Offshore Banking

The banking that takes place in other countries is referred by the term offshore banking. Some people associate themselves with some illegal activities regarding offshore banking and it is supported by media reports. 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.
Online Banking News:
Crooks steal past multi-factor authentication
Online banking security needs tightening because malware can already breach existing measures, says Rik Ferguson..


Daily Mirror, The; London (UK) - BANK BOSS STOLE pounds 1/4M TO GAMBLE
July 15, 2010 -- A TROUBLESHOOTER sent in to balance a bank's books siphoned off nearly a quarter of a million pounds to fund her gambling. Nicola...


Strong growth in online labour market
The online labour recruiting market saw a strong growth in the second quarter of this year, according to the countrys leading provider of online employment services, VietnamWorks.com...


Business Wire - Sales of Community 1st Bank Common Stock Serving as Collateral Completed
July 16, 2010 -- HASH(0x2a966a2960) AUBURN, Calif. -- Community 1st Bank (OTCBB: CFBN), today announced the successful completion of sales of...


HSBC online banking suffers yet another breakdown
The internet banking system of Hongkong and Shanghai Banking Corporation broke down on Monday - the second time in three months...


Manufacturing Close - Up - VINtek Establishes Office in California
July 16, 2010 -- VINtek, a provider of automotive collateral management services and direct auto finance solutions for banks, credit unions and other...


Caixin Online: How Chinese banks sneak past regulators
Despite efforts to stop banks from removing loans from their balance sheets to dodge credit restrictions, China's lenders aren't slowing their practice of packaging loans as 'wealth management products,' reports Caixin Online...


Chinas online population reaches 420 mln
BEIJING: Chinas online population has reached 420 million, as at end-June, which translates into an Internet penetration rate of 31.8 per cent...


Sales of Community 1st Bank Common Stock Serving as Collateral Completed - MarketWatch (press release)

Sales of Community 1st Bank Common Stock Serving as Collateral Completed
MarketWatch (press release)
Community 1st Bank offers a wide range of business and consumer deposit products including remote deposit capture, health savings accounts, online banking, .

and more »
..


Dayton Daily News - No letup of foreclosures, delinquencies in sight
July 16, 2010 -- The steady pace of foreclosures shows no sign of letting up in the Miami Valley or nationwide. A forecast from RealtyTrac, an...


Windows XP, Online Banking: Hot Trends
Windows XP, Free Online Banking, iPhone Recall and Smart Technologies IPO are the trending topics on Google and Yahoo...


Western Morning News, The - My simple passbook more than enough
July 16, 2010 -- Yet another building society agency, the Halifax, is set for closure in my locality, Kingsbridge. I have always sought out building societies...


CORRECT:BROKER'S WORLD:Bank Of America Brokerage Sees More Business In 2Q - Wall Street Journal

This is Money
CORRECT:BROKER'S WORLD:Bank Of America Brokerage Sees More Business In 2Q
Wall Street Journal
The second quarter also marked the launch of the bank's new online brokerage, Merrill Edge, which received 20000 referrals resulting in 7000 contacts, .
Merrill Lynch profit fell 12 pct on higher costsReuters
BofA Remains Confident in Wealth Businesses As Assets SinkBankInvestmentConsultant.com

all 51 news articles »
..


Online Banking changing the face of Banking | Financial News
by Truthout.org Online Banking changing the face of Banking With the advent of online banks banking has been simplified and made so user...



Technorati Tags: , ,