The frequent handling of a currency that is different from UK Sterling is one of the primary reasons why people use offshore current accounts. The ability to deal in euros, dollars or another currency, means that the account holder can make and receive payments easily and quickly in that currency, whereas paying in a currency that differs from pounds and pence in an ordinary UK current account will likely attract both fees and potential losses from volatile exchange rates.
Who offers offshore current accounts?
Offshore banking facilities are offered by many of the largest UK banks and some more specialist providers. These banks are separate companies that operate in the crown dependencies of the Channel Islands, Gibraltar or the Isle of Man. An offshore bank account will usually have all the facilities and features of an onshore current account, such as an overdraft and a debit card.
However, you should be aware that some accounts:
- charge a fee
- may require a larger deposit than an onshore account
- require that you earn a minimum amount.