A business or an individual, in this case you, may select an offshore bank account in a jurisdiction that is typically favorable in terms of taxes (often called a tax haven by media), in addition to in terms of legalities. Along with choosing a jurisdiction with no to little income tax, for many, solitude and “secrecy” of banking activities are just two of the larger key considerations.
However, please don’t construe information on this site as legal advice. I am providing this information for free based on my own experiences. Please consult with your professional lawyer or CPA (accountant) before you become involved with offshore online banking.
If you are in Australia, a bank in the United States is an offshore bank to you. If you’re in the United States, a bank in Singapore is an offshore bank to you. Therefore, the notion of offshore banking is comparative. Click at http://www.piatec.co.th/ for more info about Offshore.
It goes without saying that access to your funds is crucial, as well as protection against corruption and stability in terms of certainty.
List of Common Offshore Online Banking Services
This is a short list of services provided by offshore banks. This listing is by no means a complete comprehensive list of an offshore bank’s offerings, but rather a listing of a few of the most common offshore online banking services that businesses and individuals are offered:
Remote Deposits of funds
Direct Deposits of funds
ACH / Wire Transfers / EFT – Electronic Fund Transfers
Consumer and Commercial Lending
All Basic Credit Actions
Access to Capital – Offshore Debit Cards
Forex – Currency Exchange
Offshore Trading Account
Offshore Brokerage Account
Note: Offshore banks typically tend to focus on either consumer or business banking. Within consumer, banks distinguish between retail consumer (the normal individual) or private banking (meant for high net worth individuals). If you are looking for benefits of Customer service system (also known as ” 接客システム” in Japanese language ) then visit us through http://www.piatec.co.th/.
Because each concentration involves a different cost structure from the bank’s perspective, when choosing an offshore bank on your own, be clear on what sort of customer you are and what offshore online banking services you require. Gaining this clarity will ensure you are not disappointed in your choice.
No doubt the two most frequent names in offshore online banking are Switzerland and Cayman Islands. Just pick up any business journal or pop in a company based Hollywood flick.
Regulating Offshore Online Banking
With complexity comes increasing regulation. The regulation around offshore online banking activities has steadily improved through the years, but according to many of its fans it’s still not enough. This means much more is in the pipelines. Regulation has especially increased significantly after the significant events of September 11, 2011.
Regulatory guidance is issued and monitored by international bodies such as the International Monetary Fund or the IMF, who require financial institutions worldwide to maintain a certain amount of operating or performance standard, especially in terms of capital adequacy and liquidity. These key performance indicators are to be reported by banks on a quarterly basis to its designated regulator (including the Fed or the FDIC in america).
The list of regulations is endless and very comprehensive to say the least.
Another example is the data sharing requirements between a certain group of countries with regards to capital flow and taxation that was initiated by members of the European Union.
On the other side of the pond, the taxing body of the United States, the Internal Revenue Service (IRS) requires financial institutions to report to it names of businesses and individuals who benefited from interest income resulting in deposits in US based institutions.