That's exactly what I'm thinking about offshore bank account. That's why I prefer using them instead of a government bank.
How Do Offshore Bank Accounts Work?
- Thread starter redeye
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Government owned banks sucks and will never work for me. Some of the small offshore banks that actually survived the financial crisis and which still have sufficient capital works great for people. I got a few names of such banks but will have to do research before I do posting about them.
They work exactly like normal bank accounts there is no difference. The only thing that may irritate your with an offshore bank account is that it's not in local language. But other than that there is nothing!
I understand how the offshore banking system works but what I'm not sure about is some of the following.
Do you think you can use the debit card in any shop locally? if so are there any costs that apply for this?
Is it possible to ask your friends and customer to transfer money directly to this offshore account? Wouldn't they start asking question if you tell them to do so?
How are you using the offshore account if not for daily banking?
Do you think you can use the debit card in any shop locally? if so are there any costs that apply for this?
Is it possible to ask your friends and customer to transfer money directly to this offshore account? Wouldn't they start asking question if you tell them to do so?
How are you using the offshore account if not for daily banking?
Here is some video which explains in an simple way how an offshore business bank account is opened and works How To Open And Access An Offshore Bank Account - Video | Investopedia it may be good for people that are more visual 😉
When you apply for an offshore bank account you may notice that all communication is in English and not your native language, this can be a problem for some people actually. Also you may note that everything is handled typically by e-mail which makes it even easier for most to open an account.
I appreciate your intention of creating awareness. I learnt offshore accounts have more scope to banking than traditional banks. It has additional bonuses like privacy, freedom and control. I still want to know about sending and receiving limits in Offshore. When its traditional bank accounts, there's always a safe feeling. When there are transaction limits with offshore banks, it would be such a pain. Can anyone share personal experience along these lines?
Its very simple if you want to get this kind of setup, hire a professional to do the job for you, its that simple. Since if we do it ourselves, we could mess things up or probably the worse we could not see bad things happening in the future because we are not that experience in this kind of things yet.
I also noticed this thing too, how come they are requiring every applicants to submit English documents? Even their own country ( the offshore country ) doesn't even speak English as their native language. I'm puzzled myself.
Thank you for the info. In the country where I live government poses an increasing risk to any kind of savings. So opening an offshore account is the only way to keep funds safe.
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