As such, the term offshore banking is generally used to describe international banks, companies, and investments. Some parts of the world allow you to invest your money while earning income on that money tax-free. The basics of opening an offshore bank account are like opening a bank account in your home country. Offshore banks require your personal information, such as your name, date of birth, address, citizenship, and occupation.

To verify your personal information, you will need to submit a copy of your passport, driver's license, or other identifying documents issued by a governmental agency. There are often considerable additional requirements to open an account with an offshore bank. These requirements are in place to discourage money laundering, tax fraud, or other illegal activities often associated with offshore banking. This may seem overly intrusive, but offshore banking centres have been under increasing pressure to stop illegal activity.

To verify your investment income, an offshore bank may ask for information about your investments and where they are held. If your money comes from an inheritance, the bank may ask for a letter from the executor of the estate testifying to this effect.

Sending a wire transfer is a simple operation, but almost all banks charge international wire transfer fees to send or receive funds. Domestic checks are generally not accepted in foreign jurisdictions, and depositing funds in person on a regular basis is impractical.
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