Alternative Banking Solutions

January 2016

Choosing the right bank for both savings accounts and deposit accounts is not an easy task, and a lot of businessmen are facing continuously this choice since modern economy is closely related to banking activities.

The process of making a right choice for your bank should be dealt with caution and consideration on the basis of a details and careful analysis of all the data and information available.

The potential customers of the banks should be aware of the criteria and indicators required to evaluate the degree of reliability and quality of any given bank.

Banks in Asia

Asian banks are quite prestigious and respectable in terms of savings and international business services. The most popular of them are in politically and economically stable countries. The cost of opening an account is acceptable, as the size of the minimum deposit amount varies significantly from bank to bank.

The economic and financial systems of Asian countries have shown remarkable resilience to the global financial crisis. This is a reflection of successful reforms and restructuring of the banking institutions that have been taken in the aftermath of its own regional crisis in 1997-1998.

Building a strong banking system remains one of the priorities for Asia, where banking institutions are the main channel of financial intermediation. Singapore and Hong Kong banks, for example, at the moment are considered as some of the most reliable banks in the world. Main requirements of opening bank accounts in such countries is the personal meeting with the beneficial owner and having a business connection or a future desire to have business connection with that country.

CIS banks 

Among CIS banks, attention is drawn to the banks of Georgia. The shareholders of the majority state banks are foreign investors, and therefore their stable state, for the most part, does not depend on the internal situation in the country but on the foreign economic factors affecting foreign investors.

The procedure of opening a bank account in the offshore territories is much simpler than in any European or Asian bank.

Offshore banking is starting to gain a lot of attention and attract more businesses. The conception that offshore banking is less regulated or “dangerous” is being proven wrong by the continuous growth and the positive results and opinions gathered over the years.

Some of the main characteristics of offshore banking is that no physical presence is required for a bank account opening due to agreements with professional, usually licensed, intermediaries, while the verification procedure is relatively tolerant – only a standard set of documents is required.

Moreover, the offered bank charges are very acceptable and by ordering a Visa card or a Mastercard, you can withdraw cash from ATMs worldwide, pay and purchase online or in stores.