Getting an ocean going bank account simply means opening a merchant account outside of your home country. If you live in America, opening an ocean going account in The us will be ‘offshore’. Likewise if you live in The british isles, a merchant account in one of the Funnel Countries or Ireland in europe will be classed as ocean going. In fact if you have lived internationally for any amount of time it’s highly likely that you already have an ocean going bank account.
Another side of ocean going banking involves accounts offered by an ocean going bank Just to outsiders. Ocean going banks or financial companies operating in this way are usually forbidden under the terms of their rent from providing banking services to Standby Letter of Credit. citizens of the country in which they are licensed. A typical example may be an ocean going bank in a Caribbean island that provides services to US and Western european citizens but is not allowed to offer services to citizens of the island.
Ocean going bank accounts are usually available in more than one currency. This makes them extremely valuable to those who work in a different country or travel frequently. It is also very useful to your average investor as a hedge against dramatic currency movements. Some investors for example may like to buy into a currency recognized for its stability like the Switzerland franc, to prevent keeping all of their money in one currency such as the dollar.
As a hedge against financial instability at home. When most people think of ocean going banks maybe the infamous ”shell banks” one thinks of. Unregulated and at times come to an end of someone’s bedroom, the most physical presence some of these banks may have is a brass plate on a building along with hundreds of similar unlicensed institutions. However, these days covering banks are increasingly out of give preference to and ostracised by domestic banks in western countries. The ocean going banks that operate seriously are well regulated and as safe or even safer than typical domestic banks.
Secrecy. Depending on where and how exactly you bank ocean going, ocean going bank accounts can be much more top secret than an onshore account. The reasons for wanting this privacy are numerous, and most commonly include protection against dangers to your wealth from criminals or frivolous litigation. While switzerland bank accounts and cayman bank accounts are traditionally known as the most secretive, international developments have caused to become them less private than they used to be.
Access to ocean going investments. When people decide to move part of their wealth ocean going, it is often not just a bank account they are looking for. The ocean going bank account is often a website to other investments such as foreign fairness, ocean going funds and financial instruments that offer high rates of interest. Some of these investments may be available completely tax-free, depending on your personal situation.
International payments. Sending and receiving large cord exchanges abroad can be a nightmare when using a domestic bank. There are hills of questions and paperwork to be dealt with. That’s understandable. Domestic bank accounts are really for in-country transactions and not equipped to deal with large amounts of foreign exchanges — a lot like using a mini community to go off-road. Ocean going bank accounts on the other hand are specifically equipped to send and get money from outsider countries, and make the process as fast and efficient as possible.
There’s no point in setting up an ocean going account if you do not really need one. If you could easily do what is required with a simple domestic account, that is the best course to follow. On the other hand, if some of the ideas above minted a chord with you, maybe it is a good time to move ocean going!