TRY OFF­SHORE BANK­ING

Simply Her (Singapore) - - Trulife Special -

Al­fred notes that there is a grow­ing trend of Sin­ga­pore­ans park­ing their money over­seas, in the hopes of earn­ing higher in­ter­est on their sav­ings. This is a good idea if you plan to send your child to a for­eign coun­try to study in the fu­ture.

“If you’re go­ing to send your kids to, say, Australia in 10 years’ time to fur­ther their stud­ies, then you may de­cide to open a bank ac­count there now. The money you save over the next 10 years can sit there and earn in­ter­est, and you’ll spend that money when your kids go there, any­way.”

But he warns that you should take note of the taxes other coun­tries im­pose on off­shore bank ac­counts. “Keep an eye, too, on the cur­rency ex­change rate – if it de­pre­ci­ates or fluc­tu­ates, you may lose out. And don’t just stash money over­seas for the sake of it. Off­shore bank­ing is re­ally only some­thing that makes sense if you have a need for it in the first place.”

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