What to Look for in an Online Offshore Bank

Offshore Banking for BusinessesOffshore banking provides a number of benefits. The savvy investor can establish accounts with the right bank and enjoy excellent returns on his or her deposits. Along with considering factors such as the banking laws that will govern how the accounts are managed, it also helps to consider how you will go about accessing and managing the deposited funds. Here are some tips to help you identify the best online offshore bank and get the most benefits from the relationship.

Secure Online Access

Most online offshore banks go to great lengths to protect depositor information. This includes the use of secure servers that do not allow access to accounts without the use of verifiable login credentials. It is not unusual for the banks to require that customers change passwords and even user names from time to time in order to decrease the potential for any type of fraudulent activity. As you consider different offshore banks, make sure that the level of security for the online access is high and that the process of obtaining and protecting your login credentials is sound.

Depositing and Transferring Funds

One of the critical features you want in the online offshore bank of your choice is the ability to move funds into and out of the accounts with ease. Ideally, this can be managed online using the access credentials provided by the bank. The setup should allow you to easily move funds from your domestic accounts into one or more of your offshore banking accounts. At the same time, you should be able to move funds between accounts at the same bank. Many offshore banks offer the ability to manage funds transfers remotely, with most banks in Belize providing this service to their offshore customers.

Downloading Statements and Other Documents

For tax reporting and general accounting purposes, you do want the ability to go online and download reports related to your banking activity. The ideal online offshore bank will make this process as simple as possible. Before setting up an account, ask to see sample reports that customers can access and download at will. This simple feature can save a great deal of time when you need historical data on your account sooner rather than later.

Around the Clock Customer Service and Support

Another factor you should consider is the ability to access customer support when and as you need to do so. Along with access to live support during normal banking hours, you also want the ability to get help outside those hours. This is particularly important if there is a significant difference in time zones between you and your choice of an online offshore bank. Focus your attention on banks that have provisions for secure chat sessions with support personnel any time of the day or night. If the bank can also offer secure email correspondence from support personnel around the clock, that is all the better.

When it comes to real time support via a phone call, language can sometimes be a barrier. Unless you happen to be multilingual, it is important to choose a bank that offers customer service in your native language. As an example, the typical Belize online bank will have a number of customer service agents who are in English, making it much easier for U.S., British and Australian clients to receive help when they need it.

As with selecting the right domestic bank, you should take your time in considering the merits of each online offshore bank in terms of access options. Make sure you know exactly what types of online tools are offered as part of the basic account structure. You will also want to be apprised of any additional functions that are available for an additional cost. This will make it easier to tailor your online access so that you have the most possible control over the funds you’ve deposited with the institution.

About this author

Caye International Bank Limited (CIBL) was granted an Unrestricted "A" Class International Banking License on September 29th, 2003 by the Central Bank of Belize and is regulated by the Central Bank of Belize which set the standards for liquidity and capital adequacy.