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The Advantages of Offshore Banking
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If you live or work overseas, it's likely that you will need some of the same financial products as you have in the UK - and this is where offshore banking comes in.
While it's possibleOMG-OCUP-200 to obtain a current account, savings product, mortgage or investment vehicle through a local bank, more often than not the process of applying for these services is drawn out as a result of having to translate documents and get to grips with foreign legislation.
But if you apply for international personal banking from an offshore bank before you even set off, you can have most of the things you need in place by the time you get to your destination.
An offshore bank can be a division of a brand you're already familiar with in the UK, making it easier to research and apply for a variety of products.
Another benefit is the fact that you can obtain offshore banking services in a specific currency, so you do not necessarily have to convert your wages after having it paid into your account in sterling.
Instead, you can opt for a current account that lets you pay in your salary in the local currency, making it significantly easier to make purchases and withdraw money from cash machines.
If you're looking for somewhere safe to place your rainy day cash, offshore savings accounts now come in a variety of forms designed to suit different needs.
So if you have a pot of money but want to be able to access it whenever you want without giving notice, you can opt for a savings account that lets you do just that.
Alternatively, you might want a fixed-term product that lets you deposit your cash for a set period of time, accruing a healthy amount of interest in the process.
Meanwhile, if you already own a property abroad and are thinking about taking out a second mortgage on it, offshore banks now offer a range of products designed to help you unlock the value of your investment.
You may want to remortgage your property for one of several reasons - whether you need to renovate it or buy another home - so it can be helpful to know that OMG-OCUP-300your offshore bank has the facility for this should you need a second mortgage.
If you would like to be able to take advantage of offshore investments, you can now pick from a wide range of funds and options as long as you meet the requirements and conditions of your international bank.
As you can see, offshore banking can offer a host of benefits if you live or work abroad, or if you regularly travel to the same place and would like to access your money easily without paying unnecessary foreign exchange fees.
Offshore banking isn't for everyone, so it is worth taking advice before applying for international financial services.
Personal circumstances can vary from customer to customer and whether offshore banking can meet your individual needs tends to be unclear until you speak to a professional or find out more about the requirements of your chosen offshore bank.
However, if you think offshore banking is for you, it can offer some much-needed1Z0-895 clarity and a stress-free form of managing your money if you don't want to deal with the complexities associated with banking with a local organisation or your UK bank while you're abroad.
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