Having an offshore bank account made a lot of sense when I opened my first offshore account back in 1998, and it surely makes more sense today.

Why? Because since 2008, at the beginning of the current economic crisis, banks have come under increasing pressure due to exposure to bad loans. And these bad loans are huge - including the loans made to nation states that are now on the brink of bankruptcy.

Just ask yourself, what's the first thing that happens when people lose confidence in their domestic banking - as in Greece and other euro zone countries? People simply move their funds out of the country. They find a safer bank in another country and move their funds there.

And that essentially is the primary benefit of banking offshore. When you move your money to a more secure country you are safeguarding your savings and all that you have worked hard to achieve.

You've no doubt heard the saying, "don't keep your eggs all in one basket". Well, the same common sense wisdom applies to banking. Don't keep your money all in one bank, one country, or even one currency. You need to be diversified in order to hedge against all possible downsides.

Opening an offshore account is an excellent first step in protecting what is rightfully yours, and it's perfectly legal to do so. It's your money after all!

The key benefits to having an offshore bank account are:

• Added security
• More financial privacy
• Access to difference currencies
• Access to overseas investments
• Management of international business
• Financial peace of mind

Many people have a sense of unease regarding banking and the safety of their savings - regardless of deposit insurance schemes and the soothing words of politicians. And if this includes you, then it makes sense to explore your options for banking offshore - now, not later.

When considering opening such an offshore account, your first question should be: "What countries represent the best options for banking offshore, and what currencies should I be banking in?

Yes, it can be daunting when you first look into it, trying to assess which way to move. But you need to do the research and make such a decision.

As already noted, I have been banking offshore since 1998 and have had a number of different offshore accounts in different countries - both private and corporate. And one of the conclusions I've arrived at in recent years is that the best banking can now be found in the East - places like Hong Kong and Singapore.

These countries have developed as world-class financial centres where banking is major business. You can expect efficiency, ease of set-up, multi-currency options - including actual gold accounts - and a high level of expertise and service.

For further detailed information on how to open an offshore bank account and my personal recommendations for doing so - including offshore banking for US citizens - I suggest you get my two offshore banking reports by clicking the link below:

Offshore Banking Alert & The Ideal Offshore Bank Account

David MacGregor
Offshore Banking Specialist
SovereignLife.com