Financial secrecy, tax havens, freedom from regulations, currency diversification, and high interest rates have essentially made offshore bank accounts popular across the globe. Offshore accounts have also provided various individuals with peace of mind in the knowledge that their money is safe and therefore they don’t have to contend with bank insolvency in their country of residence.
However, as much as putting money in an offshore account is good, quick access to it is also just as important. It is for this reason that scores of individuals are resorting to offshore bank accounts with debit cards.
All you need to know about Offshore bank account
Simply put, an offshore debit card is essentially issued by an offshore bank with the aim of ensuring that the owner of the account has access to their money wherever in the world.
The major selling point about an offshore debit card is the anonymity that comes with it. The information about the card is strictly with the bank and therefore no information can be accessed with a third party. An offshore debit card linked to an offshore bank account is used by entrepreneurs, private individuals as well as beneficiaries of an offshore company in light of the following purposes:
- Global purchase of goods and services
- Withdrawal from over a million ATMs worldwide
- Roll of payments to employees working in an offshore company
Scope of offshore bank accounts with debit cards
Generally, offshore debit cards are linked to offshore bank accounts. The cards are registered in the name of an offshore company and as such transactions are not traced in your own name but rather the name of the company.
In addition to this, most offshore debit cards are anonymous which essentially means that your name does not appear on the debit card and neither does it appear on ATM transactions.
When you transact using an offshore debit card, the funds are automatically withdrawn from the offshore company account!