The bank account which is located outside of the country of residence is called offshore account. Holding offshore account helps us to do multi currency transactions. Holding an offshore account benefits anyone in multiple ways. A wealthy person can form a business or invest in foreign markets easily. It helps you in increase you wealth and assets. On the other case, when a person travels abroad often, should open an offshore account which helps them in to access their money easily. One can even safeguard or protect their wealth by segregating one’s money in an offshore account.