When you have an offshore debit card, you have placed your money with an offshore bank and can use the debit card to have access to your money. If you have an offshore checking account, having a debit card associated with that account gives you quick and easy access to your money. Before obtaining an offshore debit card, you should make certain you will be able to use it in your own country. Otherwise, having the debit card would be useless.
Maestro and Cirrus are two of the largest international interbank network. Most ATMs feature either one or both of these logos indicating that your offshore debit card can be used at this ATM. Ensuring that your offshore debit card has one of these logos is the best way to know that you will have access to your money.
It is important that you do your due diligence before placing your money in an offshore account and obtaining an offshore debit card. There are a great number of institutions and products available in
other countries. The responsibility of checking out these offshore institutions and products is yours. You should check out the institution with local regulators as much as possible. Make sure the institution is a licensed bank or trust. Find out how long the bank as been in business and how long they have offered offshore debit card. You can also check with Visa orMasterCard to find out more about the institution. By doing this due diligence, you can have the peace of mind that your money is safe.
Find out how of your money is protected and how. For example, in the United States, up to $100,000 per account per institution is federally insured. This means if the bank happens to go bankrupt, or some other calamity occurs, the federal government will cover your loss, provided it is $100,000 or less. Does the bank abroad you are interested in have such insurance? If not, you face the risk of losing all the money you have in the account.
Make sure you fully understand the costs associated with obtaining the particular debit card. You could end up paying account maintenance fees, ATM withdrawal fees, and transaction fees to name a few. The fees charged will vary depending on the institution from which you obtain your offshore debit card. If possible, get the fees in writing for your records.
The process of obtaining an offshore account will vary depending on the institution. To find out what documentation is necessary inquire with the banking institution