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Private Banking in Dominica
the "always on holiday" feeling |
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Private Banking Services
Advantage of private banking services
The main differentiator of private banking services versus commercial
banking is the financial service portfolio offered by private
banks. The services revolve around the clients’ specific needs,
therefore financial services offered by a private bank covers depositors
requirements and individual needs, creating advantages and financial
opportunities, rarely found and offered by a commercial bank.
In the past, private banking was considered as very exclusive,
only servicing the very wealthy that owned liquidity over $1 million.
This has changed and opens the possibility for the middle class
to open private bank saving accounts with as little as $ 5,000.
Any private or corporate depositor is entitled to
open a Savings account.
- The combination of a private bank being also an offshore financial institution
results mostly in bank secrecy and therefore minimizes taxes via careful allocation
of assets, delivering therefore highly beneficial financial advantages.
Private banking offers expert advice on investments and financial products carefully
selected to offer client the best opportunities, fitting his/her financial situation.
One personal bank manager is mostly assigned to the client to answer all questions
and to bring out advice on investments and the various available account set
ups.
No need
to queue in a branch in order to transfer money or pay bills. As the owner of
a private banking offshore account, international money transfers are
easy. Most transactions can be done over the phone, and there are advanced internet
account administration applications available, guaranteeing 24 hour accessibility.
This is just another added value private banks offer their clients.
The privacy aspect
Perhaps the best benefit of private banking is that all your affairs remain
private between you and your designated bank manager. Other members of staff
usually have to sign a non-disclosure agreement in order to work for the company.
Although private banks are sometimes criticized for their lack of transparency,
there are many genuine reasons, why you might want your financial affairs kept
private, not least for security reasons. Although private banking is generally
considered only as an option for the rich and wealthy, if you think you deserve
a higher level of service than your current bank delivers, you should definitely
look at private offshore banking options.
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