Choosing Offshore Bank

Big offshore bank vs small offshore bank

This is another criterion that could be used when selecting the offshore bank.

Bigger offshore banks usually have wider network of branches in different countries and, as a rule, this:

  • can help speed up some financial services;
  • enlarges choice of locations where you can approach the bank and get offshore banking services without intermediaries;
  • could give more confidence in financial stability;
  • can, by means of economy of scale and access to more markets and financial instruments, reduce some expenses and offer better rates;
  • makes it is harder for overseas authorities to have pressure on large financial institutions;

while

Smaller offshore banks can:

  • offer more individual service even if you do not have a multi-million-worth offshore business;
  • react quicker on customers' requests for new or improved services as well as changes in the offshore banking market;
  • sometimes smaller banks offer more banking privacy.

Both bigger and smaller offshore banks have their weaknesses that usually accord with the strong points of the banks of the opposite size.

To conclude, if a small offshore bank's location is convenient for a customer, if the small offshore bank is specialising in financial services needed to the customer, and if this bank has good management and is supported by favorable offshore jurisdictions’ legislation, in many cases it is better to bank with the small offshore bank. However, everything depends on customers' needs that are different as well as on what each offshore bank offers.