Despite its misconceptions, the popularity of offshore banking is growing. Not only is it a perfectly legal way of holding your money, but with the right professional advice, it is also reassuringly simple to open an account.
This ease-of-use is prompting many offshore banks to change their offering to compete making overseas banking even more accessible. No longer is it limited to just the super-rich.
So, exactly what does the future look like for offshore banks? We've compiled a list of the top fundamental changes happening in the realm of offshore banking.
CATERING TO Niches IS THE FUTURE
Rather than managing account holder's profit general, offshore banks are making use of how they can best serve different demographics. Essentially, it is about taking a more bespoke method of managing money at various stages of life.
But serving a variety of markets doesn't just hold on there. Many overseas banks are now accepting crypto as a form of currency to appeal to digital, tech-savvy generations.
Cryptocurrency is also attractive for those who see the security benefits it can offer.
PAPER CHAINS ARE FAST BECOMING A THING OF THE PAST
As banks move away from paper in favour of digital, security is on everyone's minds. This is because information is an important asset to many businesses, so protecting it is vital. As such, banks are securing data most abundant in vigorous encryption security standards.
For customers, this means digital bank transfers and communication dwindle of a risk and the smarter move to make. Paper chains are quickly becoming a thing of the past.
INSTANT ACCESS, DAY OR NIGHT
In today's digital world, you don't have to travel overseas to open an offshore banking account; everything can be done online or higher the phone. And like most UK standard current accounts, many offshore accounts now provide online and mobile banking features. So account holders can manage their offshore finances and investments while transferring funds effortlessly.
Offshore banks are following the same route of challenging onshore banks by going branchless. This offers substantial benefits for customers, as branchless offshore banks don't spread as much overhead costs to the customer. Ultimately, this means customers can earn better interest rates and other returns on their investments.
HAPPY TO HELP
At Turner Little, we cooperate with offshore banks to offer you quality service tailored to your needs. With over 20 years of international banking experience and specialist expert knowledge, we will assist you with your enquiries, regardless of how complex. And every account we arrange comes with internet banking, card facilities and the ability to transact internationally.
So get in contact with Turner Little today and see how offshore banking perform for you.