offshore banks that offers payment Options in addition to SWIFT
Every bank globally offers SWIFT transfer protocols, since this method of transferring is the most popular and utilized internationally.
However, certain customers may require local or regional transaction methods that are not offered by their current bank.
In such cases, offshore banking is the perfect solution.
Service is offered by offshore banks
One of the major services not considered by international customers when opening an offshore bank account, is the ability for offshore banks to offer additional payment rails (methods).
The most common method of transferring funds (SWIFT) may not accepted by one side of the transaction, whether buyer or seller, for any number of reasons, such as:
- The sending or receiving bank do not have access to SWIFT.
- The customer prefers local payment method for immediate settlement and receiving into the bank account instead of waiting for SWIFT.
- Depending on the country sending or receiving the funds, it can take days or weeks to receive a transaction by SWIFT, in rare cases.
- The costs associated with receiving or sending a SWIFT transaction, may be significantly higher than that of local transaction methods, such as SEPA, BACS, FasterPay.
- After the transaction has been sent by the sender, due to the number of corresponding banks involved in the middle of transaction before the final transfer is settled into the bank account of the recipient, it can be delayed due to any compliance issues raised by any of the banks.
When does it makes sense to use SWIFT as preferred transfer method
International transactions are generally conducted using the SWIFT transfer method, as it is the most commonly used method of transferring funds around the globe.
Sometimes, even local banks in the same country do not have any options to send and receive funds using local method, and therefore must rely on SWIFT to process the transaction.
Payment methods are the SWIFT offered by offshore banks
Certain international offshore banks partner with additional banks around the globe, to offer local payment options for foreign customers.
By partnering with international banks, offshore banks are able to offer international local payment options for their customer, without the need for the customer to open a bank account that in countries that offers local payment options.
The most popular and commonly requested the local payment options include are listed below.
| Region / Country | System Name | Notes |
|---|---|---|
| European Union | SEPA / SEPA Instant / Target | Euro-zone system; used for all EUR accounts within EU/EEA. |
| United Kingdom | Faster Payments (FPS), CHAPS, BACS | Works 24/7 between UK banks in GBP. |
| United States | FedNow / ACH | FedNow offers near real-time payments. |
| Canada | Interac e-Transfer | Email/mobile-based. |
| Singapore | FAST (Fast And Secure Transfers) | Works for SGD accounts 24/7. |
| Hong Kong | FPS (Faster Payment System) | Similar to what is used in UK. |
| Australia | NPP (New Payments Platform) | Commonly used for PayID, Osko payments. |
| India | IMPS / UPI / NEFT / RTGS | UPI is globally recognized and accessible for mobile payment such as, Apple Pay, Google Pay, Paytm. |
| Brazil | PIX | Offering 24/7 transactions. |
| Japan | Zengin System / JP Faster Payments | For customers that requires immediate settlement with Japanese banks. |
| China | CNAPS / CIPS / UnionPay / Wechat Pay | The four most commonly used payment methods for China. |
| Africa | M-PESA, Airtel Money, MTN Money, PesaLink, Mobile Payment | Commonly used for settlement into mobile wallets. |
| Saudi Arabia | SARIE | IPS launched 2021 for real-time domestic transfers. |
| UAE | UAEFTS | Instant payments between local banks in AED. |
Offshore banks that offers multiple transfer options.
Banks in the below list of countries offer transfer options in additional to SWIFT:
- Andorra
- Austria
- Bahamas
- Cayman Island
- Comoros
- Curacao
- Cyprus
- Dominica
- France
- Gibraltar
- Hong Kong
- Isle Of Man
- Jersey
- Kazakhstan
- Laos
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Montenegro
- Panama
- Portugal
- Puerto Rico
- Singapore
- Slovakia
- Switzerland
- Turkey
- United Kingdom
- United States
Additional transfer options provided by offshore banks
Certain offshore banks also provide additional but less commonly requested transfer options such as:
- SIX – used by companies in Switzerland.
- Western Union – Used globally for international business and personal transactions.
- ABA – Requested at times for US related transactions.
- EuroSic – Another form of transfer used in European Economic Area (EEA)
How BUH consulting can assist
Our team will work with you to understand your transfer requirements, eligibility criteria with offshore banks offering different transfer methods, and apply for your business and personal bank account with the most suitable banks and assign relationship managers to assist with the application process.
Contact information
For a tailored solution, contact us to discuss about your requirements.
Email: – sam@buh-consulting.com
Phone: +971585086656
Whatsapp: +971585086656
Telegram: BUHConsultingAE