Offshore Banking vs. Local Banking

Offshore banking VS Local Banking If you have offshore accounts you will reap the benefits of relaxed tax rule. You'll get income tax relief with your savings accounts since offshore savings accounts are not subject to Local banks tend to invest their resources into local small business, which in turn is an investment into your local neighborhood or community. Nationwide banks on the other hand may have their deposits going across the country far outside your community. income tax. Earn high interest rates thus offering you much more earnings. Customer service can be considerably better at local banks. When a customer has a problem, it is great to know that you can sit down with someone who knows your name and is easily accessible. Eliminates the difficulties faced when importing and exporting products out of your domestic market to international markets. Excellent yardstick for making a comparison in rates of interest between global and Many of the local banks are making drastic improvements to their infrastructure to match that of the larger banks. domestic markets. Engaging in activities such as making loans, local banks might not use your credit score as the only criteria. Other factors may be taken into consideration. In addition, local banks tend to donate to various causes in the local communities. Better to borrow from international banks as compared to domestic banks. Gain increased privacy rights as well as reducing the amount of taxation on deposited finances. Reasons to go with offshore banking: Reasons to go with local banking: You may have distinct financial needs that your local bank may Credit Unions typically pay higher dividend rates on savings not be able to meet. You might live in a country facing economic or political uncertainty or instability. Credit Unions typically offer lower rates on loans. You're interested in taking advantage of potential financial planning opportunities Credit Unions typically provide better service; since they are owned and governed by their membership, they tend to prioritize the needs of their members above all else Credit Unions operate on a not-for-profit business model, so excess earnings are returned back to the membership in form of competitive rates and lower fees, and sometimes even special dividends. 24 Better to borrow from international banks as compared to domestic banks. 24 Since international markets are much less impacted by fluctuations within the domestic market due to events such as drought, natural disasters and high fuel prices that frequently increases the operational costs of companies and additionally lowers the appetite of domestic investors who may wish to put money into local stock markets. Many Credit Unions offer the same products and services found at banks. International banking provides a system for interaction by means of business and cultural exchanges which significantly encourages business thus bringing about international development. Credit Unions often have added-value benefits, such as free financial education, discounted theme park tickets, and special member rates for services such as home alarm systems...even discounts at online retailers like Barnes & Noble. Reasons to go with offshore banking: Extra financial benefits Lower fees As well as multiple currency accounts you can enjoy competitive interest rates, and free transfers between your international accounts. According to the MoveYourMoneyProject.org, overdraft fees are around $10 lower at community banks than Wall Street banks. Security & stability Supporting locally Peace of mind from banking with a name you trust and the comfort of having English-speaking staff available to you 24/7. Owned community banks means that all of the bank's employees are local. Having Convenience another local bank executive instead of another executive on Wall Street is better Flexible access to your money whenever you need it, and one less thing to worry about when you move. for the local economy. HEALY CONSULTANTS Healyconsultants.com