The most common questions that we get from readers is, “what are the best offshore banks?”. To select what bank is best for you, there are certain factors to take into account. Today in this article we are going to explain to you in depth what are the features to look for in an offshore bank.
Institution Quality
In the same manner in which you wish to do your banking in a top-quality jurisdiction, equally you seek to do your banking with a high-standard facility.
The financial situation of the banks you are looking to do business with is always one of the key aspects to keep in mind.
A common issue we frequently comment on is that many banks in Western countries usually hold less than 1% of deposits at all times; some banks do not even grant any loans at all, so they keep 100% of their deposits at all times.
Together with the general character of the banks, it is worth taking this type of banking financial data into consideration while deciding where to do banking.
Jurisdiction Quality
An offshore bank is only as good as the jurisdiction in which it is located.Some locations are not monetary stable. Making it risky to hold the local currency and increasing the odds that the government can hold your money.
A lot of conventional banking jurisdictions are bad places to do banking. They are constantly under pressure for compliance, and their banks are not always the most user-friendly to deal with. So instead, you want to pick banking jurisdictions that are stable, business-friendly, and not under any kind of repression from the government.
The quality of the jurisdiction is part of why we push the idea that onshore is the new offshore. There are a number of other onshore banking jurisdictions that offer better benefits and stability, while traditional offshore jurisdictions tend to suffer from problems such as poor reputation.
Nomad Friendliness
To determine if a bank is a fit for nomads or not, you will need to take into consideration a bunch of different factors.
Primarily, the top offshore banks for nomads require a strong online banking system. Since you won't be in the same country where your bank is located all the time, having the capability to hold your account without frequent calls or visits is important.
An additional factor that helps make a bank nomad-friendly is if you can easily use ATMs and make multi-country transactions. Certain banks may charge outrageous fees for international transactions, or they may sound fraud alarms if you set foot overseas.
So you need to be able to have a bank that you can access while traveling to multiple countries, and your bank should also offer services such as around-the-clock customer service and priority banking. The best offshore banks will be able to keep up with your international lifestyle while offering you the services you need to maintain it.
Ease of Opening a Bank Account
“Easily" is a relative word. You will never be able to open a bank account abroad at the click of a button. Instead, you'll have to travel all the way there or submit a bunch of documents to open an account remotely.
easy doesn't necessarily mean zero effort. It does mean that the process is fluid and that the bank has strong customer service.
The fact is, however, that even if a bank has outstanding financials and is located in a premier banking jurisdiction, you won't want to bank with it if it's a pain in the neck to deal with.
The fact is that many glamorous banks and banking jurisdictions, such as Switzerland, Panama or Hong Kong, are not easy places to bank. Banks in those places often have high minimum deposits for foreigners, require a series of appointments to open an account, and have poor customer service.
So, if you are interested in finding out more about more financial opportunities to develop business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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