Those in business or interested in establishing an offshore bank account can benefit from international banking services. Knowledge of tax laws in your home country must also be considered, so you do not unintentionally do anything illegal. If you do not plan on visiting the country that you want to conduct international business with hiring, a specialist in that country or a buying agent may reduce losses or fraudulent activity.
Instructions
- Choose the country you want to bank with wisely. When conducting international banking, the country you are dealing with may have a volatile economy or civil unrest, which can place your business or money at risk. Check the US Department of State website to determine which countries the United States advises against visiting.
- Research and understand the time zones. If you’re conducting business in China, chances are that when you are preparing for bed, China’s banks are opening for business. Understand the time zones and hours of operation. Visit Timeanddate.com to see the current time in each country.
- Determine if any online options are available. For example, some banks may have established letters of credit online. Letters of credit are popular among import and export companies. It is a guarantee given to the bank that funds will be paid to the exporter, once the goods are received and accepted under predetermined, negotiated terms.
- Check with your current bank, to determine if they operate in multiple countries. For example HSBC and Citibank are examples of banks that can be found in multiple countries. It may be easier for you to conduct and arrange international banking services, if you’re already familiar with the policies and procedures with your current bank.
- Hire a specialist that has already established relationships with the international bank you want to deal with. These companies can be found online, or speak with your accountant, who may have connections with individuals that specialize in offshore banking. Cayman Banking Services and World Offshore Banks are examples of specialists that can assist with international banking services.