Offshore Banking Pros & Cons

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A Closer Look At Banking

A proper introduction to banking will give you an idea of the different types of banking that is available today. You can either have a bank account onshore – in your country of residence or you can have a bank account offshore.1 

There are various benefits in banking onshore and offshore depending on what you are planning to do with your money. If you are planning to invest offshore,2  then obviously offshore banking will be ideal for you. However, it’s important to look at some of the benefits of offshore banking before you sign up for an account at one of the offshore banks.

Compare Bank Accounts

It is advisable to compare bank accounts before you fill in the forms to open a bank account. Banks have different types of accounts, when you compare bank accounts, you will be in a better position to choose what best works for you.

Opening a bank account is an easy task. You should inquire from the institution beforehand what their account opening requirements are, so as to know whether you qualify to open an account3  with them.

Offshore Online Banking

Offshore online banking is a form of banking where most types of operations can be carried out online. The bank is located in an offshore jurisdiction4  and the account holder is located in another country. Transactions like fund transfers, balance inquiry, bill payment and a host of other banking transactions5  can be performed without leaving your country of residence and all from your office or home.

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How Much Can You Release?

Most people are using Equity Release as a means of retaining the use of their house while also obtaining a lump sum or a steady stream of income. Get matched with an expert and check your eligibility for equity release options.

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