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How do offshore bank accounts work?

vitomerchant

Offshore Agent
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!
 

taxman

New member
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?
 

zohoman

New member
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?
Thanks, so understand it all correct. Great you could confirm it.
 

aris

Offshore Agent
Damn hell they work. To open an offshore bank account don't require a lot I see and it's an good way to stay private and protected.
 

deadpool

Active Member
Damn hell they work. To open an offshore bank account don't require a lot I see and it's an good way to stay private and protected.
It depends on the location. Destinations like Dubai or Swiss can be a costly affair.
 

happyjohn

Corporate Services
Mentor Group Gold
Business Angel
Entrepreneur
There is no difference from an offshore account and an onshore account they both have Online / Internet banking in English and all what else you need for your day to day banking.
 

khan

Corporate Services
Mentor Group Gold
For starters, you’re going to be able to enjoy a lot of extra freedom when you open up your own offshore account. You’ll have a world of options to be can choose from, and many of the best banks in the world are operating outside of the US.
I agree. Since 2010 I'm holding an Cyprus bank account and have always been happy with it also with the banks approach to help if there are any issues. However I'm looking for other places to put my money in as second and 3rd option.
 

blueweb

Corporate Services
Mentor Group Gold
Elite Member
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.
 

infotrader

New member
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?
 

Emirates

New member
That's because people get scared from all the stuff happening around in the financial sector. We want protection of our money and assets and this one can get with offshore banking that is totally legal as long as you pay your taxes.
any special hint or trick to get this setup? I'm in the planning phace.
 

MisterFree

New member
any special hint or trick to get this setup? I'm in the planning phace.
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.
 

MisterFree

New member
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 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.
 

oldbear5566

New member
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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