What is the definition of an offshore account?

What is meant by an offshore account?

An offshore bank account is a financial account that is located outside the country of residence of a depositor. This account may be used by an individual or a business.

• An offshore bank account has two types: business and personal bank accounts. Any business entity or association uses a business account either for profit or for non-profit purposes. Any individual who wants an account outside his or her own country may use a personal account.
• Offshore bank accounts have several features like checking or saving accounts; sending and receiving money orders, wire transfers, or bank drafts; some accounts come with online services and credit cards. Currency can also be traded via your account.
• One widely used feature is the lower tax rates. Another attribute is anonymity, as most offshore banks do not need to know much of the account holder's details, nor do they disclose many details. The ability to pay with local currency funds to escape exchange rates and tariffs is helpful in the import/export trade.
• Offshore banking is the perfect solution in terms of security, accessibility, convenience, and peace of mind.
• It is legal, moral, and ethical.
• Also, it is a right, viable, and sustainable choice.