The offshore banking provides a large range of financial services, such as:
- Deposit taking
- Credit
- Wire and electronic funds transfers
- Foreign exchange
- Credit letters and finance trading
- Investment management and custody
- Funds management
- Trustee services
- Corporate administration
Despite the spectrum of offshore banking financial services, we know that not every bank provide them in full. Hence, it is recommended to check which of the banking entities suits better a specific osshore account requirements.
Overall, banks tend to operate between retail services and private banking services. As a result of the specifications and goals, retail banking services tend to be low cost and undifferentiated, whereas private banking services tend to bring a personalized suite of services to the customer.
Retail banking is typical mass-market banking where individual customers use local branches of larger commercial banks, including savings and checking accounts, mortgages, personal loans, debit and credit cards…
Conversely, Private banking services offer a full range of services where customers can access specialist advice on tax, trusts and pension planning through wealth management plans and solutions in order to meet customer’s exact needs and goals.