Choosing Offshore Bank

Offshore Banking Fees, commissions and rates

Like with onshore banks, among offshore banks there are the banks that are advertising more quality of their services, and the banks putting emphasis on reasonable prices. When we choose offshore bank, it is important to analyse the complete list of fees. Perhaps there are some services provided at very low rates, because they go in one set with other – more expensive services, or perhaps some fees are complicated, built up of several points. All these details should be checked very carefully before opening offshore bank account. So, for example, wire transfer commission in the price lists of some banks is indicated as quite large amount, and under this service the banks mean 1 day wire transfer with included intermediary commissions. On the contrary, some other bank could divide these fees and indicate that standard wire transfer is very cheap, but add something for fast execution of transfer, and intermediary bank fees are so high that summing up these parts, it will be much more expensive than in the bank that shows only the other variant of fees – for quickly and qualitative service.

If somebody says that this particular bank is very expensive, it doesn't automatically mean that this offshore bank is expensive also for you. Perhaps you need different services, and the bank can provide them at lower rates. Also it is important to understand that banks usually select the profile and size of their offshore customers by their fee schedule. For many customers the monthly USD 200 fee for personal account manager is a bargain to get very quick and personal services. High monthly fee and lower transaction fees is an indicator that particular offshore bank is willing to provide higher quality services and work with fewer number of bigger customers rather than with great number of occasional offshore customers.