A Brief Look at Barclays Offshore Banking
Barclays Plc is a multinational financial services company based in London. It’s one of the most powerful and stable companies in the financial industry in the world with more than 300 years in the business.
Why Barclays Offshore Banking May Not Be For You?
For these reasons, many people favor Barclays offshore banking services for wealth management. However, it’s probably not an option for most people, especially for business transactions. Here are the limitations of Barclays offshore banking.
Opening an account
You cannot open an account online. You need to call a toll-free number that may not be available in some countries, and talk with one of their “service executives.” This can be a problem for some people who just want to open a hassle-free online account. You can also only open an account using U.S. dollars, Euros, and British sterling.
Account maintenance could be expensive
Barclays offshore banking facility is primarily for wealth management and investing, and not really for regular business transactions. As such, you need to have and keep quite a bit of change in the account at any one time. The initial deposit has to be £25,000 or the equivalent, which is also the maintaining balance, and you need a minimum of £100,000 to get “relationship service.”
Limited transaction options
You can use the account to trade over 60 currency pairs using its foreign exchange service as well as buy property. However, if you want an easy way to send and receive payments for your online business, this is probably not the best option for you.
Barclays offshore banking service is a good option for people to manage their money, invest, and plan their retirement. It has many benefits for those purposes. However, you may want to look at an alternative banking solution if you need an easy and secure way to send and receive payments in multiple currencies for your business.