There are many reasons why an individual or company would want to use an offshore bank account.  Some of the most common reasons for opening an account offshore are tax reduction as well as privacy.  The use of such accounts is not limited to just a few basic activities.  Many open an offshore banking account in order to conduct business transactions that they would otherwise be unable to conduct in their home jurisdiction.  Other reasons may also include using such accounts in order to protect assets and cash from creditors or frivoluous law suits.  Many people plan certain events like divorces in advance and they begin to move funds offshore in advance in order to reduce the potential of having to share funds from business ventures or inheritance with less than desirable spouses.  Others couple an account with an offshore corporation in order to place a strong shield between their funds as well as tangible belongings.  Others use their offshore accounts in order to receive funds from inheritances, e-commerce, commissions, as well as royalties.  All of these activities can also be conducted under a tax free status allowing the end user to have access to more earnings.  Another great use for an offshore account is an international travel account.  In today’s small world, there are many individuals who travel extensively while working.  When abroad they often find it difficult to access certain currencies or they are in need of a versatile account which will allow them to hold funds in several currencies.  An offshore bank account can allow the world traveler to simplify his monetary tasks.