The most common reason most people refinance is to save money, but many people refinance for various other reasons.

1. Refinancing to Lower Your Monthly Payment for an Existing Loan. You can refinance your existing loan at a lower interest rate thus reducing your monthly loan payments. With interest rates at their lowest for years, you can find some excellent rates - sometimes far much lower than what you're paying for your current loan or mortgage. Refinancing your mortgage or loan when rates are down could save you hundreds of pounds every month and thousands over life of your loan.

2. Refinancing to Consolidate Debts. You may choose to refinance in order to consolidate debts and replace high-interest loans with a low-rate loan. The loans being consolidated may include higher purchase loans, student loans and credit cards. You can clear all your existing credit cards, loans and other debts and replace them all with one low cost cheaper monthly payment. On a £12,000 loan some homeowners can save in excess of £250 a month which is a considerable saving. A debt consolidation loan is a smart solution for anyone who has many outgoing monthly payments. A Refinance loan allows you to repay existing loans from proceeds of a new loan - loan is usually secured on property or your home.

And opening an offshore bank account in this day and age couldn’t be simpler either! Here are five straightforward steps to take towards opening an offshore bank account.

Step One – Understand The Advantages Of Banking Offshore

There is no point in opening a bank account offshore if it is going to be of no use to you! So you need to understand some of general advantages of banking offshore.

Depending on an individual account holder’s personal circumstances it’s possible to reduce tax liability, increase wealth potential and maximise privacy with use of an offshore bank account.

Further advantages for an expatriate or internationally focused individual are flexibility, ease of access and global reach that an offshore bank account may provide.

Other general benefits may include asset protection, estate planning, better interest rates and chance to exploit active business interests overseas.

At this point it’s essential to point out that each individual’s circumstances are unique and a person should seek personalised professional advice before venturing into offshore world. This article does not constitute direct personal advice.

Step Two – Pick Your Jurisdiction Carefully

There are so many offshore banking providers offering a wide variety of account type and they are located in low to no tax jurisdictions worldwide so how do you choose which country to bank in? Again, depending on an account holder’s personal circumstances certain offshore jurisdictions will present themselves as being more favourable.

Jurisdictions range in quality from highly regulated, politically and economically stable centres like Isle of Man, Jersey and Guernsey to high risk jurisdictions that few would recommend!

Remember that an offshore centre that is suitable for an American expatriate might not be so suitable for an English international investor! Consider your circumstances, your country of residence, country of domicile and any reporting restrictions placed upon you. Further examine reporting requirements of any jurisdiction that you’re interested in.