Offshore Bank Account

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Digital, international banking for everyone.

Having an international bank account is an essential step toward financial diversification and freedom. iPayTotal focuses on offering you an exceptional banking experience while giving you access to a global suite of products.

Designed for startups and businesses of all sizes.

Whether you’re looking to the bank where you’re treated best, or your customer base is expanding internationally, we understand your bank account deserves the flexibility, international reach, and extensive range of services to support your growth. That’s why a Corporate Account through iPayTotal is an essential step toward financial freedom.

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In August 2019, we fly to UK to meet the CEO, we were greeted like a king and that alone has touched me on a professional level. I must also thank James Smith for all his support and advice they have been providing to us and these are simply working fantastic so far for our company. We get our settlements on schedule, no questions asked. Extract from Trustpilot ratings.

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Business Development Manager, Arco Globus Intl

Multiple Currency Accounts

Hold and transfer 13 different currencies in your bank account, giving you the flexibility to conduct business locally, as well as around the world. Currencies include USD, EUR, CAD, GBP, CHF, AUD, NZD, HKD, SGD, PLN, and more.

Secure Online Banking

Bank from home, or on the go. Our Partner utilizes the latest security and online banking functionality so you can carry out online business transactions securely and conveniently, from the comfort of your home or office.

Create mass payments & save time

One of eBanking’s newest features, Mass Payments allows you to make bulk transfers. This means that you’ll be able to request transfers to multiple accounts and/or beneficiaries and recipients simultaneously using a CSV file and via API.

Offshore banking is becoming the in thing for a good number of reasons. Contrary to the belief that people open offshore bank accounts for immoral reasons, there are quite a number of good reasons why you should consider opening a foreign bank account.

The main benefit of having an offshore bank account is for tax efficiency. Most foreign jurisdictions are tax havens. This means that they do not have, or have a low tax rate. People also open offshore bank accounts for convenience.

Regardless of your location, an offshore bank account can be accessed at any time. The account also offers high interest rates. This is especially when it is a long term.

Besides, it is easier to transfer funds from an offshore bank account to your domestic bank. Most offshore banks also employ financial experts.

Any person who operates a global business will, in no doubt, want to work with international banking experts to share their knowledge and experience.

But even with the benefits of opening an offshore bank account, ensure that you seek advice from experts and also do your own research before making any step.

Our offshore banking jurisdictions:

To establish an offshore bank account via iPayTotal Business, select the relevant jurisdiction from below:

Europe Banking Jurisdictions

andorra offshore Andorraaustria offshore Austriacampione d'italia offshore Campione d’Italiacyprus offshore Cyprus
czech republic offshore Czech Republicdenmark offshore Denmarkestonia offshore Estoniagibraltar offshore Gibraltar
guernsey offshore Guernseyhungary offshore Hungaryjersey offshoreJ erseyiceland offshore Iceland
ireland offshore Irelandisle man offshore Isle of Manlatvia offshore Latvialiechtenstein offshore Liechtenstein
lithuania offshore Lithuanialuxembourg offshore Luxembourgmadeira offshore Madeiramalta offshore Malta
monaco offshore Monacorussia offshore Russian Federationswitzerland offshore Switzerlanduk offshore United Kingdom

North & South America Banking Jurisdictions

anguilla offshore Anguillaantigua offshore Antigua & Barbudaaruba offshore Arubabahamas offshore Bahamas
barbados offshore Barbadosbelize offshore Belizebermuda offshore Bermudabvi offshore BVI
canada offshore Canadacayman offshore Cayman Islandscosta rica offshore Costa Ricadominica offshore Dominica
grenada offshore Grenadamontserrat offshore Montserratnetherlands antilles offshore Netherlands Antillespanama offshore Panama
puerto rico offshore Puerto Ricost lucia offshore St.Luciast kitts offshore St.Kitts & Nevisst vincent offshore St.Vincent
turks caicos offshore Turks & Caicosuruguay offshore Uruguayunited states offshore U.S.A.

Africa & Middle East Banking Jurisdictions

bahrain offshore Bahraindubai offshore Dubailebanon offshore Lebanonliberia offshore Liberia
mauritius offshore Mauritiussouth africa offshore South Africaseychelles offshore Seychelles

Asia & Pacific Rim Banking Jurisdictions

australia offshore Australiabrunei offshore Bruneicook islands offshore Cook Islandshong kong offshore Hong Kong
labuan offshore Labuanmacao offshore Macaomarshall islands offshore Marshall Islandsnew zealand offshore New Zealand
samoa offshore Samoasingapore offshore Singaporevanuatu offshore Vanuatu

If you have opened a bank account in your country, then the same process is followed when opening an offshore bank account.

Considering that financial institutions have different requirements and policies, the process may vary from bank to bank. There are, however, some basic requirements that all banks will need you to meet.

  • For instance, personal details like your name, address, year of birth, occupation, and citizenship will be required.
  • There are also other documents that will be needed for verification purposes which include your driving license, passport copy or any other government-issued document.
  • Your residential details and physical address will also be required since they may have an effect on taxation.

While domestic banking and offshore banking follow the same process when it comes to opening an account, there are some additional details that will be required when it comes to an offshore bank account.

These additional requirements are put set to discourage vices associated with offshore banking like tax evasion, money laundering and other prohibited activities. Among these additional requirements are financial reference documents.

These documents should be provided by your current bank and they should clearly indicate the accounts average balances and your financial history and reputation.

  • A six to twelve months’ bank statement will be needed as proof that you have a ‘satisfactory relationship’ with your current bank.

There are also other offshore banks, most of them actually, that will need you to explain the type of the transaction that will be taking place through your offshore bank account.

Although it seems to be an invasion of privacy in some way, the main aim of this requirement is to stop any illegal activities from taking place.

To ensure that you are only opening the account for the best reasons, it is required that you provide additional documents which indicate the sources of funds that will be deposited in the offshore bank account.

For example, you need to provide a wage slip if the funds come from your employer or investment information if the funds are proceeds from investments.

Many offshore banks require an initial deposit when opening the account. The amount to deposit varies depending on the bank.

Compared to domestic banks which will need you to opt for a specific currency; offshore banks offer you an option to choose a currency.

This is actually one of the best features that make offshore bank accounts attractive. It can come in handy when you have an unstable domestic currency.

It is however imperative to first understand the pros and cons of holding the funds in different currencies.

For instance, there are currencies that allow account holders to earn interests on deposits, but this can also lead to foreign tax liability.

It can also be expensive if you want to make deposits or withdrawals. This is because you will need to convert the currencies, and exchange rates can be costly.

Banking Administration

Offshore banking is now a modern business and technology such as e-banking has assisted in the speed and accuracy of services provided.

Many offshore banks provide:

  • Online banking services
  • Cheque books
  • Term deposits
  • Letters of Credit
  • Investment Bonds
  • Portfolio management
  • International multi-currency transfers
  • International mortgages
  • International multi-currency loans
  • Credit and Debit cards
  • Factoring
  • Business Consultancy services

iPayTotal provide a vast array of banking and related services for its managed companies and trusts.

Need More Information ?

When you order our services, we explain to you how to prepare all required personal documents, assist you with the preparation of bank application, check your application forms, correct them, submit electronic copies of your personal documents and application to the bank of your choice and get your application pre-approved by the bank.

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