As one of the financial institution, banks have their own financial services to offer whether they are local or foreign banks. There are many international banks that are popular in the world of banking. They have made efforts to offer good services to clients and that is why they have attained a good status. In this article, we will see the six different advantages of using international or offshore banking and the three disadvantages. basing on the numbers the advantages wins. Let us see about this.
In another article would be the lists of the countries that are very popular in offering offshore or international banking. It was also explained what is international banking. So in this article, we will focus on the advantages and the opposite of it. One of the advantages is that it has better or lower interest rates and charges and that is one that attracts many people to use this kind of financial transaction. One major reason also is that because of tax charges that could be minimised.
That is why sometimes many people use this kind of banks to conceal their wealth. Especially those who are acquired from illegal transactions. Also, the disadvantages are written above and one of them is that before the banks can allow you to use their services you should have a proof that you have a business. It is also difficult when you will open an account because of the requirements you have to present.