List of Offshore Banks in the Bahamas
An offshore bank is a bank that is operated and regulated under an international banking license, which usually prohibits the bank from establishing any business activities in the jurisdiction of the establishment.
In this article, Foreignconnect.net tries to answer the question by publishing the List of Offshore Banks in the Bahamas
Below is the List of Offshore Banks in the Bahamas
BANK OF BARODA, OFFSHORE BANKING UNIT, NASSAU, BAHAMAS
Are there downsides to offshore banks in The Bahamas?
As with anything, there are some negatives associated with offshore banking. Most of these are not especially onerous, but they are still worth considering:
- The physical distance between you and your money
- Higher account fees than other banks
- Required minimum account balances can be high
- The social stigma associated with offshore banking
What are exchange and interest rates like?
The Bahamas Central Bank buys US dollars at US$1.00 = B$1.00 and sells at US$1.00 = B$1.0025. Cash transactions are treated at par. The Central Bank’s interest rates range between four and 14 percent, but offshore institutions’ rates may vary.
What are the benefits of Bahamas offshore banking?
There are a number of benefits to conducting your financial business through The Bahamas:
- Greater privacy
- Economic stability compared to some areas of the world
- Ability to control/avoid currency fluctuations
- Higher interest rates
Do banks in The Bahamas have online banking?
While many Bahamian residents living on the “Out Islands” (the smaller, more remote islands that make up much of the country) don’t currently have online access to local banks, if you plan to do any offshore banking in The Bahamas, you will likely be able to conduct most, if not all, of your financial transactions online.
Are offshore banks in The Bahamas trustworthy?
The Bahamas itself is a very stable country with a financial services sector that began developing before the country had even achieved its independence. While you should obviously research any financial institution before conducting business with them, the size and establishment of The Bahamas offshore banking system make it a relatively safe place to put your money.