Offshore Merchant Accounts: Offer Multi-Currency Flexibility

Published by Ramapati Singhania in Banking, 3 months 1 week 6 days 23 hours 49 minutes 13 seconds ago

Compared to onshore accounts offshore merchant accounts are much better as these have lot more advantages. Being offered only by offshore banks these accounts do not have account limitations or restrictions like onshore accounts.

With features such as multi-currency accounts and more tax benefits offshore merchant accounts facilitate international trading. This type of offshore bank account is a new addition to the offshore banking system and it allows you to trade 24 hours a day, 365 days a year.

As these accounts are tax-free it allows offshore companies to offer products to clients at a much lower rate than competitors. High risk companies engaged in activities such as gaming, pharmaceuticals, phone card sales, timeshare rentals, multilevel marketing, credit card repair and counseling are best suited to have offshore merchant accounts.

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Offshore merchant accounts offers immense benefits such as more tax benefits, better privacy and security, multi-currency trading enabling international trade, setting in currencies of choice, zero restrictions on transactions which means unlimited transactions, short set up time requiring just one week, international forgery/fraud protection cover etc. All this however comes with a high price tag and expenses such as initial set up costs, discount rates and transaction fees are much higher in comparison to domestic banks. Almost anyone can open such an account and it is simple and easy. All you require is to own an offshore trading company and must have a bank account in its name.

There are however exceptions, with some offshore banks insisting on security in the form of either upfront cash deposit or ongoing cash reserve. Apart from offshore banks, offshore merchant accounts are also offered by certain international financial service providers.

You can also apply online to open such an account after you have decided on a particular offshore bank. Before opening such an offshore account you need to check out the background of the bank and services being offered by it such as privacy, security and tax benefits.

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With offshore banking becoming more and more popular the need of the hour is offshore ecommerce merchant accounts and offshore destinations are going all out of their way to provide their clients with this facility. In offshore business it is no longer feasible to transact through onshore accounts and with offshore accounts giving clients so many benefits that they did not even think that they would get with their onshore accounts. Tax and investor-friendly countries like Mauritius, Seychelles and BVI possess the most secure financial sectors in the world. Applying for offshore e-commerce merchant accounts in such countries will account for a single corporate structure. You get privileges such as the option to choose your settlement jurisdiction either within the Caribbean or Europe thereby giving you a dual acquiring presence.

This facility enables you to implement a comprehensive, multi-jurisdictional and multi-currency acquiring services. Other benefits includes opportunity of presenting your customers secure payment alternatives, currency solutions, advantage of offshore and e-zone tax structures and channeled marketing which in turn reduces currency and location costs and also simplifies cross-border processing.

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