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Types of Offshore Banking Accounts

Offshore Banking Accounts are marketed and identified by different names. However, they can be divided into three broad groups:

Commercial Bank Accounts (Offshore)

Commercial Bank Accounts are primarily used by Companies, Trading Houses, Exporters and Importers, Consultancy Services and E-commerce Companies for performing day to day business functions. These accounts are characterized by a large number of banking transactions inflow and outflow of funds as they are linked to the business of the company.

In addition to transactions, these accounts may also require additional requirements such as linkages to credit card terminals for collecting funds. The businesses may also at certain times require commercial documents such as bank guarantees and Letters of Credits.

Due to a large number of primarily low-value transactions and the unstable amount of account balance, the Commercial Bank Accounts are not provided by several offshore banks who aim to provide specialized banking services only.

Private Offshore Bank Accounts

Private Offshore bank accounts are a form of private banking service where Private Banking through a personal Relationship Manager is provided to High Net-worth Individuals. These accounts may be opened on individual names, in company names or the form of trusts and numbered accounts.

The Private Banking Services aim to provide a wide range of banking services to the customer who typically deposits a very large sum of money but has very little time to spare for banking services. Customers availing Private Banking services are provided individualized service and a large range of banking services including Brokerage, Asset Management, and Investment Banking are provided to him.

Certain Private Bankers also provide VIP Privacy Protected Service wherein the personal details of the account holder are provided to a very select few and he is provided services by a Senior Manager of the Bank who takes care of all his banking needs.

Offshore Retail Banking

Offshore Retail Banking refers to largely plain vanilla retail banking services provided at offshore destinations to individuals and businesses. In these cases, the customers seek to understand the process of offshore banking by opening general accounts at offshore locations.

The services provided are generally similar to normal commercial banks with the associated benefits of the country where the bank is located. These services are best suited for the individual or businesses who are experimenting with the process of offshore banking and how they can benefit from it.

Empire with its team of experts is in a unique position to assist you with any of your offshore banking needs and any account types due to our deep links with banks from offshore destinations across the globe.

No designation has been made by the Texas Board of Legal Specialization for a Certificate of Special Competence in this area.

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