5 Tips for Choosing The Right Offshore Bank

Once you are familiar with the many benefits of offshore banking, you might be ready to pull the trigger and move some or all of your assets offshore. However, you’ll first need to select a trusted, reputable financial institution to work with. While there are many options out there, not all of them offer the same level of stability, security and customer service.

 

Use these five tips to help you choose the right offshore bank to meet and even surpass all of your financial needs overseas.

1. Consider the Location of the Bank

One of the first things to take into consideration when choosing an offshore bank is location. Not all offshore banks are located in the same jurisdiction, and that jurisdiction can have a tremendous impact on everything from the stability of your assets to the amount of money you could pay annually in taxes.

 

The best jurisdictions to select will be those that have stringent reserve requirements for all banking institutions as well as those with friendly tax laws when it comes to foreign investment. Belize, for example, is a top contender among investors looking for the best security and savings at an offshore bank.

2. Check for Online Banking Services

In today’s modern world, many people are used to banking online rather than in person or over the phone. The need for online banking will be especially pronounced when account holders are located in a different country and have to worry about time differences and the logistics of getting to the bank’s location.

 

Fortunately, many of the leading offshore banks today allow for online services and transactions, giving account holders access to their money 24/7 and from any location with an Internet connection.

3. Take the Language Barrier Into Account

Globalization and the fact that English is the language of the financial world means that often, you won’t need to worry much about a language barrier when choosing an offshore bank. However, it can still be a possibility.

 

Make sure that any bank you’re considering has staff that speak your mother tongue fluently, and check to ensure that any written communication will be in English.

4. Explore the Range of Banking Services Available

Even if an offshore bank is perfect in every respect, it won’t be the bank for you unless it offers the services you need. Don’t be afraid to ask and confirm that a bank you’re considering offers the exact range of financial services you need most.

 

This could be more traditional things like savings accounts and loans, or it could be international investments, managed mutual funds and offshore trusts.

5. Question Customer Service and Reputability

If you’re in one country and your bank is in another, you need to be able to trust and communicate with bank staff. Customer service should be a priority, and you can find out how a bank’s staff handles communication right away.

 

Confirm that they can contact you in various mediums to suit your preferences, and see how quickly they respond to your initial questions or concerns.

With these tips, you will be ready and able to select the right offshore bank that surpasses all of your financial requirements.