Using local banking is fine for the person who never leaves his home country, and when bank environment is stable,safe and modern.
Usually people opt for banking outside of the home country if
- they do not feel their savings are safe (not stable banking system or economic situation)
- they are not happy with a local service
- they are expats and local service is in foreign language
- they have income and expenditure in different currencies so need accounts in those currencies
- they need internationally accepted cards in different cards with no commissions
- local banks work limited hours
- charges of local banks are high, especially for international transactions
- interest rates or investment options offered are low or limited
- having local bank account is not tax efficient (for expats and globally mobile)
- local bank does not understand your international needs
Offshore or International bank is a bank outside of your home jurisdiction. Benefits include financial advantages (higher interest rates, cheaper services), security and stability (safe jurisdictions and stable big banks), and international access to your money (24/7 Internetbank and phonebank).
International banks understand your life on the move very well and accommodate their services to suit your unique needs like free international transfers, service 24/7, accounts in multiple currencies and so on.
Speak to us in order to find best bank for your international banking