Choosing Offshore Bank

Popular bank vs little known bank

The popularity of an offshore bank quite often plays an important role in bank choice. For instance, when transferring money, the second party of the deal completes a wire transfer instruction that has the bank's name and address almost on the main place. There also can occur situations when the information on the offshore location of the bank can harm the privacy that is seeked by offshore banks' customers.

If you do not want to reveal that your account is located in the offshore bank, most probably, a little known offshore bank in an unambiguously offshore jurisdiction will be a good solution. And vice versa – if the bank is unambiguously offshore and very popular, almost any transaction with the bank account will be an additional advertisement that your account is offshore.

On the other hand, there can be situations when business is conducted between international business companies having their accounts in offshore banks and it is good that the company that has to transfer money or receive transfers knows that your account has been opened in a very popular and reputable offshore bank.

There is also the third option of the use of the popularity of the offshore bank. If the bank is very popular and it has both offshore and not offshore business direction, this could be the most beneficial option to have an account in a popular and reputable bank, but not to advertise that this is the offshore bank account. In order to benefit from such a situation, it is important for the offshore company on the name of which the offshore bank account has been opened not to be registered in an obviously offshore jurisdiction.