Whether you want to buy a dress on the Avenue des Champs Elysées or access funds to purchase a home in Ecuador; taking out money abroad would ideally be a quick and safe procedure. In the past that was not always the case but thankfully the days of having to carry a large bricks of foreign currency are over. Offshore banking offers a convenient way to manage and access your funds no matter where on the planet you might be.
An overview of offshore banking
While offshore banking might sound exotic to some, it is simply a bank which is located outside of the jurisdiction that you normally reside. Many offshore banks offer all of the account types and features that your regular bank does, plus some additional features which are very useful for travellers.
The advantages of offshore banking
Offshore banking is no longer the domain of only the super rich. There are now a number of offshore banking options that meet the needs of a wider range of customers. One of the best of these is Lloyds TSB International which is part of the UK based Lloyds TSB group.
There are a number of advantages of using Lloyds TSB international including the fact that it is based in the politically stable Gibraltar and Isle of Man, its English speaking staff and that it is part of a much larger British banking group.
Why offshore banking is convenient
When you open an offshore banking account you will have access to your funds at any time of the day. This means that you will be able to transfer funds to other accounts or access them through an ATM. Offshore banking is particularly useful if you are spend time in multiple countries or are migrating. By having an offshore bank account you will not need to open new bank accounts for every country that you reside in. This also avoids any language related problems or legal restrictions you might encounter trying to open a bank account in a foreign country.
Your funds are safe
Carrying large amounts of cash in a foreign country is inconvenient and can be potentially dangerous. Not to mention if you lose your funds you have little recourse for getting them back. When you use an offshore bank account for taking out funds abroad you withdraw only what you need at that time. You also have the ability to pay by bank transfer, debit or credit cards. In certain localities your bank may also be covered by a depositors protection scheme. For example because Lloyds is based in Guernsey it is covered by Guernsey Banking Deposit Compensation Scheme for up to 50,000 pounds.
Earn interest on your money
While you can carry funds as travellers checks or cash this means that you will be missing out on interest on these funds. With an offshore bank account you will be able to open savings accounts to place funds you do not immediately require. With Lloyds TSB international you are able to take advantage of fixed term and structured deposit accounts, money market call accounts and a regular saving account. This is particularly important if you are taking out funds in order to make a large purchase such as a property – nice holiday if so!
For the modern global traveller opening an offshore bank account is the smart way to manage your money internationally. With all of the benefits and protections of your bank at home it is a safe and convenient way to take your money out while travelling abroad.