Offshore Banking Services
by: Mads Phican
Offshore banking simply means to have your bank accounts in a bank outside your own country. It is therefore easy to find offshore banks that offer exactly the same services as you would expect from a bank in your own city.
All offshore banks will of course let you deposit and withdraw money. Offshore banks normally issue credit cards to help you do so. A credit card from an offshore bank works just like any other credit card and it can often be used in ATMs around the world.
In addition, an offshore bank would typically offer the following services to its private customers:
- Money transmissions
- Loans
- Currency Exchange
- Investment Management
- Fund Management
Fund and investment management means that the bank is managing securities (stocks, bonds, etc.) for the bank customers. This is also known as portfolio management or money management.
Depending on the size of the bank, it might offer additional services. It is normal for offshore banks to charge money for use of their services. The price of using the services varies a lot from one bank to the other.
Most of the services are used through the Internet since offshore banks are situated far from their customers. An offshore bank will typically have an advanced and very secure website where you can handle your accounts, access services and communicate with the bank.
The services mentioned here applies for private customers in an offshore bank. The banks will typically have a set of extra services for company customers.
About The Author:
Mads Phican is a successful entrepreneur. He studies offshore finance and runs a popular offshore banking website: www.offshorebankingcentral.com.
March 2006
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