Gone are the days of paying high commission to brokers or travelling thousands of miles overseas to manage your funds at some offshore banking institution. The era of digital offshore banking is here! Though at its nascent stage but digitalisation is certainly the latest banking standard today, revolutionising how individuals and corporations manage their funds offshore. And trust us; digital offshore banking is here to stay!

So let’s understand how this progressive banking solution can help mitigate risks and ensure effective asset protection and wealth planning.

Seamless Offshore Banking Experience

The world is going paperless. While it will take some more time for the paper to go completely obsolete but the “digital revolution” is taking a global shape today. Modern consumers are more informed and want everything onto their fingertips; thanks to fast-paced penetration of the Internet across all fields. Businesses across diverse industries are embracing digitalisation to streamline their operations, save time and reduce cost. Banking institutions are no exception. Keeping pace with the newest trend, banks are fast catching up with the key needs of their consumers – simplicity and flexibility in banking.

In today’s hectic lifestyle and cut-throat competition, individuals and businesses get no time to mess around with complex banking paperwork, visit a bank physically, make phone calls or visit ATMs. This is especially true for clients who have an offshore bank account or are involved with foreign investments. It is not always viable to perform banking transactions by being present physically or through ATMs, phone calls or paperwork when your funds are secure with an offshore bank. To offer an improved and hassle-free banking experience to such consumers, banks are now going digital.

This means customers can now access their offshore bank accounts and perform most types of transactions via internet banking or mobile application. Certain banking institutions have even introduced the concept of “branchless banking,” completely eliminating brick-and-mortar operations. In that case, the bank operates as a digital business entity, providing the flexibility and simplicity to access their accounts, make fund transfers and much more – 24/7 – and via their mobile phone or any connected device.

However, seamless banking experience isn’t just the only perk that digital offshore banks offer. Take, for example, top-notch offshore banking institution SUISSE BANK, operating under the umbrella of SUISSE BANK GROUP. They do not just limit their digital banking solutions to accessing funds or making transfers. Using their web application, approved clients can also apply for international trade financing, perform cryptocurrency trading, make investments in offshore bonds and real estate properties, and much more.

Thus, more and more banks are striving to provide an improved and hassle-free experience to their clients by embracing the “digital revolution.”

Also Read: Exponential Rise In Complaints Against Banks, RBI Fines 5 For Violations

Why Offshore Banks Must Consider Going Digital?

Every offshore banking jurisdiction has certain specific guidelines pertaining to transparency, credibility and liability. Most countries require banking institutions to verify their client information and being agreeable to share such data instantly when required. The competition in the banking industry is cut-throat and customers are constantly in search of valuable services in terms of scope, flexibility and profitability. To facilitate seamless and quick execution of all these functions, it is imperative for banking institutions to provide their services digitally and stay in the trend.

Digital Offshore Banking: Important Benefits

As an individual or business, what are the advantages you can get by choosing a banking institution that offers digital offshore banking services? Let’s understand why digital banking is fast replacing conventional transactions, particularly in fast-growing and developed countries.

Hassle-free Banking Experience:

Convenience is the topmost benefit of choosing a digital offshore partner for your individual or corporate banking needs. Securing your wealth overseas is one of the best ways to safeguard it from financial, economical and political instability at your home country. Other advantages include tax benefits, enhanced security and fewer eyes prying over your wealth. When you go digital, it further adds to your advantages by offering a hassle-free, quick and efficient experience of having 24/7 banking services onto your fingertips.

Local banks operate for limited hours, involve in complex paperwork and have overwhelming loan approval processes. These problems can be addressed by choosing a reputable digital offshore banking partner such as SUISSE BANK GROUP. After verification and approval, your account gets opened instantly and you can access your funds and perform a wide spectrum of services around-the-clock and through any connected device with Internet facility.

Also Read: Savings Account – Creating a Reserve During Covid-19)

Improved Service Quality:

It’s not long enough when most offshore banking institutions will leverage chatbots, powered by Artificial Intelligence, to connect to their consumers instantly and provide banking assistance at the right time. Traditional chatbots that mostly doesn’t connect you to a banking agent instantaneously are a turnoff to clients. However, AI-powered chatbots will aid in zero delay when you want to communicate with a banking agent for your offshore account assistance. This certainly ensures better service quality and higher satisfaction in the long run.

Greater Asset Protection:

If social or political turmoil breaks out in your offshore bank jurisdiction, it will take only few hours to completely freeze your account and your money will be locked away with no reason thereof. Back in 2013, British expatriates lost access to their wealth secured in offshore Greek bank accounts when an emergency situation struck. With digital and 24/7 access to your offshore account, you can immediately access your funds and transfer them to another account on the first sign of crisis. This is more effective than phone calls, especially when it is about reaching an offshore bank stuck in a disaster.

Enhanced Security:

With round-the-clock access to your account, you will receive instant notifications for every transaction that is done through it. So for any unscrupulous activities related to your account, you will be notified instantly. This helps take immediate action to prevent any such activities to happen. Moreover, all your digital banking transactions are protected using advanced encryption to prevent hacking of your information.

Streamline your banking operations, save money and grow wealth effortlessly with internationally-recognised digital offshore banking partners such as SUISSE BANK GROUP.

About The Author: Will Hentz – With practical exposure and experience, Will Hentz often writes on trade finance, banking, business and financial services. 

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