Foreign Accounts and Financial Flexibility: The Best Ways to Secure Your Money

In the period of turbulence and global geopolitical changes, many people are thinking of new ways to preserve and increase their capital. In the present-day situation, when currency rates fluctuate on a daily basis, and countries create their own payment systems and restrict the turnover of foreign currencies, far-sighted people are concerned about their financial future. Let’s see where you can keep and increase your money under these circumstances.

4 Instruments to Safeguard Your Funds

There are several methods typically used by residents of different countries to keep their money available at all times. Here are the most popular ones:

1. Offshore Multicurrency Bank Accounts 

A foreign multicurrency account is one of the most convenient financial instruments that will help you diversify your savings in dollars or euros. 

A multicurrency bank account may be a corporate account owned by an offshore company or an individual one. Its main feature is one number that can be used to keep different currencies. A user enters a personal account online and sees the amount of dollars, euros, pound sterling, etc., available in the account. The majority of European banks make it possible for users to keep ounces or grams of gold in their accounts along with fiat currencies of different countries.

With a multicurrency account, you can bid farewell to the hassle of managing multiple accounts and remembering numerous logins and passwords. You can effortlessly transfer funds from one currency balance to another, using the bank’s conversion rate, all from a single account. 

A multi-currency account is a convenient instrument for offshore companies. It will help you to transfer funds to your partners and counterparties from different countries in different currencies and receive payments from them.

2. Savings Accounts 

You can open a savings account for long-term or short-term keeping of funds. Here are the options for you to choose from: 

• Place your funds in an interest-bearing deposit for a long term. 
• Choose an investment program to take part in. Almost any bank has some offers that you can consider – ask your personal manager, and he or she will willingly tell you about them. However, such accounts may have limitations in terms of the number of transactions (no more than 10 transactions a month are usually allowed) and minimum balance conditions.  

Before you opt for this or that bank, make sure you have studied the information not only about the banking institution itself but also about the world’s economic and political situation and the peculiarities of opening a foreign account in this or that jurisdiction. However, keep in mind that it is challenging to analyze the data about each of them as over 130 large, well-known banks operate in Europe alone. 

You can avoid randomly choosing a bank to safeguard your funds by consulting experts in the field who can recommend a reliable foreign banking institution. Our company provides assistance in opening accounts with offshore banks. 

3. Cryptocurrency 

One more popular instrument that you can use to safeguard your funds is cryptocurrency. Despite the volatility of digital tokens, they are a preferred tool for many investors across the globe, as the best-known ones show confident growth. The market itself is developing at a tremendous speed as well, so you can join in. The niche has proved to be promising, and therefore, it accumulates amounts measured in trillions. 

It is very convenient to use cryptocurrency as a tool for safeguarding your money, as you will not need to choose a reliable bank and open an account. You can keep tokens in your own wallet or a crypto exchange account. You can use your coins at any time without converting them into fiat currency, as many countries have recognized digital money and allow payments in crypto. 

If you don’t use cryptocurrency to pay for goods, transfer funds, or trade at the exchange, you can deposit it at interest for a long term (staking) in the same way you would a bank deposit.

4. Payment Systems

Payment systems offer an inclusive alternative for those who may face challenges opening a foreign bank account. These systems have less stringent customer requirements, making them accessible to a wider range of individuals and entities.

An account with a payment system is an excellent instrument that will help you streamline financial processes for individuals and legal entities alike. You can use an app to make international transfers and pay for purchases and orders. 

It is easier to open an account in a payment system than in a regular bank, as the process of account registration and verification is more flexible and usually problem-free. What is more, you can pass customer verification online. Today, payment systems are the leading acquiring suppliers in the e-commerce sphere. 

Drawing a Conclusion

Any method of safeguarding money has its advantages and disadvantages. For example, if you have a multicurrency account, you can keep several currencies at once and quickly respond to rate fluctuations by converting them into the most profitable currency under the circumstances. An ordinary account with a foreign bank makes it possible to carry out transactions with partners from different parts of the world. However, it may be challenging to open them without personal presence or expert assistance. The use of cryptocurrency to preserve your capital may also be risky due to the high volatility of the asset.

If you are at a loss and you cannot make up your mind on the best way to keep your money in a safe place (or you simply want to save the time spent studying information), do not hesitate to talk to our company experts. We will help you open a bank account abroad online, which can be challenging if you venture on your own. Our seasoned specialists will give you recommendations based on many years of experience and help you select the most advantageous option.