“We live in a global village and families and business executives are increasingly on the move, but opening an offshore bank account to manage your affairs and ensure that money is available in a chosen currency wherever you are in the world no longer needs to be a headache,” said Standard Bank head of International Personal Banking, Michael Nudbichler.
In the current climate, global citizens need to better preserve the value of their money by holding funds and having transactional ability in a preferred foreign currency. An offshore bank account within the ambit of an over-arching financial plan is the solution.
“If exchange control regulations are complied with, rand can be deposited and then converted without having to be physically in the offshore jurisdiction,” said Nudbichler.
However, offshore banking entails careful planning and ensuring that the plan fits in with long-term goals.