Offshore Banks

Offshore banking represents one of the most important innovations of the banking industry. Despite the cynicism that has clouded offshore banking and the negativity that has been attributed to the offshore industry by its opponents, the benefits and invaluable contribution of offshore banks to the business world cannot be denied.

Unlike domestic onshore banks that offer a limited number of services, offshore banks provide an effective and efficient gateway to conducting business internationally. While providing numerous regular banking services, the level and increasingly innovative, modernized and convenient banking facilities provided by offshore banks are one of the features of offshore banking that makes it a tool worth being exploited not only by the rich and famous, but the normal business man that is desirous of exploring new horizons and taking his business to the next level.

Offshore banks are fully equipped to cater to a range of business and personal banking needs which are met by the availability of personal, merchant, corporate, investment and commercial accounts. These can be regarded are normal banking services, but which in this case can be used for both domestic and international purposes with respect to being able to hold multi currency accounts, utilize offshore banking facilities as an effective tool for becoming part of the “money market” through money market funds’ accounts, Forex and the buying and selling of stocks and bonds. The earnings from such business activities can be secured in an offshore account while interest that are generally higher than those of local banks accumulates in a medium that is free from taxes and modernized secure online banking services and international debit and credit cards facilitate international business transactions, payments, travel and transfers.

The “offshore” nature of offshore banking institutions allows offshore bank account holders to protect their assets from vicious litigation and severe marriage divorces since the existence of such accounts are dealt with in utmost privacy. This however, does not translate into the possibility of “banking recklessness” since offshore banks are to adhere to strict international offshore banking rules and regulations should there be any suspicion of fraudulent or illegal financial activity. Offshore bank account holders are normally required to state their source of funds, while anti-money laundering procedures are followed for the upkeep of a safe, sound offshore banking environment.

However, the beauty of offshore banking is not enveloped in the advanced services that it offers but in the personalized customer services that offshore banks attempt to render to their clients. After all, they are not onshore banks which can be visited on a regular basis; therefore ensuring that strong customer relations are built through the availability of 24 hour banking operatives, call centers and offshore banking online facilities through which customers are not only readily served but dealt with on a one on one basis so as to provide a sense of security and comfort.

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