Offshore banking refers to operating an account outside the operator’s country of residence. So, if you have a bank account in Switzerland while staying in India, it will be referred to as an offshore bank account. Generally, these offshore accounts offer greater privileges such as tax benefits and more savings. This is why several people prefer offshore banking to an account in their own country.
Here is a look at some of the features that are prevalent in case of a good offshore bank account.
Multiple currency savings
Some offshore banks allow you to operate separate accounts for different currencies. For instance, you may have an income source in Australian Dollar and another in US Dollar, you can operate two accounts to save these currencies. This saves you from converting the currencies and losing some of the money in the process. These accounts also offer you the ability to change the currencies whenever required or whenever the exchange rates seem preferable.
Accessing the account
Accessing an offshore bank account is much more difficult than a domestic one. This is because you actually have to be physically present at such a bank to access your account. Most offshore banks are quite squeamish about security protocols and do not allow for simple netbanking or online transfers. This can be quite a hassle for many clients.
To avoid this, try to find an international bank with a global presence. This will ensure that you can access your account from ATMs no matter where you are in the world.
Lack of trading
Most offshore banks lack the trading features available in other banking sectors. This is because a large majority of clients of these offshore accounts does not engage in trading or stocks. So if you are a trader, try looking for an offshore bank, which offers the tools needed to perform stock trading.
Free money transfers
Some offshore banking firms allow customers to transfer funds from the account without paying any additional fees. This can be quite useful in case you have a relative or a business abroad and need to transfer funds frequently for the same. However, not all offshore banks offer the same benefit to account holders.
Wealth management services
Not everyone has the means to open an offshore account. Those that do are comparatively wealthy and deposit large sums of money inside the account. So, a team of experts and management staff at the bank should aid you in reaching your financial goals. Ensure that you pick such a bank when trying to keep money offshore.
If you are looking to open an offshore account, ensure that you keep these features in mind.
Here is a look at some of the features that are prevalent in case of a good offshore bank account.
Multiple currency savings
Some offshore banks allow you to operate separate accounts for different currencies. For instance, you may have an income source in Australian Dollar and another in US Dollar, you can operate two accounts to save these currencies. This saves you from converting the currencies and losing some of the money in the process. These accounts also offer you the ability to change the currencies whenever required or whenever the exchange rates seem preferable.
Accessing the account
Accessing an offshore bank account is much more difficult than a domestic one. This is because you actually have to be physically present at such a bank to access your account. Most offshore banks are quite squeamish about security protocols and do not allow for simple netbanking or online transfers. This can be quite a hassle for many clients.
To avoid this, try to find an international bank with a global presence. This will ensure that you can access your account from ATMs no matter where you are in the world.
Lack of trading
Most offshore banks lack the trading features available in other banking sectors. This is because a large majority of clients of these offshore accounts does not engage in trading or stocks. So if you are a trader, try looking for an offshore bank, which offers the tools needed to perform stock trading.
Free money transfers
Some offshore banking firms allow customers to transfer funds from the account without paying any additional fees. This can be quite useful in case you have a relative or a business abroad and need to transfer funds frequently for the same. However, not all offshore banks offer the same benefit to account holders.
Wealth management services
Not everyone has the means to open an offshore account. Those that do are comparatively wealthy and deposit large sums of money inside the account. So, a team of experts and management staff at the bank should aid you in reaching your financial goals. Ensure that you pick such a bank when trying to keep money offshore.
If you are looking to open an offshore account, ensure that you keep these features in mind.
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