Offshore internet banking involves performing banking transactions online with banks and other financial institutions that’s based in another country. Just like a traditional brick-and-mortar bank, offshore banking allows an account member to view his or her statement of account anytime. Another feature is that fund transfer and bills payment can likewise be performed with another company or another bank. People who travel abroad frequently like expatriates are the ones who use offshore the internet banking the most. These people need as much convenience in managing their funds and making sure that all financial transactions are done on a timely basis.
The services that offshore internet banking possesses may be different from others depending on the banking institution. Most banks offer almost all the traditional services real banks have through online;however, some
other non-competetive banks miss out this part. All-around the clock access to the bank statement or other accounts within the bank can be seen through the offshore internt banking services. Pending and completed transactions can easily be tracked as well as deposits and withdrawals. Moreover, managing financial transactions from people who reside in another country would be easier in terms of payments and direct debits to them. Offshore banking provides multiple currencies, which is the reason for this.
Another reason why people use offshore banking is that most of these banks have competitive interest rates and accounting structure to choose from. Countries that has the great deal of corruption and often unstable is usually the candidates for those who maintain an offshore internet banking account.
The misconception with offshore banking oftern deals with the thinking the high net worth individuals keep their money in this account to avoid paying taxes and hide any money from laundering cases. Some countries don’t allow transferring funds out of the country or earning overseas without proper documents and declaration to authorities. This would all depend on the laws applied to countries regarding income tax and customs.
To add, offshore internet banking is very legal not unless the user would eventually use it to do fraudulent activities. It offers great convenience and possesses many advantages not only to high-net individuals but to those who always conduct financial trnsactions with people residing in another country.