Comparison of Different Offshore Accounts: Which One is Better?

How can I receive money after the HK offshore account is closed? Which is more cost-effective? 

The following is a brief description of different offshore accounts in markets concluded by SOLUTIONS.

Domestic Non-Resident Bank

Advantages:

(1) Online interview is available . 

(2) Bank manager one to one service

(3) L/C and D/P are available.

(4) Convenient online transaction

Disadvantages: 

RMB can not be settled

Digital Bank

Safe and reliable: 

(1) Digital banks have financial licenses and are supervised by the central bank

(2) Simple process to open account,fast opening time

(3)Professional customer service

(4) Reasonable RMB settlement

American Local Bank

Advantage:

1.Domestic Banks in the United States.Powerful Banks

2.Simple process, fast opening time, video interview.

Disadvantage :

1.The time of transfer and remittance is based on the time of the United States.

2.Restrictions on sanctioned and sensitive countries

Yiwu Self-Employed Settlement of Exchange

Foreign exchange settlement features: 

Online banking operation, no need to provide the logistics bill and PI, stronger privacy. But the customs declaration is required for RMB settlement.

Disadvantages: 

It doesn’t support to transfer USD. Only settle exchange. 

Malaysian Local Bank

(1) It is stable than HK and Singapore local accounts 

(2) Expand international popularity, southeast Asia market

(3) Available for Malaysian and HK company

(4) Video interviews or witness in domestic branch

Tips:

RMB settlement cost (from low to high) : 

Yiwu bank < Digital bank

Accounts not supporting RMB settlement: 

HK/Singapore/Malaysia/USA/Domestic NRA

Account opening cost (from account opening fee/management fee/transfer fee - comprehensive measure, from low to high) : 

Digital bank < Yiwu bank<Non-Resident Bank<American Local Bank<Malaysian Local Bank

Account stability: 

NRA Bank (Non-Resident Bank)=Malaysian Local Bank = American Local Bank = < Digital Bank < Yiwu Bank

SUMMARRY

Each account has its own advantages and disadvantages, there is no perfect account , only the best match.

If you need any more information, feel free to contact SOLUTIONS. We will be glad to assist you.

Consultant Wechat ID: 
solutionsmarketing 

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