Banking services differs by each bank, although the basic type of offshore bank accounts, such as current and saving account are provided by all of them. The most convenient for the clients is a multi-currency account to ease the operations due to large amount of international transfer, what is the case for offshore accounts.
Basic types of offshore bank accounts:
Current Bank Account:
Current account is a bank account for daily use for private persons and for legal entities. It allows receiving the incoming payments from partners and customers on any currency. There are no restrictions on the deposits, the number and the amount on it and also there are no restrictions for the withdrawals.
Internet banking is available option for traditional bank customers. On the internet banking system clients can perform all transaction operations, such as account transfers, balance inquiries, bill payments and stop-payment requests. Trough internet bank client can see their account information anytime, and it can be done from anywhere.
Saving Bank Account:
Saving account is bank account on which you can deposit your money in with a little interest rate and for a scheduled period of time. You cannot accesses this money without losing your yearly interest, although some banks propose monthly interest rate. Each bank has their own policy regarding saving interest rates, but in common this rate will always be quite little These bank accounts are mostly used to save money from increasing inflation rate.
If you have free assets – the best option would be to invest them using one or several financial instruments.
Multi-currency bank account:
If you are opening an offshore bank account, you probably would like to operate it in several currencies for your international payments.
A multi-currency account is bank account, under which various sub-accounts can be maintained in different currencies according to an expats personal needs. It can be a saving bank account or current account, varied by the country where bank is located.
Originally your offshore bank account is going to be in EUR, but it supports other currencies like USD, GBP and other. You can transfer your money in and out from your account in any currency including international SWIFT transfers with no limits and no restrictions.
Other Means of payments:
Credit cards Visa / MasterCard:
Your VISA or MasterCard debit/credit cards will be the best means payment for charges made abroad as well as for your day-to-day payments. The card can be used for cash withdraws, online payments and at service provider points such as stores. These two types of credit cards are the best solution and the possibility to use a wider spectrum of additional services as these are the most recognizable cards, and they correspond to all essential safety requirements on the internet.
Letter of Credit:
In international trading business letters of credit are often used to ensure that payment will be received. Due to the nature of international trading factors such as distance, legislation and the fact of not knowing the other person involved in transaction the use of letters of credit has become a very important aspect of international trade.
The bank also acts on behalf of the buyer (holder of letter of credit) by ensuring that the supplier will not be paid until the bank and buyer receives a confirmation that the goods have been shipped.
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