Different types of offshore banks and accounts

If one is living or working abroad, regularly travelling overseas, or hopes to retire to another country, then an offshore account is highly recommended. Offshore banks take deposits and investments from non-resident individuals and businesses to which the country’s own citizens have no access.

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Offshore banks can be divided into two groups:

Retail and commercial banks

These banks offer the same services as any bank one can find in country of residence and they are designed for trade and savings but also offer investment opportunities. They commonly operate with multi-currency accounts. Initial deposit may require a minimum amount of $1,000 and higher. Banks services are managed through the Internet which allows transactions from anywhere in the world.

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Types of banks accounts typically handled by retail and commercial banks are the following:

• International bank account – Marketed to expats that allow them access their funds wherever they are in the world through international ATM, online access, over the phone via 24/7 call canter service.

• Multi-currency offshore bank account – Account holder can enjoy having a dollar, euro, yuan, etc., accounts in one multi-currency offshore account number. These will benefit those who frequently need to move money between countries and currencies with the advantage of preferential exchange rates.

• Offshore business bank account – Usually preferred by customers who want to take advantage of the tax benefits that come with the account. It provides access to profitable offshore funds and is an indispensable tool for those conducting international business - whether offline or online.

Breder Suasso, an example of an offshore commercial bank, is living up to its tradition of a family of trustworthy financiers which provides world-class solutions to clients securing their business and wealth overseas. Private and corporate clients, including offshore and non-resident bodies, can easily open an account online. Asset protection, privacy, and investment profitability are top priorities of the company.  

Private banks

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These institutions are focused to saving and high-level investing and are only accessible to relatively wealthy people. Minimum deposit is $100,000 while others require half a million dollars. They offer premium service by developing a personalized investment pattern for each client with the help of a personal banker. Investment opportunities are only available to their exclusive clients. A private offshore bank account is offered with the benefit of a much more hands on approach in the management of the client’s portfolio.  

Breder Suasso redefines the dynamics of offshore banking in the competitive financial market. Visit its official website to learn more of its services.