, they are equipped with facilities and provide services that are aimed at achieving these objectives. Offshore current accounts are thus made available in different currencies, that is, as multicurrency accounts, which are useful for making and receiving payments and making international transfers in different currencies without the bother of having to constantly convert a specific currency into other legal tenders. The multicurrency aspect of offshore current accounts benefit businesses in that the balances held in monies such as the Euro and Pound Sterling, which are of a superior value on the world market, provide the company and its accounts held in currencies with less value with higher returns made on the Euro or Pound account from accumulated interests.

Offshore current accounts can be consulted online with the use of secure internet banking facilities that provide 24 hour account access. The flexibility that comes along with holding offshore current accounts through the possibility of being able to arrange standing orders, hold international debit ATM cards and use overdraft facilities, which are important components of offshore current accounts. Given that most offshore banking institutions may not require a minimum opening deposit for an offshore current account, new and small businesses are not forced to present large sums of money that they are unable to come up with and are afforded the opportunity of increasing their offshore current account balances as time goes by and the business grows.

In addition to these advantages, the privacy obtained from banking offshore is one of the main factors that attract investors and businesses to explore the possibility of opening offshore current accounts. This results from the strict rules that govern the exchange of information and protection of the clients of offshore banks. Offshore companies with offshore current accounts can triple their savings on taxes as well as the amount of protection that their assets are given based on the fact that both the offshore bank and the offshore company involved benefit from tax exemptions from the jurisdictions in which they are incorporated and constitute legal and separate entities in themselves.

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