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Saving and Investing 18 June 2021

Spread your risk with an offshore account

Taking action to protect yourself against future harm is a natural, human instinct. With economies still reeling from the COVID pandemic, it’s only natural then that more people are looking to spread their financial risk.

Over the recent past, having all your assets tied up in one territory suddenly looked like a bad idea. It’s no surprise then that many have started to make plans to diversify their risk beyond a single market.

Opening an international bank account would be the first step to doing this, but can seem daunting. This is hardly the case, and it’s neither too onerous nor costly. You certainly don’t need to start building an international investment portfolio from day one, although an international bank account  is the obvious starting point if that is where you’re aiming to get to.

You can check here whether you’re eligible for a Standard Bank International account.

Spread your risk

If you’re planning to send your children abroad to study or to travel, why not start saving in the currency of your planned expense to avoid any volatility at a later stage

An international bank account offers you a cost-effective entry point to these benefits and many more you can start to take advantage of.

And by choosing the right partners in International Finance Centres, such as Jersey and Isle of Man, you can sleep easy that all the necessary legal and regulatory frameworks are in place to secure your capital.

Flexibility and convenience

One aspect of an international bank account that is as important as spreading your financial risk is the convenience of banking in a currency appropriate to your dealings or travels.

Imagine the convenience of not making forex purchases before every transaction, and the flexibility of paying with no further thought to conversion rates and transaction fees.

With transactional accounts available in US dollar, British pound, euro or Australian dollar, and many more on specialised accounts, Standard Bank clients have an abundance of choice.

This flexibility alone offers you added risk mitigation if you’re able to bank in different currencies to meet your lifestyle or business needs.

Then, of course, there’s the ease and convenience of digital banking channels that let you bank at when you want, where you want. Standard Bank Online Banking and the mobile banking app offer direct access to a comprehensive range of transactional services, and much more.

Offshore diversification

Opening an  offshore bank account  shows that you’re serious about your money. Even if your initial intention is merely to keep money abroad for travelling internationally, the benefits of an account in a global currency extend well beyond pleasure and convenience.

Your offshore account could, for instance, be the launchpad for your long-term financial planning. Building an international investment portfolio is the pinnacle of your estate planning strategy, and is central to leaving your family a lasting legacy.

Estate planning

With these building blocks in place, the ultimate risk diversification tool is a properly constituted offshore estate that can care for your family long after you’re gone.

With investment and estate planning services available from our financial planners, you can easily set up an offshore Trust and create a Will covering your worldwide assets that ensures your affairs are properly attended to. Which your descendants will be only too happy to thank you for.

It goes without saying that you should seek appropriate legal advice in your offshore account’s jurisdiction to be sure your estate plan meets all regulatory standards.

International Travel

As unlikely as unfettered international travel seems, an offshore bank account is an obvious travel companion that makes payments a breeze.

Topping up this account during times of local currency strength is a great way to pay now for pleasures you’ll enjoy at a later date. With a Visa ATM card and 24/7 digital channels, you can go about your globetrotting ways without hesitation.

So, while recent events have led more people to consider their options beyond their borders, it’s clear that an international bank account makes sense under all circumstances. And it certainly should be a centre-piece of any offshore estate-planning process.

Follow this link to find out more about a Standard Bank International Bank account.