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  • International banking is the business carried on by or with a bank that is registered, located or operated in a foreign country. It includes such financial services as lending and account payments secured by a bank customer from an international bank. It is sometimes called offshore banking and often is associated with Swiss banking.

    Not Just for the Wealthy

    While international banking has historically been conducted among companies and wealthier clients, a greater number of international banks provide services to customers from various income brackets.

    International Transactions

    Companies seeking to conduct business in different countries set up accounts with international banks to facilitate international transactions.

    International Banking Act

    Unlike it does for U.S. banks, the Federal Deposit Insurance Corporation does not insure U.S. citizens in their international banking transactions. The International Banking Act of 1978, however, is federal law enacted in the United States in 1978 that placed foreign banks with U.S. agencies and branches under federal banking regulatory supervision.

    Benefits of International Banking

    International banking is often used to invest in developing economies or for tax- and business-planning benefits.

    Hazards of International Banking

    Corruption and the economic instability of a country are some of the hazards associated with international banking.

    Source:

    International Banking Act of 1978

    some of the hazards

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