What do you think of private banking? I though of that like an very exclusive service that can only very rich people afford. But I have recently heard those word in some other context and I thought that maybe didn’t understand very well. Can someone explain some basic aspects of private banking and is there any other meaning of this term?
I guess you got it right. It is a term for banking and investment service and yes it was considered for exclusive service. Now you can open private account for about $50,000.
The term private stands because service is rendered differently from retail banking and usually is conducted by advisers. For your money you will get a full service including tax planning and inheritance. The other meaning of this term can be thought in terms of bank secrecy or minimizing taxes.
