BY CORNELIA LAWRIE
There are varying banks around the world, all offering different products and services, but fundamentally they are the same. You should seek to ask yourself, and I mean really ask yourself, “What do I want to do with my money”?
Consider this: you walk into a café, you’re hungry and there is nothing but desserts in the cabinet. Look at all those different desserts, so much variety. Well, banks are the same. Here you are browsing a global market with no idea of exactly what you want to do with your money. Picking a bank is like picking which dessert you want. Whether it be day-to-day general use bank accounts or high end investment accounts, there are many to choose from.
The way the banking industry operates has changed over the last few years to accommodate increased Anti-money Laundering and Countering Financial Terrorism requirements. Due to this, the way some banks are opening accounts has changed. Some banks require that the Ultimate Beneficial Owner (UBO) organise an appointment and fly over in person for an interview to open an account. Then two-six weeks later a decision about the application is given.
If the bank determines that the UBO’s situation or position is unfavourable, than they will decline the account application. The result being a small fortune spent for no return. For this very reason we recommend that you determine exactly what you would like to achieve from your money and speak to your Trustee or Registered Agent about your options. Southpac Group has relationships in locations around the globe. We can help open an account for you.
Things that should be considered when deciding on a bank: first things first – are you a US person, by this we mean are you classified as a resident or citizen of the United States of America. If you are a US person your options become limited due to FATCA reporting. Some banking institutions around the world will not accept US people because of these reporting requirements. If you are a US person, no need to worry, we will have a solution for you.
Next step is to get down to the nitty-gritty – how much money do you wish to deposit, is the amount low (under USD$5,000) medium (over USD$20,000) or high (over USD$1 million). Would you like a general day-to-day account with credit card and lending facilities? Would you like to invest your money or just sit on cash?
When you consider investing would you like to a passive or aggressive investment or even precious metals? Would you like to own stocks or bonds? The flavours are vast and the options endless, exactly like the desserts in the cabinet. A range of different options, you just need to decide what one you like the best.
When you have decided on the fundamentals of what you would like, feel free to reach out to one of our friendly and knowledgeable team to ask for feedback. Southpac with its various relationships, can help you narrow down the banking or investment institution that can best serve your needs, and can even help you complete the application forms.
Alternatively with a single email to our Concierge service one of our helpful team members can contact you to help you answer those pressing, and sometimes overwhelming, questions (or even that choice of dessert).