In our fast-paced world, protecting your wealth has become more important than ever before. For expats seeking financial security, offshore accounts like Xapo Bank offer a trusty and reliable solution. These accounts bring loads of benefits that shield your wealth from unpredictable events like hyperinflation and economic instability. In addition, there are also other advantages to enjoy. With offshore accounts, you can experience enhanced security, efficiency, and affordability when making global payments as well as having 24/7 access to your funds.
Here are five easy tips to consider if you want to protect your wealth.
1. Store and grow your wealth securely
Having an offshore account with high annual interest earnings helps you avoid overnight volatility and currency fluctuations that can be common in some countries. The US dollar is widely recognised as a reliable global currency, making it a safe haven for those looking to protect their wealth. By keeping your funds in a US dollar account, you can enjoy the benefits of a strong currency and shelter your money from events that are out of your control.
Above all, we believe it's important to be able to have access to your money whenever and wherever you want, with no lock-in periods, minimum balances, or hidden fees.
2. Embrace crypto
In the digital era, there's a variety of payment methods and wealth storage options, and one of the most exciting of them is one that combines both into one streamlined solution: Bitcoin.
A limited supply and decentralised nature make Bitcoin more resistant to events that can trigger inflation. As the world's most popular cryptocurrency, Bitcoin's Lightning Network also serves as an easy and cost-effective way to make instant payments, which are made and tracked through its highly secure blockchain technology.
For those living abroad, crypto brings an extra dose of financial freedom. That's why keeping your Bitcoin and fiat currency together under one (banking) roof is so valuable. It gives you the best of both worlds: seamless integration and more convenience for the way you save and transact.
3. Make use of stablecoins
As an expat, you'll likely need to make cross-border payments while abroad. But here's the thing: many of the available options are slow, costly, and aren't always reliable. Yet, there is another way.
Stablecoins like USDC and USDT (Tether) have become go-to digital alternatives for international transactions. Unlike cryptocurrencies that can experience regular, and sometimes dramatic price movements, stablecoins stay true to their name and tend to keep a steadier and more reliable price. And thanks to blockchain technology, transactions with stablecoins are near-instant, cheap, and very efficient for cross-border payments like salaries, remittances, and general transactions.
4. Choose your networks wisely
An offshore account like Xapo Bank gives you access to international payment networks that make it fast and efficient to send money to and from Europe and the UK, as well as some of their surrounding areas.
These networks are known as SEPA (Single Euro Payments Area) and FPS (Faster Payments Service) and were designed by banks and governments to ensure smooth and affordable transactions in their supported territories.
5. Look for stability and security
In the face of rapid inflation and currency volatility, offshore accounts present an exciting solution. They enable you to preserve your funds in a more dependable currency like the US dollar, which is known for its resilience against abrupt and drastic price fluctuations.
It's also just as important to choose a banking option that takes serious measures to protect your wealth. Look for features like fiat deposit protection, being fully licensed and regulated as a bank and/or Virtual Asset Provider (VASP) by a reputable and recognised regulator, and a commitment to strict regulations and global standards.
The digital bank for a global village
As an expat, taking control of your finances is one of the best ways you can make the most of living abroad. By leveraging high-interest savings accounts and seamless international payments, you can get the best out of your finances. Seek out banking solutions that align with your goals and provide the freedom and flexibility you need. With the right financial tools at hand, you can navigate the expat experience with confidence.
A Xapo Bank account is an easy way to protect and grow your wealth with interest that's paid out daily. To learn more about Xapo Bank and how we make expat life easy, head over to our website.
Disclaimer
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