Offshore bank accounts make sense for UAE residents, but it is important to find one with the right services Image Credit: Supplied

There are several benefits to opening an offshore bank account, especially if you travel or work abroad and want to be able to manage your money in different currencies. Not only for the seriously wealthy looking to grow their savings, an offshore account is a must for internationally mobile expatriates working in the UAE and Middle East in particular.

With the low interest rate environment in the UAE meaning your savings often are not even keeping up with the real rate of inflation, banking offshore means you can enjoy significantly higher interest rates than what you’d find in UAE.

Here are our benefits of choosing to bank offshore:

Global Portability Image Credit: Supplied

For UAE expats living away from home, offshore bank accounts offer advantages such as geographical diversification and global portability. Offshore accounts can be used to accumulate and grow your savings in a potentially tax efficient location. As an expatriate, being able to keep your bank account in one place as you relocate — and no matter how many times you move around the world — is a major benefit. These savings will be easily accessible to you with the added bonus of financial security.

By using an offshore bank, based in a highly regulated, transparent jurisdiction and offering individuals an element of protection with a deposit compensation scheme, you can feel safe that your wealth will be protected from the risks of capital accessibility restrictions, control and potential currency devaluation that might affect your home country and it further provides an added cushion against foreign exchange fluctuations.

Inheritance and estate planning Image Credit: Supplied

After making the move to the UAE and accumulating savings, you will want to ensure that your family is properly considered and inherits your estate and assets seamlessly and hassle-free. Offshore banking can provide peace of mind when it comes to inheritance planning and deciding who will inherit your estate and how to facilitate distribution of wealth to your beneficiaries, as you desire subject to a Jersey Will being made.

As an expatriate in the UAE, transferring wealth to a secure offshore bank account in a reputable and regulated jurisdiction could ultimately make all the difference when it comes to providing for your family’s future.

Flexibility and control Image Credit: Supplied

Expats want to be in control of their own destiny. Having an offshore bank account gives you more options — meaning more freedom without any absolute dependence on any one country. Offshore banking has always been a successful way of ensuring real control over your long-term finances.

Today it is completely flexible and offers the same high level of service you would expect with traditional, onshore banking, not to mention a diversified product range including investment custody services. This convenience and flexibility is especially pertinent for expats who move from one international assignment to another abroad.

Easy access Image Credit: Supplied

One of the perks of being an expat in a service-led country like the UAE, is conveniently having access to what you need - wherever and when you need it. The same applies for offshore banking. Through 24/7 online banking, no matter where you live in or you can have easy, round-the-clock access to your funds.

Abu Dhabi Commercial Bank Offshore Banking, for example, offers a seamless 24/7 online banking experience with single view access to both onshore and offshore accounts, a dedicated Relationship Manager for all your banking needs as well as an internationally accepted offshore banking debit card, which is acceptable at more than 900,000 ATMs and 23 million retail outlets worldwide.

Depending on the bank you choose, you will often have access to accounts in several different currencies and you can manage accounts to automate payments back in your home country, every day expenses in your host country, and any oversees travel.

Earn rewards Image Credit: Supplied

Offshore banking can be your ticket to enjoying a great range of free services and benefits – simply as a reward for being a client. As the popularity of offshore banking and products soar, banks have become increasingly aware of the benefits of loyalty programmes for new clients, customer retention, and long-term financial return. Do your research before you choose your bank to see which offers the best benefits.

For example, TouchPoints is the ADCB bank-wide loyalty programme that rewards you almost every time you use any of their products or services, which can be redeemed for vouchers from many of the UAE’s premium retailers, or for Emirates Skywards miles or Etihad Guest miles.

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