How to Send and Receive International Payments8 min readReading Time: 3 minutes
We will talk about Send and Receive International Payments. But let’s spice things up a bit. The world is a globe with no exclusions. Let’s face it!
Whether you are a tourist guide in Syracuse, Sicily or a software engineer in Tokyo, you are a fragment of a greater all-out.
This ongoing globalisation took a massive leap with the invention of the mighty Internet as the milestone. Most of the world does not need to go out to buy apples, pay bills or take a Yoga lesson.
Are you looking for a house to rent in Massachusetts when sitting on your couch in Athens? From self-improvement to news, it is downhill to reach everything with a couple of clicks today.
This equalises all of us in the sense of intangibility. Welcome to the new world! A world without limitations, unsolvable issues, and authorities. Everything is super fast and easy. Maybe the best example is global money transfers.
In contrast with a decade ago, international payments are not more complicated than purchasing a blouse on the Internet in this tremendous global village.
Although there is a myriad of solutions out there to transfer money globally, considering their functionality and security, we would like to emphasise one of them more in our article. Offshore banking!
What is Offshore Banking?
Briefly, offshore banking is the use of overseas banking services in a foreign country outside of the one where someone resides.
Therefore, any individual holding a bank account in a foreign country outside of their residential country is an offshore bank account owner.
Recent years have shown us that there is no stability in any country, including European ones with wealth. Just a decade ago, The mortgage crisis in the USA led to a destructive domino effect in Europe, China and South America. Notably, the European countries faced a catastrophic situation.
The economists called these jammed ones PIIGS (Portugal, Italy, Ireland, Greece and Spain). Sudden blockage of funds and capital controls was just the destruction’s exposed face.
How about Egypt, Saudi Arabia, The UAE and Bahrain’s strict embargo on Qatar? The expats and investors’ there could not send or receive any funds for an extended period.
Offshore Account Advantages
We believe we made our point about how significant it can be to open an offshore bank account. Plus, there is an emerging market offering easily accessible offshore accounts.
Countries like Switzerland, Belize, The Cayman Islands, Singapore, Hong Kong, and Germany provide significant benefits of an offshore bank account.
Hong Kong offshore accounts come with exclusive perks and advantages of connection to the Chinese market, whereas Swiss offshore accounts have privacy laws in which it is strictly prohibited to divulge any personal or financial information with third parties, including governments.
Hence, only you and your Swiss banker keep the information about your account details. Furthermore, these countries also create a banking system with minimal taxation liability, customer support 24/7/365 and extra benefits.
Offshore Accounts for Businesses
Do you have a business operating internationally? Then an offshore bank account in the subject country is not a choice but an obligation due to the pricey currency conversions.
It is also possible to join offshore funds for international deals and payments in this way. Likewise, you can take advantage of these banking services that contain tax assistance, estate planning, legal counsellor, financial advice, brokerage houses, and other investment management services.
Consequently, overseas banking accounts are Plan B as a helping hand when you are up to the creek. Besides softer tax regulations, cheaper labour force, and attractive offers provided by the governments for investors.
Although offshoring your assets sounds like the best getaway in order to abide by the A101 principle: “Do not put all eggs in one basket”, inclusive digital banking like Kingdom Bank can be even a better option.
With no challenging regulations, no travels to create accounts, no attachments, neither taxation! We are on your mobile device and reachable any time!
The Kingdom Bank account has no difference regarding offshore accounts in pillar principles. Furthermore, we designed all our banking services and international money management to be a user-friendly solution to hold your funds safely rather than in your residential country.
Please take a closer look at the Kingdom Bank website today to see the lucrative overseas online payment schemes that we will create tailor-made for your business through our professional inner team.
Our customer support is ready to listen to 24/7/365 carefully. Join our family today and meet the future of savings.
Would you like to go for an offshore account in The Kingdom Bank and meet our high-standard online services?