Offshore Banking
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Offshore banking is the term used to describe banking that takes place in another country. Because there have been media reports about crimes related to these accounts, some people associate them with illegal activity. However, you should know that this kind of banking is legal if you use your account in a legal way. An offshore account is one located in a different country than the one you reside in. There are various reasons why someone would want such an account.
One reason is security. It is harder for other people to access or even know about your account when it is located in another country. Some people who are very wealthy prefer stashing funds in offshore accounts for savings purposes. This is especially the case with Swiss bank accounts which are associated with the very rich. There are banks of this type located not only in Switzerland, but other countries also. The Cayman Islands is another popular location for offshore banking.
In addition to security and privacy, many people choose offshore banking because it is easy to open an account. You may find there are minimums required with an offshore account. Corporations and self employed people often go offshore for banking when the conditions are more favorable than they are in one's home country. If you decide to open an offshore account, you should know that it is important to report all your income held in that account. Failing to do so is a crime, known as tax evasion. You cannot put money in an offshore account and not report it to the IRS.
One disadvantage of offshore banking is that you may be more susceptible to an audit by the IRS. Because money laundering is associated with offshore accounts, the government watches such accounts very carefully. Before deciding to put your funds in an offshore bank, you should learn as much as you can about them and make sure your money is safe and insured. In addition, make sure you understand all the requirements related to offshore banking as imposed by your country of residence. For all but the very wealthy, having offshore accounts is most likely going to be more trouble than they are worth.
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Online Banking News:
| Should online security warnings scare me away from online banking? (Minneapolis-St. Paul Star Tribune) Q: I hear so much about hackers attacking Web sites and stealing people's personal information. Is it safe to bank online?.. | ||
Morgan Stanley Appoints Senior Banking Veteran Cece Sutton to Head . - WELT ONLINE
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Banking crisis opens door for online banking innovation - The Paypers (abonnement)
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Total assets of China's banking industry surpass 50 trillion yuan (People's Daily) Since the reform and opening-up, the total assets of China's banking industry have grown from merely hundreds of billions of yuan to over 50 trillion yuan, increasing by more than 100 times, a report issued by the National Bureau of Statistics of China (NBS) on November 10 revealed. The report said that while total assets grew rapidly, the quality of China's banking industry's assets has also ... | ||
Online Bank Targets the 'Next Generation of Banking Customers' - istockAnalyst.com (press release)
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Banking crisis creates opening for online-banking competition After acquiring faltering heavyweight competitors, Bank of America, Wells Fargo and JPMorgan Chase will control an astounding 39% of the online-banking market in the United States, up from 25% previously, according to Javelin estimates ... | ||
Online Banking With regards to online banking help, this was really impressive. I was really happy so I asked him:. Me: Thanks for your help! But, if you dont mind me asking, where are you working? Its really late in the United States. ... | ||
Union Savings Bank chooses Fiserv online banking and bill payment technology (Finextra) Fiserv Vision, a business unit of Fiserv (NASDAQ: FISV), a leading provider of information technology services to the financial industry, announced ... | ||
Huntingtons High Yield, High Interest Online Savings Account Can . - Business Wire (press release)
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Its Me 247 Online Banking Update News Its Me 247 Online Banking Update News! Were rolling out some great new improvements to Its Me 247 on Monday, November 17th. The first thing you will notice is a new User Agreement. When you log in for the first time after the upgrade ... | ||
Good Question: How can I bank online safely? - The Associated Press
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Nearly 80 Percent of U.S. Adult Online Consumers Made Internet Purchase in Previous Six Months, According to Nielsen . (Marketwire via Yahoo! Finance) Nielsen Online, a service of the Nielsen Company, today announced that 78 percent of adult online consumers made a purchase over the Web in the previous six months, according to @Plan, Winter 2008/2009 Release... | ||
Online Banking But what about paprika?.. | ||
Hack no: Online banking is safe (The Gainesville Sun) However, avoid 'phishing' trips and maybe use a second browser... | ||
Trade Bank of Iraq Selects Misys to Provide Core Banking and to . - MarketWatch
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Morgan Stanley Appoints Senior Banking Veteran Cece Sutton to Head Newly Created Retail Banking Group (Business Wire via Yahoo! Finance) NEW YORK----Morgan Stanley announced today the hiring of two senior banking veterans to lead the Firms newly created Retail Banking Group, as the Firm continues to build out its retail banking business and deposit base... | ||
Wachovia Online Banking | Google Search Trends The REAL URL of the spoof website looks nothing like the actual Wachovia Bank URL. Content. Email:. EURśWe recently reviewed your account, and suspect that your Wachovia Online Banking account may have been accessed from an unauthorized . ... | ||
Online banking for obtaining a construction loan Posted By : Rick . Online banking for obtaining a construction loan Posted By : Rick Gomez Get ready with the set up and only than can you start with internet banking. Though there are many ways to get started, a lot would depend on the internet company ... | ||
Gemalto Unveils World's First Optical Reader for Online Banking . - WELT ONLINE
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Union Savings Bank Expands Fiserv Partnership by Adding Online Banking and Bill Payment Service (Centre Daily Times) Fiserv VISION, a business unit of Fiserv, Inc. (NASDAQ: FISV), a leading provider of information technology services to the financial industry, announced today that Union Savings Bank, a $1.7 billion bank headquartered in Danbury, Conn., launched an enhanced online banking service leveraging Corillian Consumer Advantage(TM) and CheckFree Web RXP(TM) from Fiserv's Internet Banking and Electronic ... | ||
Online Banking Report Publishes "2009 Planning Guide for Online . - MarketWatch
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How To Conduct Online Banking The Ultimate Guide Online banking has its own risks too, you cannot rule out the risk of encountering fraud totally although it has been reduced to the minimum these days You have to know that the security of your account can be improvised if your bank ... | ||
Good Question: How can I bank online safely? (San Francisco Chronicle) Q: I hear so much about hackers attacking Web sites and stealing people's personal information. Is it safe to bank online? A: One of the scariest things about banking online is that you're forced to enter personal information, like account numbers, that you'd... | ||
wachovia online banking We first looked at loyalty rates among top banks to get a better understanding of whether certain online banking customers are prone to shop the competition or stick with their current bank when shopping for a similar financial product. ... | ||
Gemalto unveils e-banking device - ITWeb
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Good Question: How can I bank online safely? (The State) Q: I hear so much about hackers attacking Web sites and stealing people's personal information. Is it safe to bank online? A: One of the scariest things about banking online is that you're forced to enter personal information, like account numbers, that you'd never type anywhere else on the Internet. You're also viewing your most sensitive financial information, and the fear is if you can see ... | ||
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