How to get a debit Visa or Mastercard with offshore banks
The main interest for most customers who are looking to bank internationally is to obtain a bank account outside of their country of residence.
While all banks offers a bank account, offshore banks in some countries also offer different type of bank cards for their customers, both local and international.
The type of card offers depends on a number of factors, such as whether the bank is a principal member of Visa and Mastercard, which means that they have the ability to issue the cards directly or
if they need to partner with another bank to issue the cards.
Some banks do not have the means to issue cards on their own, while others have the ability but simply choose not to, due to the bank’s strategy and business operating model.
What bank cards are offered by offshore banks?
As different banks offer different cards, it is not possible to say exactly which bank offers which card. However, in general it can be said that banks are able to offer cards such as:
- Debit Card
- Credit Card
- Prepaid Card
Offshore banks that offers debit, credit or prepaid cards may offer them in:
- Visa
- Mastercard
- American Express
- UnionPay
- JCB
Features of cards issued by offshore banks
- Debit cards are generally do not have any online transaction limit, as transactions are deducts against the total deposited amount available in the account.
- For credit cards, usually offshore banks block 120% of the card’s available credit amount from the overall deposited amount available in the account.
- Prepaid cards usually have a smaller limit available compared to debit and credit cards and is to be “loaded” with funds before the card can be used.
Cards offered by banks are generally available in major currencies such as USD, EURO, and GDP.
If customers require additional currencies natively (without conversion, avoiding foreign exchange fees)., it may be possible for card to transactive natively
- Regardless of the type of bank card offered by the offshore bank, it may or may not be available for cash withdrawal overseas.
- Depending on the bank, there may or may not be usage limit with a card, such as daily or monthly transaction amount, for both cash withdraw and online transactions.
- It may be possible to issue a virtual card, which is suitable for short term transactions as virtual cards expire within 30 days after issuance, which increase privacy and security as the likelihood of the card being stolen become significantly reduced.
- Cards can be used for a company’s corporate expense, or issued to employees for business related expenses encountered during their work.
- Crypto friendly cards are able to deduct the used amount from an accounts crypto balance, thus making the card crypto friendly for users who are involved in cryptocurrency, and other digital assets.
Who is eligible to obtain a card with offshore banks
Internationally registered companies, as well as foreign individuals (expats) that do not reside in the same country where the bank is located, are eligible to obtain a debit, credit or prepaid card, as long as the bank accepts the account opening application.
It is not possible to obtain a debit, credit or prepaid card without opening an offshore bank account.
It is possible to obtain a prepaid Visa or Mastercard as well as debit and credit card without visiting the country where the offshore bank is.
Once the offshore bank account has been opened, the bank will mail the card to your residence by DHL, FEDEX, UPS and similar companies.
Is it better to use a debit or credit card issued by offshore bank?
Whenever possible, it is best to use a credit card over a debit card due to additional insurance offered by Visa and Mastercard in the event the card is stolen or unauthorized transactions are made.
This additional layer protection for credit cards offers account holders enhanced protection, whereas debit cards are seen as transactions performed by the account holder and are more difficult to reverse, should there be any fraudulent activity?
Is it legal to request a card by offshore banks
Offshore banks that accepts that customers application to open an offshore bank account are required to conduct through Due Diligence, including Know Your Customer (KYC) procedure and Anti Money Launder (AML), Before opening a non resident bank account for an international individual or foreign company looking to open a business account.
International banks opening accounts of foreign customers are also required to complete FATCA (for US customers) and CRS procedures for global clients, ensuring the banks comply by international standards and guidelines.
Which Offshore banks offer cards?
Debit, credit and prepaid cards can be offered by both traditional offshore banks, as well as Electronic Money Institutions (EMIs), which are new generations of banks.
- However, they’re considered to be a financial technology (FinTech) company.
Much like traditional banks, Electronic Money Institution may or may not have the right to issue a card directly.
- If not, they also need to utilize support from their banking partners to issue the card.
How BUH consulting can assist
Whether you are an expat looking to open an offshore bank account or a foreign company looking to open a business account for corporate transactions, our team will work with you to understand your requirements, eligibility criteria and apply for your non resident offshore bank account in 2025, with the most suitable banks and assign relationship managers from various regulated financial institution that can onboard your account.
Contact information
For a tailored solution, contact us to discuss about your requirements.
Email: – sam@buh-consulting.com
Phone: +971585086656
Whatsapp: +971585086656
Telegram: BUHConsultingAE