Documents Required

Offshore bank accounts offer the option of the currency in which you wish to hold your funds. This can be a highly valuable feature of an offshore account, especially if one's domestic currency is unstable or expected to depreciate.

Holding funds in certain currencies may

Offshore bank accounts are mostly funded electronically through international wire transfers. The systems that enable free electronic transfers common in domestic banking are typically not able to transfer money internationally.

Many use it as a way to hide their money and avoid paying taxes. Some use it for illicit purposes like money laundering and tax evasion. While these activities are criminal and can result in jail time, offshore banking doesn't have to be illegal. 

It can be...

Banks may often require additional documents to discourage money laundering, tax fraud, or other illegal activities.

May ask for financial reference docume...

Banks offer a variety of ways to withdraw funds to maximize the convenience of using their services. Many offshore banks issue a debit card that allows you to easily access your funds worldwide. Make sure you're aware of the fees fo...