In Which Countries Can You Open an Offshore Bank Account?
Winvesta Multi-Currency Accounts are domiciled in the UK and regulated by the UK’s Financial Conduct Authority. You get the protection of a strong regulator, and the flexibility to get accounts in 30+ currencies of your choice in one place.
There are several countries where you can open traditional bank accounts. The five top countries are:
- Cayman Islands: Known for being a tax haven for people across the globe. Along with negligible taxes, Cayman Islands also have confidentiality clauses that protect investor privacy. It is usually suitable for businesses however as the purpose of the account is to compliment a business established in Cayman.
- Switzerland: The synonym for foreign bank accounts, Switzerland banking also offers strict confidentiality services to their clients. Along with privacy, the financially stable economic system also makes it safe to invest in that country. Swiss banks are notoriously difficult to open however with high minimum balances.
- Singapore: Opening your account in Singapore is also another option, especially if you want to hold funds in Singapore dollars.
- Germany: Known to be among the safest to open an account, Germany offers financial stability and strict safety protocols to retail clients. It is not easy for Indian residents to get an account in Germany, however.
- Belize: The financial sector in Belize is one of the major contributors to the country’s exchequer. The major use of an account in Belize is asset protection and tax-free status on investment income. The upfront cost of getting an account in Belize can run into a few thousand dollars.
In Which Currencies Can You Open an Offshore Account?
Again, with Winvesta, you can get access to accounts in 30+ currencies in one place. This includes USD, GBP, EUR, SGD, AUD, CAD, JPY, and CHF. You can find the full list here.
Traditional banks need you to select a currency in which you wish to open the account. The list is usually restricted to USD, GBP, EUR, and JPY.
How Do You Deposit Funds in Offshore Accounts?
International wire transfers are the most common methods to make deposits in your offshore bank account. And no, these are not the RTGS, IMPS, NEFT facilities that you make use of while transferring funds domestically.
All the banks charge an international wire transfer fee to send or receive funds. The fee differs based on the bank you use. The wire transfer is the most reliable source to send or deposit funds. Banks don’t accept checks generally and depositing funds in person is not practical.
How Can You Withdraw Funds?
There are a number of ways through which you can withdraw your funds. Many offshore banks issue a debit card through which you can access your funds in any part of the world. You need to be aware of the fees that are imposed on using the cards. Larger the withdrawal, the lesser the fee.
With Winvesta, you can avoid the high fees associated with the withdrawal of funds to your Indian bank. You can make local transfers to India from your MCA for just $1, and avoid both the high sending and receiving fees associated with wire transfers.