Offshore or International account is one and the same. Opening international bank account serves many benefits to international migrants, who travel overseas or have foreign investments. Once you decided to open an offshore bank account to need to analyze which is right for you according to your business or personal requirements. There are varieties of offshore account which you can access include, International account, Multi-Currency Account and Business Bank Account (there are also premium or premier accounts).
Offshore Business Bank Account
Business is growing tremendously with the use of advance internet technology. Companies trading globally and transacting money with the people and organization around the world, means they require offshore bank account. Getting tax benefits is one more advantage of having such account, having offshore business account is much flexible than international current account but charges and fees are high according to the requirements and type to account.
Multi-Currency Offshore Account
Almost all offshore account gives you the choice of multi-currency processing, many international migrants or business people transact with one or more currency. Multi-currency bank account varies from country to country and bank to bank, some offer transaction only in Euros, pounds and dollars while some have wide range of currencies like dinar, peso, mark etc. it just benefited over single account with multiple strands in different currencies. Specially tailored for all those who transact money between countries and currencies.
International Bank Account
Also known as offshore bank account, simply it just like your standard bank account the only difference is these bank account is opened in other country than your living or residence country. This account enables the international migrants to access their funds from different corners of the world. Wide range of banking facilities available with online banking, international debit and credit card processing, 24*7 customers support in numerous languages. Interest is paid without the deduction of taxation, easy to accomplish international financial transfers.
Which is the most suitable country to bank offshore?
It’s all depends on you which country you choose to open an offshore account. Places like panama, Hong Kong, UAE, Singapore, Cayman island, Belize etc are safe for offshore banking. Europeans choose the most Switzerland for offshore account which is safe, secure and private. Switzerland offers some of the world’s strictest confidentiality. Offshore banking not only serves tax benefits but also sound banking with secure and safe for international transaction.
Offshore banking is not just powerful approach for international migrants but also institutions that offer best banking services from their range. However the charges and fees are high but worth worthy for the services that offshore banks offer to international expats. For finding best offshore/International bank internet is the best tool where they endorse their services, account options, features and advantages.
Pratik dharmadikari is the writer of this article and working with IBS Venture Ltd. as marketing manager and exploring the ideas and new up brings in International payment processing, Credit card Processing.This author has published 3 articles so far.