Many of you are wondering how an offshore bank account works in 2022. This article aims to answer your questions.

1. OFFSHORE BANK ACCOUNT IN 2022: CURRENCIES

In which currency can I open an offshore account? By default, a bank account is in euros or dollars. But nothing prevents you from choosing another currency, you just need to ask the bank. You also have the option of opening a multi-currency account. This allows you to receive income in any currency without any exchange management fees. This can be a very good option if you receive or send transfers to different countries.

2. CARDS & CHECK BOOK

Can I get multiple credit cards? The answer is yes. As with a traditional account, the opening is associated with a Visa or Mastercard. You then have to choose between the Business, Gold, or Platinum options. The prices of these cards are established by Visa or Mastercard. Note that it is also possible to create sub-accounts with several cards which can be used by different partners. What is the maximum amount I can withdraw? It depends on the jurisdiction and the type of card chosen. But, as a rule, the amount varies between 1,000 and 9,000 euros per day. What are the commissions for cash withdrawals and payments with a Visa or Mastercard? It is important to point out that the costs in case of payment by card or cash withdrawal are implemented by Visa and Mastercard and vary by country. As a general rule, they are 0.5% for card payment and 1% for an ATM withdrawal. Can I get a checkbook when I open my offshore bank account? Banks determine their issuance of checkbooks, with some still issuing them while others do not. Generally, businesses obtain checkbooks only for onshore operations. Many view checkbooks as too archaic, leading most banks and countries to remove them from their banking systems.Preferable payment options include cards or internet transfers, which are often immediate.

3. TRANSFERS

What is the maximum amount for a transfer from an offshore account? It has no limit: you can transfer all the funds available in your account to their beneficiaries in any country in the world. What are the deadlines for sending or receiving a transfer? It takes an average of 48 hours to receive a transfer from abroad to your bank account. Transfers sent from your account will be debited immediately with the value date being the day you make them. Also, the payment to your beneficiaries is often very fast. To learn more about offshore bank account in 2022, you can read the following articles: What is an offshore bank account? Why do you need an offshore bank account? Is offshore banking legal?