How to Liquidate an Offshore Bank Account
Liquidating an offshore bank account can be just as easy as closing your local bank account. Just as with local bank accounts though, the closing process and the fees associated with it vary by bank. These fees can range from nothing to hundreds of dollars; so check the terms and conditions of your offshore account before you begin the closing process. Read on to learn more.
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Things You'll Need
- Terms and conditions for the account
- Bank telephone and fax numbers
- Request to withdraw or close account forms
Instructions
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Contact your offshore bank. This can be done by mail, phone, fax or the Internet. To ensure the privacy and security of your account information, contacting your bank by phone is the safest route when closing your account.
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Complete the necessary paperwork. Each bank is different regarding the documentation necessary to close your account. Generally, you will have to complete a form requesting a withdrawal of your funds on which you will have to provide the primary account holder's name, account number and any applicable authorization codes, such as a PIN number.
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Pay the fees. Many offshore banks charge a fee for closing an account. Check the terms and conditions of your account or call your offshore bank to learn the specific closing fees.
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Request how you would like to receive your funds. There are generally a few different ways you can receive the funds from an offshore bank account. The most common are an electronic funds transfer to another bank, traveler's checks or a cashier's check.
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Tips & Warnings
Check currency conversion rates. When you close your account, your currency is converted. For example, if you are closing a Swiss account, the total amount of U.S. dollars you receive will be more or less in depending on the value of the U.S. dollar against the Swiss Franc. Checking currency conversion rates will allow you to minimize losses.
Choose to receive your funds either by EFT or traveler's checks and not a check drawn on the bank. An EFT can be traced if an error occurs and the situation can be rectified. Traveler's checks can be replaced if they are lost or stolen. The same cannot be said if a check drawn on the bank is lost or stolen.
