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Narrative Report

This document discusses offshore banking. It defines offshore banking as opening a bank account outside of one's home country. It outlines the basic types of offshore bank accounts such as current accounts, savings accounts, and multi-currency accounts. It also discusses other means of payments like credit cards and internet banking. The objectives of offshore banking are discussed as potentially tax-efficient savings and investments in multiple currencies while allowing access to international expertise and a secure central location for funds. The roles of offshore banking include managing wealth securely, conducting safe international transactions, and protection from currency instability.

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Krissie Jane Morin
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63 views3 pages

Narrative Report

This document discusses offshore banking. It defines offshore banking as opening a bank account outside of one's home country. It outlines the basic types of offshore bank accounts such as current accounts, savings accounts, and multi-currency accounts. It also discusses other means of payments like credit cards and internet banking. The objectives of offshore banking are discussed as potentially tax-efficient savings and investments in multiple currencies while allowing access to international expertise and a secure central location for funds. The roles of offshore banking include managing wealth securely, conducting safe international transactions, and protection from currency instability.

Uploaded by

Krissie Jane Morin
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Narrative report

 Grant loans and make investments in accordance with existing rules and
regulations.
 Accept savings and time deposits.
 Sell domestic drafts.
 Loan extension
 Wage disbursement
The second part is the services of the rural bank, upon prior approval of the monetary
board, performs any or all of the following services:
 Open current, demand or checking accounts or now accounts
 Act as trustee over estates or properties of farmers and merchants.
 Acts as official depository of municipal, city or provincial funds in the municipality,
city or province where the bank is located.
 Invest in allied undertakings.
Narrative report (offshore banking)
Next topic that reported is about Offshore banking and discussed by ) that discussed
The definition, types and importance of offshore banking. What is Offshore Banking?
The term
Offshore refers to a location outside of one's home country. The term is commonly used
in the
Banking and financial sectors to describe areas where regulations are different from the
home
Country. Offshore locations are generally island nations, where entities set up
corporations,
Investments, and deposits. Offshore banking is simply another name for opening a bank
account
Outside of your home country. Types of offshore bank accounts and other means of
payments.
Banking services differs by each bank, although the basic type of offshore bank
accounts, such as
Current and saving account are provided by all of them. Basic types of offshore bank
accounts:
Current Bank Account: Current account is a bank account for daily use for private
persons and for
Legal entities. It allows receiving the incoming payments from partners and customers
on any
Currency. Internet banking: Internet banking is available option for traditional bank
customers. On
The internet banking system clients can perform all transaction operations, such as
account
Transfers, balance inquiries, bill payments and stop-payment requests. Next reported
by (Mr.
es of offshore bank accounts and other means of payments Basic types of offshore
Bank accounts: Saving Bank Account: Saving account is bank account on which you
can deposit
Your money in with a little interest rate and for a scheduled period of time. Multi-
currency bank
Account: A multi-currency account is bank account, under which various sub-accounts
can be
Maintained in different currencies according to an expat’s personal needs. It can be a
saving bank
Account or current account, varied by the country where bank is located. Credit cards
Visa /
Mastercard: Your VISA or mastercard debit/credit cards will be the best means payment
for
Charges made abroad as well as for your day-to-day payments. The card can be used
for cash
Withdraws, online payments and at service provider points such as stores. Major
Objectives of
Offshore Banking. Potentially tax-efficient savings and investments in various
currencies,
Although any tax benefits would depend on your circumstances. Hold money, make and
receive
Payments in multiple currencies. Manage foreign exchange. Access international
expertise and
Investment advice. Keep your money in a secure and central location, connected to
your local
Accounts. Keep the same bank account every time you move. Next reported by (Mr. .
The role
Of Offshore Banking A secure way of managing your wealth; Growing your investments;
Conducting safe and secure international transactions; Easy access of funds; Personal
freedom
Managing funds; Protection from potential devaluation of currencies, inflation, deflation
and
Economic instability; The characteristics of Offshore Banking Economic and political
stability,
Presence of renowned banks serving international clients and Compliance with
international
Banking standards guaranteeing asset protection.

Next topic that reported is about Offshore banking and discussed by that discussed
The definition, types and importance of offshore banking. She also discussed and
elaborate the meaning of offshore banking and types of offshore bank accounts and
other means of payments which is current bank account and internet banking. The next
reporter is also discussed the other types of offshore bank account and other means of
payments which includes saving bank account, multi-currency bank account and credit
cards visa/mastercard. He also discussed the major objectives of offshore banking. And
the last reporter is ( discussed the role of offshite banking and the characteristics of
offshore banking.

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