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Offshore banks offer a variety of accounts. The main ones are:
A Current Account is the most common type of foreign bank account. It is very popular because it gives you the most flexibility in managing your money. It allows you to withdraw all or part of your account balance at any time.
Generally, Current Accounts pay interest on your balance. You can maintain your Current Accounts in U.S. Dollars, or have it invested in any number of foreign currencies. Some offshore banks offer "multi-currency" privileges too. You can deposit money in one type of currency and withdraw funds in another currency. Most current accounts also provide you with checking privileges, and with the spread of ATMs, some offshore banks even provide you with an electronic banking card.
A deposit account is similar to a CD in the US. It is an interest-earning savings account that you can open with a bank in a foreign country.
The interest rates offered to Deposit Accounts vary according to the currency of the account and the length of time for which the money is deposited. The longer the money is deposited, the higher the interest rate. Aside from the length of the deposit, the size of the deposit also determines the interest rate. Most deposit accounts require a minimum deposit of $2,500 or more.
Deposit accounts are not as liquid as current accounts, and you may be not be able to withdraw your money for a period of time. As with a current account, you will receive a semiannual statement of the account's activity.
This service is similar to a safety deposit box account in any bank. You can have this type of account to deposit such things as bonds, stocks, and other valuables. It could have an added feature - if you have coupons that you redeem, the bank will do it for you. They will clip the coupons, redeem the bonds, and do whatever needs to be done with the valuables entrusted to them.
Some of the larger foreign banks have geared themselves up to trade in commodities on their clientsí behalf. These banks are set up to give the latest commodities prices, and to let itís clients buy and sell commodities over the phone. Compare this to US banks that still cannot enter the commodities trade market. This is proof of how offshore banks are becoming more and more competitive.
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