Offshore Foreign Currency Deposit Accounts

An offshore foreign currency deposit account is an ideal arrangement when seeking to invest large sums of money for a fixed period of time. Throughout this fixed period, account holders enjoy high interest rates and subsequently a significant return on their initial investment. Healy Consultants assists international clients open offshore foreign currency deposit account with major banks including HSBC and Barclays. The following is an overview of the key characteristics of offshore foreign currency deposit accounts, including their advantages and disadvantages.

Healy Consultants assists clients open all types of offshore foreign currency deposit accounts, including the demand account, savings deposit account and time deposit account. Some offshore foreign currency deposit accounts have restrictions on funds access and payment methods into the account. Healy Consultants will find an offshore foreign currency deposit account which best meets the needs of our clients.

Our clients open offshore foreign currency deposit accounts in all major currencies. By holding funds in the currency in which they are received or needed to pay foreign suppliers, account holders minimise the potentially adverse impact of volatile exchange rates.

Account holders benefit from less time and money spent on administration. There is no need to convert funds into certain currencies or buy currency to purchase from overseas suppliers.

The offshore foreign currency deposit account offers high interest rates which can be credited annually or upon account maturity.

The fixed term of the deposit can range from one week to five years, depending on our clients' preference.

Our clients are not required to travel to meet the bank in person. Our banking team handles all account opening formalities, including completing application forms, collecting required due diligence from our client, submitting the application pack to the bank and paying the initial deposit on behalf of our client.

Healy Consultants assists clients with all aspects of the deposit account opening process, including choosing the most suitable account location, depending on where our client lives and his/her nationality. Because of the excellent relationship we enjoy with banks in Asia, we prefer to help clients open offshore foreign currency deposit accounts in Singapore and Hong Kong.

Once the offshore foreign currency deposit account is approved by the bank, Healy Consultants will advise our client. We will also receive important initial bank correspondence, including i) bank account number and details ii) PINs in sealed envelopes and iii) Internet login details and passwords. These are either securely mailed to our client or kept safely in our Singapore office for our client’s collection.