Offshore bank accounts are often chosen for their potential to help investors save taxes or diversify assets. However, an offshore bank account can also be used just like any other domestic account, and for you that might mean paying bills, buying groceries or picking up some souvenirs while traveling.
While an offshore banking debit card from an institution like Caye International Bank can definitely be a smart choice, make sure you also pay attention to these four security tips to protect your card and your offshore assets.
1. Guard Your PIN
The first and most important way to use an offshore banking debit card securely is to guard your PIN and make sure that it doesn’t get into the wrong hands. If you don’t use the debit card often, you may struggle to remember the PIN. However, you should never write it down and keep it in your wallet, even if that seems like a convenient option.
If your wallet is stolen, you will have given the thieves instant access to the contents of your offshore bank account. Remember that no one, not even a seller online or a brick-and-mortar retail establishment, should ever have a need for your PIN. Memorize the numbers and only keep a copy, if absolutely necessary, in a secure place far away from your actual debit card.
2. Check Your Statements Online Regularly
One of the most effective ways to determine whether someone has been using your offshore debit card is to check your statements often. Although paper statements are one option, the digital age means that your online bank statements are also readily available.
Whatever the time or wherever you happen to be in the world, you can log in through online banking and check every purchase made with the debit card. If anything seems unusual, contact your bank immediately to put a hold on the card or even cancel it, if that is deemed necessary.
3. Report a Stolen Card Immediately
Many offshore account holders with a debit card don’t use the card often, which means that they may not realize when it has been lost or stolen.
Take extra care to always check your debit card and then store it securely when not in use. As soon as you notice that it is missing, report the card as lost or stolen immediately. This prevents any future purchases from going through, helping to protect your assets.
4. Consider a Prepaid Debit Card
If you really want to have a secure banking debit card linked to your offshore account, then consider the merits of a prepaid debit card. Since it only holds the amount of money you transfer into it, you can mitigate your risk in the event that it is lost or stolen.
The Prepaid MasterCard from Caye Bank, for instance, can be loaded with up to $10,000, can be used to withdraw cash at ATMs and can even be used just like a traditional debit card at dozens of countries around the world.
With these tips and reminders, anyone with an offshore bank account can feel safe and secure when using an offshore banking debit card at home or overseas.