Essentials for opening an offshore bank account

An offshore bank account is a bank account that is held in a foreign exchange bank. An offshore bank account provides many legal and financial benefits and this is the main reason of having an offshore bank account. It offers many other advantages too like greater privacy, bank secrecy, easy access to deposits, low or no taxation, protection against financial, local, or political instability etc.

Offshore banking services

Offshore banking is all about the banking services that are provided to the offshore bank account holders. Offshore banking offers many features such as saving in multiple currencies, ease in accessing the deposits, trading features, free money transfers, wealth management services, political and economic stability and many more.

Services offered by offshore banks contain full range of banking services while onshore banks offer only limited banking services. Offshore banking services include:

1. Deposits and withdrawals feature
2. International credit and debit credits
3. Term deposits
4. Wire transfers and electronic transfers
5. Offshore online or e- banking services
6. Multicurrency banking free of foreign exchange restrictions
7. Money and investment management
8. Promissory notes, letters of credit, etc
9. Trade finance
10. Certified checks, bankers drafts, international banks
11. Loans
12. Investment custody
13. Investment and fund management.

What one needs to open an offshore bank account?

For opening an offshore bank account, following are the essential that one must consider

• The basic requirements for an offshore account
  The basic essentials for opening an offshore account are similar to opening an onshore account. It includes personal information like occupation, date of birth, citizenship, name, address, etc.
  And for the verification of your personal information, the bank may ask you to submit a copy of your passport, driving license, or other such document that are authorized by a government agency.
• Further verification documents
  Even after asking for the personal information, the bank may ask for additional verification documents too in order to prevent the illegal or unlawful activities associated with the offshore banking such as money laundering, tax fraud, and many others.
• Choosing a currency for your offshore bank account
  Offshore banks do provide the depositors with an option of choosing currency in which they want to hold the funds. This feature of offshore banks is appreciated a lot especially when the currency of depositor’s home country is expected to depreciate or is unstable.
• Depositing in an offshore bank account
  Depositing in an offshore bank account is done electronically with the help of international wire transfers.
• Withdrawals from an international bank account
  Offshore banks provide many ways to the depositors to withdraw their funds. One of the ways is debit/ATM card. Some of the banks even issue checks but it creates a lot of complexity. So the best option is to use two accounts: offshore account and domestic account.

Business banking

Business banking refers to a company’s financial proceedings with a financial institution or a bank. Business banking services include business loans, cash management, debit and credit cards, savings account, reconciliation and reporting, credit card processing, check collection, checking accounts, and many more.

Online financial services

Online financial services refer to economic services that are provided by a bank or a financial industry electronically via internet. Online financial services incorporates a wide range of businesses that manage and control money covering banks, credit unions, insurance companies, credit card companies, consumer- finance companies, accountancy companies, investment funds, stock brokerages, etc.

Online banking services

Online banking refers to the banking services that are offered by a bank or a financial institution to the costumers electronically with the help of internet. Common online banking services include transferring funds, paying bills, viewing accounts transaction and history, setting up account reminders and alerts, sign up for paperless statements and many more.

Axios credit bank

Axios credit bank is a leading financial institution offering excellent financial services to its customers. Axios credit bank is having expertise in offering services like business banking, offshore banking, trade finance, online banking, investment finance and much more. Axios credit bank assists its customers in carrying out financial transactions conveniently and efficiently.