Offshore banking has been around for many years now. People generally have misconceptions about offshore banking. For instance, some people feel that offshore banking is for the business of investors who want to invade taxes. However, in reality, it is a legal banking option available to all companies and individuals. There are certain jurisdictions where the tax terms are more beneficial for business, so they set up their offshore banking channel in those countries. Likewise, there could be foreign banking options where a person can make a better return on his savings than what he can get from a bank account from his country. The bank account opens as per the SOPs set by the foreign bank, and anyone can open an offshore banking account without violating any rules of the State. One can also take the advice of a banking advisor before opening the bank account.