What is an offshore bank?

The broad definition of an offshore bank is that of a bank that is located in a jurisdiction or country that is different from the jurisdiction or country that the depositor or investor resides in.

What is bank account?

A bank account is a monetary account with a banking institution recording the balance of money for a customer. Bank account may have a positive or credit balance where the bank holds money on behalf of the customer; or a negative or debit balance where the customer owes money to the bank. Broadly speaking, accounts opened with the purpose of holding credit balances are referred to as deposit accounts, whilst accounts opened with the purpose of holding debit balances are referred to as loan accounts. Some accounts are defined by their function rather than nature of the balance they hold. Bank accounts designed to process large numbers of transactions may offer credit and debit facilities and therefore do not sit easily with a polarised definition. These transactional accounts are called by different names in different countries: in the U.S. and Canada, they are checking accounts, in the UK current accounts.


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OFFshore History - What is an Offshore Bank account - Offshore Myths - Where should an offshore account be established? - Offshore Advantages - Opening Offshore bank accounts for non residents.

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