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With global transport links improving and more and more companies offering the opportunity to live and work abroad, it's perhaps unsurprising that offshore banking has risen in popularity over the years. This method of managing your money can be a cost-effective and convenient way of keeping an eye on your finances if you spend significant amounts of time overseas but do not want to deal with the issues associated with applying for current accounts, savings and other products from local banks. Keeping your money in one currency while the country you're in has another can be troublesome, particularly when it comes to converting your cash and the fees associated with this. But with offshore banking, you're able to manage your money in whichever currency you wish while also having the benefit of communicating with a bank that you're already familiar with and does not pose the usual obstacles of having to get to grips with rules, conditions and customer support in another language. This means that you will rarely have to undergo the process of mentally converting from one currency to another while in the middle of a financial transaction. You can have your salary paid into your account in the currency of your choice as well as shop and withdraw cash in your chosen currency. Another much-touted benefit of offshore banking is the tax advantages associated with international savings accounts. As well as offering convenient access to your savings while you live or work abroad, such savings products may be tax-efficient depending on your current financial circumstances and the bank you opt for. These days, it is possible to choose from a wide range of offshore savings accounts - so if you're not too worried about interest rates but need easy access to your cash, you can find a product that enables just that. On the other hand, if you're keen to make your money really work for you by storing it in a fixed-term account for a set number of years while accruing a competitive amount of interest, there are many offshore savings products that make this possible. Offshore banking services are also useful if you wish to remortgage a property you already own overseas. You might want to do this for one of several reasons - whether you require finance to buy another property or are looking to renovate the home you are remortgaging - and with the range of international mortgages available, you may be able to realise these dreams at a fair rate while also having the advantage of dealing with a bank you trust. If you're interested in the investment side of offshore banking, there are numerous funds and other options available if you want to get a return from your cash. Of course, whether any of these international banking products are suitable for you depend on your circumstances and the current state of your finances, so it may be wise to conduct plenty of research into your options and perhaps take advice from a financial or tax adviser who can give you guidance on what the best course of action might be. Nevertheless, the array of services and products available for those who live or work abroad - or are perhaps considering of retiring to another country - means that offshore banking remains a good alternative to the intricacies associated with dealing with a local bank. If you require offshore banking services while you live or work abroad, Lloyds TSB has a wide range of international personal banking products that can help, including offshore savings accounts.
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offshore banking, offshore savings accounts, international personal banking,
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