When setting up an offshore bank account, you will have the freedom and flexibility to choose which currency you would like the account to operate in. The currencies available to you will depend upon the jurisdiction that you have chosen to bank in, however many offshore bank accounts enable clients to bank in a range of currencies.
Choosing a banking currency explained
The process of setting up an offshore bank account is generally regarded as relatively easy and straightforward, though the exact procedure is jurisdiction-dependent. You will be required to select a location that is ideally suited to your personal and financial circumstances.
When setting up your offshore account you will be able to select the primary currency that you would like to bank in. Despite setting up your account within a particular jurisdiction, you are not obliged to bank in that jurisdiction’s primary currency, but can select the currency of your preference that suits your individual requirements.
Many individuals select to set up a personal offshore bank account due to the flexibility offered by the account and the accessibility of the account internationally. This is particularly advantageous for individuals who travel a great deal, as the account can be accessed from almost any location globally.
Many offshore bank accounts allow the holder to exchange currencies through the account. However there may be fees implemented for such a service and it is therefore important to check the fee structure of your account and the exchange rates offered. When selecting the currency of your offshore bank account, it is also important to understand the consequences of holding your account in that currency; for example, the fees that are charged and the interest that you may be able to earn.