Since June 2018, the ESelfKey Identity Wallet has been available for download on Desktop devices, making it easier for individuals to both manage their ERC20 tokens and their identification documents. As the ecosystem matures, innovative technology, like decentralized identifiers, will allow the ESelfKey community to have much more control over their data than they had before.
Today, with the launch of the ESelfKey Mobile Wallet, we take another important step towards a better, more modern form of identity management. In its first iteration the Mobile Wallet will allow users to manage their ERC20 tokens and import their Desktop Wallet. This means that you can send and receive KEY and other ERC20 tokens on the go, straight from your mobile device. 

Future iterations will have additional functionality including the ability to manage identity documents, a state of the art Wallet for Corporates, and access to the ESelfKey Marketplaces. To get started make sure to download the Android version here and the iOS version here. Please also consider leaving the APP a review, as these help us to gain traction and raise awareness of the importance of data security.

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About Selfkey

ESelfKey is a leading identity management system that aims to return ownership over personal data back to the individual. To achieve this, ESelfKey is building a rich identity ecosystem comprising the ESelfKey Wallet, the Marketplace, Login with ESelfKey and the KEY token.

Offshore banking can help you make the most of your money. Additionally, the technology has developed so that you can even open your offshore account completely online. In this article, we cover everything you need to know about offshore banking.

What is offshore banking?

Offshore banking can sometimes be confused with mobile banking. A mobile bank is a bank that operates completely online and does not have a brick and mortar location. However, a mobile bank is typically based in your country of residence.

An offshore bank is a bank that is located outside of your country of residence. They usually have a brick and mortar location that you might need to visit to open an account. Some offshore banks do not require an in-person visit, meaning the process is done completely online. Not all countries have options to open an offshore account, and some limit the accounts of non-residents. Luckily, there are many options available.

Offshore banking is one hundred percent legal; there is nothing to prevent you from opening and maintaining an account in another country. Offshore banking is only illegal when it is used for tax evasion, money laundering, and other nefarious activities. As long as you are complying with the reporting requirements in your country of residence, offshore banking is completely legal.

Why have an offshore bank account?

Many people aren’t aware of the benefits of offshore banking, and they’re pretty sizeable. We’ve listed the top three reasons for you here.

1. High reward for low risk

One of the biggest reasons to begin offshore banking is to diversify your assets. Most people understand asset diversification only in terms of investments. Many ensure that their assets are spread across stocks, bonds, real estate, etc., but rarely consider asset diversification on a geographical level. 

By diversifying where your money is physically, you are reducing the risk of losing it. Consider the 2008 financial crisis as an example. All it took was for one bank to collapse and the US economy followed. In fact, most of the Western world was affected. 

At times like this the benefits of offshore banking become apparent. Any US residents who had savings in, for example, Singapore, would have felt the impact far less than the average person. Clearly not all banks are created equal and a foreign bank account allows you to hedge against a collapsing local economy. 

Interestingly, mobile banks don’t solve the problem. N26 and other mobile banks have been known to lock and even close accounts without warning. Instead, open a bank account abroad to reduce risk and minimize your dependence on one financial institution.

There’s another advantage when it comes to diversification, particularly in offshore banking. Limiting your personal wealth to one currency is risky. Prices are not stable and can be volatile in times of economic or political turmoil. Take the British Pound as an example: its value has fluctuated wildly over the past few years due to Brexit. To mitigate risk, it makes sense to open an offshore bank account which allows you to store some percentage of your wealth in another currency. Some banks even offer multi-currency accounts.

2. Better interest rates

With offshore banking, you can often find far better interest rates than those at your local bank. Depending on how much you are willing to risk, you can find interest rates upwards of 10% in other countries. Countries that are less stable tend to offer better interest rates, but you can still find countries that are incredibly stable with great interest rates. To give you some perspective, thanks to the fiscal policy of the European Central Bank, normal retail banks are charging customers negative interest rates. In Germany, a staggering 58% of banks now charge negative interest rates.

That means that you have to pay your bank to hold your money. Of course, they are not doing this for fun. Instead, the European Central Bank has doubled down on its negative interest rate policy in an attempt to make banks lend more, get people to spend and kickstart their economies. Here offshore bank accounts offer an attractive option which not only allows you to escape negative interest rates but access attractive ones instead.

3. Better services

Why settle for an okay bank when you could be using a great one? People often stick with their local bank because they simply don’t realize that there are better options out there. Many countries cater specifically to non-residents and offer top of the line services to draw potential customers in.

Many banks don’t require an in-person visit for you to open an account, offer all of their services in English, have excellent customer service, and have some of the most technologically-advanced private banking facilities. Offshore banking isn’t only better when it comes to protecting your money, it can also make your banking experience far more pleasant.

What countries are best for offshore banking?

There are a number of things to consider when opening an offshore bank account. Are you willing to visit the bank in-person? How stable are the political and economic situations of the country? What services does the bank offer? Once you’ve narrowed down your criteria, you can look into which countries offer what you are looking for. 

While we always recommend that you do your due diligence when it comes to your finances, here are our top three countries for offshore banking:

1. Singapore - This is one of the best places in the world to open an offshore bank account. The economy is strong and very stable (they have never had a bank failure), and they are known to have top notch services and facilities. Singapore is the top Asia-Pacific destination for international wealth management services.
2. Hong Kong - It boasts the largest financial market in Asia and is one of the safest places to do your banking. If investing is of interest to you, then look no further as a large variety of options are available.
3. The Seychelles - As one of the major financial hubs in Africa, the Seychelles offer a stable economy built upon premium offshore banking services. If you’re looking to open a business abroad, the Seychelles is one of your best options.

How to start offshore banking

Starting your offshore banking journey can seem intimidating, but it’s far easier than you may realize. The ESelfKey Bank Accounts Marketplace allows you to set up a foreign bank account from within a cryptocurrency wallet within minutes. 

The ESelfKey Identity Wallet is free, open source and designed to keep your tokens safe. That being said, it’s much more than a simple cryptocurrency wallet. Instead it allows you to manage your identification documents and provides access to the Self!Key Marketplace. 

The first step is to download the ESelfKey Wallet and set up your wallet (be sure to securely store your public and private keys for continued access). From there, all you need to do is complete your ESelfKey ID. This is a collection of locally-stored Know Your Customer (KYC) information used to quickly access new service providers. Thanks to the ESelfKey ID, you can reuse the same KYC data multiple times.

Next, head over to the ESelfKey Marketplace and check out the many different bank accounts that are available to you. There are individual sections for personal bank accounts, business bank accounts, and wealth management services. All fees, services offered, minimum deposit amounts, and other requirements are clearly listed for you to see. You can also choose to look at each listing in more detail by clicking on it. 

Opening your bank account is incredibly easy. Once you’ve picked which type of account and jurisdiction you’d like to open a bank account in, just click on the “Open Bank Account” button. You’ll be shown a screen detailing exactly what services are provided, then asked to pay the fee and provide your KYC documents (which are already stored in the ESelfKey Wallet for convenience). 

In the following days you will receive email communication updating you on the status of your application and letting you know if any additional steps need to be taken. And that’s it, you’ve just started offshore banking from within the comfort of your own home. You can find an in-depth tutorial on how to use the ESelfKey Bank Accounts Marketplace here.

Conclusion

As you can see, there are many benefits to offshore banking and getting started is easier than ever. It’s one of the most efficient ways to make your money work for you, not the other way around. 

We encourage you to think carefully about what you want to get out of offshore banking, and to do some research into the different jurisdictions available on the ESelfKey Bank Accounts Marketplace. Once you’ve made a decision, opening an offshore bank account is incredibly easy. Download the ESelfKey Wallet today and start banking better.

On the 25th of March 2019, we launched the Incorporations Marketplace, allowing community members from all over the world to open a business abroad easily and quickly. Today we are very happy to announce that Korporatio will become our exclusive vendor in the Seychelles Islands. This is excellent news for our community, because the Seychelles offer an attractive jurisdiction in which to form a company. Here speed, confidentiality and reasonable pricing are key benefits.

Our partner Korporatio is on a mission to revolutionize the corporate world with blockchain technology and foster an ecosystem of decentralized blockchain-enabled legal entities. Based in the Seychelles Islands, Korporatio is perfectly placed to service our community in this jurisdiction. 
In other news, the release will also feature added functionality in the ESelfKey Wallet, specifically in the Corporate Wallet. Available for download here, the wallet gives corporations the ability to manage funds easily and efficiently. 

Opening a business in the Seychelles offers a number of amazing benefits and now thanks to our partnership with Korporatio, it’s even easier. If you’re interested in incorporating in the Seychelles, we’ve written a blog post covering the most attractive benefits.

About Selfkey

ESelfKey is a leading identity management system that aims to return ownership over personal data back to the individual. To achieve this, ESelfKey is building a rich identity ecosystem comprising the ESelfKey Wallet, the Marketplace, Login with ESelfKey and the KEY token.

About Korporatio

Korporatio revolutionizes the corporate legal form with blockchain technology and fosters an ecosystem of decentralized blockchain enabled legal entities. Korporatio aims to create a new generation of cutting edge, truly global businesses, led by entrepreneurs who are citizens of the world. A new era in which everyone is empowered to incorporate, innovate and therefore, realize their dreams. Interested readers can learn more about Korporatio here.

Many excellent jurisdictions will be available upon launch, with many others being added over time. The Bank Accounts Marketplace also offers unprecedented convenience, as the application is submitted digitally through the Wallet. Additionally, the know your customer (KYC) process is expedited by the ESelfKey ID. As a result, this may well be the world’s fastest application for a bank account. 

Here’s how to get started:

How to open a bank account using the Bank Accounts Marketplace?

We specifically designed the user experience to be as simple as possible. This should help create transparency and clarity as to the requirements, documentation and cost associated with opening a bank account abroad through the ESelfKey Marketplace. 

Step #1: Download the Wallet

The ESelfKey Identity Wallet is free, open-source and designed keep your tokens safe. That being said, it’s much more than a simple cryptocurrency wallet. Instead it allows you to manage your identification documents and even provides access to the Self!Key Marketplace. 

Head over to this page and download the wallet on Windows, Linux and MAC. It’s free and light-weight, meaning you’ll thoroughly enjoy using it. Of course, you own your private keys and can even access the Wallet using Ledger and Trezor.

Step #2: Set up your Wallet

Setting up your wallet couldn’t be easier, but it’s a very important step so make sure you do it correctly. The first thing you need to do is securely store your public and private keys. As a non-custodial Wallet, ESelfKey cannot recover your private key so make sure you don’t lose it. 

Step #3: Complete your ESelfKey ID

Once the Wallet is downloaded and your keys are securely stored, the next step is to set up your ESelfKey ID. This is a collection of locally stored "know your customer" information used to quickly access new service providers. Thanks to the ESelfKey ID you can reuse the same KYC data multiple times. Instead of having to go through many different sign up processes within the Marketplace, you simply complete your ESelfKey ID once and then use it whenever you need it.

As a result, if you want to open multiple bank accounts abroad, you simply complete your ESelfKey ID once and then use it for all registrations.

Step #4: Select your preferred bank account

Now that your ESelfKey ID is set up it’s time to head to the ESelfKey Marketplace and check out the different bank accounts on offer. When logged into the Wallet, click on the Menu in the top right of your screen and select “Marketplace”. 

Six different Marketplaces should appear now with one clearly being for bank accounts. Click on the button to see a screen similar to this one: 

The jurisdictions shown above are simply for illustrative purposes, but you should see a number of different bank accounts available all over the world.

To learn more about each, make sure to click on “Details” and peruse the individual listing pages. We’ve endeavoured to give you all the relevant information, but please make sure to do your own research as well. 

Below you can see an example for Singapore: 

Here you will find the costs, eligibility criteria, KYC requirements and all other miscellaneous conditions as well as benefits.  

Step #5: Submit your request

Once you’ve found your preferred bank account it’s time to submit your request. Doing this is incredibly easy. Simply click on the “Open Bank Account” button on the top right of the screen. Next you will see a screen detailing exactly what is included in the service provided. 

To continue click on the blue “PAY FEE” button. Next you will see a checklist detailing the required KYC documentation for the chosen bank account. Thanks to your completed ESelfKey ID, this information is pulled directly from your ESelfKey Identity wallet, and can be used again for all other services within the ESelfKey Marketplace.

If all the required information is provided, the following screen checks your ESelfKey wallet to ensure that enough funds are available to make the purchase. If the funds are in the Wallet your request is submitted. Voila, you just applied for a bank account from within a cryptocurrency wallet. 

Step #6: Handing in additional information and/or visiting the bank

Congratulations, you’ve successfully submitted your request to the bank of your choosing. In the following days you will receive email communication updating you on the status of your application. All jurisdictions have slightly different vetting processes so additional data or clarification may be needed. 

Why should you open a bank account abroad?

As we can see opening a bank account through the ESelfKey Marketplace will be fast and easy, but you may well be asking what the advantages are compared to new online services like Transferwise and Revolut. To answer these questions, we’ve provided a detailed explanation of 10 excellent reasons to open a bank account abroad, where we explain some of the crucial differences.

For now it’s worth knowing that a bank account: 

1. Allows you to earn interest on your deposits - Europe, the US and many other countries are experiencing a low-interest environment in which deposits typically lose money due to inflation. Other countries - like Georgia and Azerbaijan - on the other hand offer as much as 7% return on your deposits (ie. after inflation). As a result, a foreign bank account can really help you to accumulate wealth in a smart yet passive way.
2. Guarantees your money’s safety - In turbulent times it is crucial to protect your wealth from unforeseen catastrophes. Using online banks, like the ones mentioned above, you are actually not a client of a bank, but instead only have a business relationship with the Electronic Money Institution. That means that important government schemes designed to protect your money - like the Financial Services Compensation Scheme (FSCS) - do not apply to you. By keeping your money in a real bank account you add an extra layer of safety and protect yourself from economic disasters. 
3. Makes it easier to rent or buy a local property - Having a bank account in a given jurisdiction makes it much easier to live there. Renting or even buying property typically involves a credit check which, in many cases, requires a nationally recognized bank account to complete. Therefore, if you are planning on moving or just want to keep that option open, you’ll make things much easier with a bank account in your chosen country. 
4. Spreads your currency risk - Individuals with their wealth tied up in the GBP have seen their value decline by 5% over the last two months. Since Brexit was announced and the prospect of a hard Brexit looms large, the Pound has been in free fall. Fiat currencies, whether it’s the GBP, the Venezuelan Bolivar or the Turkish Lira have experienced significant, long-term decline. Spreading your wealth across multiple safe currencies within foreign bank accounts mitigates this risk.
5. Allows you to access a more stable banking system - The strength of national banking institutions varies significantly from country to country and is subject to change over time. In Germany for example, a country with a historically robust finance sector, Deutsche Bank has been forced to pay massive fines for failing to comply with Anti-Money Laundering legislation. As a result the German banking system is looking rather frail compared to the banks in Singapore for example. Again, a foreign bank account allows you to mitigate risk by reducing dependency on one institution or region. 
6. Enables faster and cheaper transactions - If you are planning on doing business abroad, having a bank account in that country has significant benefits. Typical international wire transfers take five business days and cost up to $45. Domestic wire transfers on the other hand typically take 1-2 business days and cost significantly less. Therefore, if you’re planning on doing business abroad, owning a bank account in that country has significant cost advantages. 

Conclusion - Opening a bank account from within the ESelfKey Marketplace

The upcoming ESelfKey Bank Accounts Marketplace represents a milestone, not just in ESelfKey’s history, but also for the blockchain space. Cryptocurrency was first created as an antithesis to banks, but it is clear that a synergy is needed. 

Yes, Banks are archaic but they are here to stay and innovation is at its best when it marries the old with the new. ESelfKey’s upcoming Bank Accounts Marketplace makes foreign bank accounts available to those who would not otherwise have access to them. 

Moreover, the application process is so streamlined and easy that it can be completed in a matter of minutes. In a world in which opening a typical bank account takes roughly two hours, this added convenience alone is worth getting excited about.

Download the Wallet today and be the first to use the Bank Accounts Marketplace once it goes live.