Offshore Banking Services
Bank services offered by offshore banking establishment may contain the full range of banking services whereas other onshore banks may have limited banking services. There are generally two types of offshore banking services offered by banks:
Obviously, every bank may not offer the same line of services or the same quality of service, but the expectations, based on history are set and some conditions have preceded. Banks where high net worth investment are standard tend to offer private bank services whereby the services are customized and more exclusive suite of offshore services, such as personal managers with 24hour personal access to senior bank management. Retail offshore banks will offer the general offshore banking activity, and develop and improve their products as is demanded by global banking trends, such as online banking, or e-commerce. What you may not get from retail offshore banks is the customized and flexible banking services, negotiated terms of interest, top level one-on-one service and enhanced wealth management services.
Offshore banking services are designed for both individual and corporate account management. Offshore banking services are bank specific but almost all offshore banks offer a wide spectrum of banking services and other financial services, including offshore banking advice.
Offshore banks offer the core corporate and personal banking services that facilitate global trade and commerce, plus auxiliary service such as merchant services. Merchant service facilitates credit card transactions such as processing, reporting, fee payments and other like services.
The offshore banks are normally located in offshore financial centers, or jurisdictions which are tax friendly and have legislation that supports the advantages and benefits of the offshore sector. Prior to engaging in any offshore activity such as offshore banking, offshore advice should be sought from professionals and offshore service providers to ensure you invest in the right offshore product, in a jurisdictions that benefits you best all while protecting your every interest.
General offshore banks services include:
Few banks services are complimentary and the fee scales for each service will differ from one offshore bank to another offshore bank. An offshore bank usually charges money for its services being offered.
The service extended by offshore banks normally functions under well regulated and monitored environment.
Offshore banks are located in remote locations (most cases) and as such basic and in some cases advanced banking services are offered over the internet through online banking. In fact, many banks will accept application online, though this does guarantee the banks approval on application. Reputable offshore banks have secured and an advanced website where the customers can access services, manage their accounts and remain in touch with the bank.