Online banking services are available through almost any domestic bank, but what if you want the privacy of an offshore bank account? Do offshore accounts offer online banking services, too? What if I want to set up a trust for my child at an offshore bank, is that available? I would also like to know about international transfers and what the rates are. How do I find these things out?
Online banking services are in fact available at some, but not all offshore banking institutions. If this is an important service for you, you will certainly want to look into all of the features of the online banking services that each account offers.
Offshore bank accounts are typically set up to maintain a level of privacy. For that reason, a trust fund is probably better done at a domestic institution. This will enable the child to have easier access to the funds later on or if something were to happen to you. Leave a list of your online banking services account numbers and password information somewhere safe for your child in case he or she should need it. A safety deposit box is always a good option.
Even an offshore account that seems to have full-featured online banking services may not offer international wire transfers without a physical signature. This is something that you will need to check into closely if this is a concern. However, if you think you will need to transfer money from your offshore account to Indiana (IN) or Delaware (DE) for example, this shouldn’t be a problem with most offshore accounts with online banking services.
Rates are going to vary depending on the type of service you are looking for as well as where the institution is located. Rates are always a concern so you should do quite a bit of shopping for an account with online banking services available.
It would seem advisable to search online for online banking services but this is not always the safest environment. Ask friends or family for referrals or contact your attorney for suggestions for online banking services.