What are the different types of private banking services?
private banking services are available exclusively to rich customers whose liquid assets exceed the specified amount, such as more than $ 1 million. Some private banks distinguish between ultra -high net forts and individuals with high net assets and distinguish services between the two groups of customers. Wealth management services offered by private banks are often not available to the general public. These services include custom -made products adapted to bank accounts, foreign currencies and international funds and investment services. Many banks also offer a wide range of counseling services in several areas, including tax planning, heritage of family businesses and wealth protection.
One of the basic private banking products available for wealthy customers is a number of bank accounts that receive competitive rates. The general public has access to the same products, but private banking often offers adapted and highly PERSOnized service accounts. Many of the control accounts also receive the same rates as the money market accounts and customers have the ability to write unlimited checks each month. Non-eaten banking may not have access to the same interest rates because customers do not own so much money. Private banking customers can also put their money into higher interest accounts, but the amount of controls they can write every month is often limited.
Exchange in foreign currencies and international transfers are often popular services of private banking among rich banks. Many individuals with a high net value of their own asset in other countries and must carry out transfers between bank accounts on the coast and the coast. Others can own private enterprises overseas and need the ability to exchange receivables for their current currency. It must also be able to convert foreign currencies of the reversal currency where it is located. Private servicesHo banking often exist to make this process as simple as possible and as trouble -free for customers by providing a number of foreign exchange services.
private banking services are sometimes synonymous with investment services for wealthy individuals. Bankers offer investment advice on an overall investment strategy, recommend investment products and advise on proper asset allocation. In the offer of highly personalized services, private bank services may also include detailed and regular analysis of external financial conditions and advice to clients about wealth protection. Privacy bankers can also check portfolios every month and provide clients with advice they need to decide on asset management.