« Tips to find the best business credit cards | Home | How does the credit settlement process work? »
Offshore banking explained
By cooldude | September 29, 2011
An offshore bank is a bank that is located at a country different from where the depositor lives. This is done mainly if the offshore bank provides greater interest and also to avail a few legal advantages. This also gives some amount of privacy and definitely a lot of tax benefit.
You can make huge amount deposits in an offshore bank. Along with this there is the facility of credit. Electronic fund transfer and foreign exchange facilities are also available. This is in short your fund management system.
The International Monetary Fund is the governing body that looks into offshore banking. All offshore banks need to report into IMF at least once in a year with the current status of their business.
But, before opening an offshore bank account, you should also know that these are less financially secure and has been associated with underground economy and even criminal activities. And it is always more expensive if in any case you need to visit the bank.
Topics: Bank | No Comments »