What's the Point of an Offshore Bank Account?

Sigh – when I’m asked what I do for a living I’m then asked the ‘isn’t offshore banking illegal?’ question - having answered that I’m usually asked ‘so what’s the point of an offshore bank account?’ - because having pointed out that there is nothing unethical or illegal about opening an account offshore and that not everyone who ‘goes offshore’ does so to evade taxation, people seem to wonder why on earth anyone would want to bother with an offshore bank account in the first place!

It’s funny how the offshore world still seems to be synonymous in many people’s minds with shady dealings, fugitive tax exiles and crime - when in actual fact by simply opening a bank account in a country other than the one in which you’re currently resident - like you might do if you own a holiday home abroad for example - means you’ve effectively ‘gone offshore!’

So if you’re wondering what’s the point of an offshore bank account and whether you could actually effectively use one, read on to find out more…

As stated, an offshore bank account is one opened in a jurisdiction other than the one in which you’re currently resident – although usually one considers an account opened in a low tax jurisdiction to be a ‘proper’ offshore bank account – so the Cayman Islands or the Channel Islands are more likely to be synonymous in people’s minds with offshore banking than Spain or Mexico for example. But in actual fact, Spain and Mexico are just as likely to be used by non-residents for banking purposes as any because many people open accounts in countries where they have a second home, where they holiday frequently or where they regularly work.

Just think about it - if you’re considering buying real estate abroad or you often travel to a given country for work or leisure breaks it may make sense for you to consider opening a bank account locally so that you can set up standing orders and direct debits for things like your water or electricity supply for example, or so that you can have funds available for a local transfer when you want to do a bit of shopping or sightseeing.

Other people expatriate and go to live or retire abroad and some of the countries they choose have different banking laws or rules and regulations that restrict the individual so much that they decide to keep the majority of their money elsewhere where they can access it easily for example - or where they can reduce the amount of taxation they have to pay out on interest earned maybe.

Some people who live and work abroad end up in countries which are politically or economically unstable – for people such as this it makes no sense to keep their money in a local bank account and in a local currency no matter how much interest they are offered!

Again, in such an instance as this it makes far more sense to have an offshore bank account that is safely protected by international banking insurers and strict local laws in a robust and respected jurisdiction like the Isle of Man for example, rather than in a country where austerity is a possibility or the closure of XYZ Bank Limited would result in the loss of all an individual’s funds with no chance of recompense.

So, if you fall into any of the above categories it’s highly likely that an offshore bank account could be of benefit to you. However, you have to consider your options relating to which jurisdiction, which bank and which offshore bank account type before you move your money, and remember – non-disclosure of offshore funds could land you in a whole heap of trouble! Get advice if you want to get it right.

Rhiannon Williamson writes about offshore saving and investing as well as offshore banking and her website http://www.shelteroffshore.com/ is full of simple, accessible and useful tips, tricks, articles and reports about making the most of your money and protecting your assets and your financial future.

Opening a Bank Account Doesn't Have To Be Difficult

If you're a young person who has just begun to earn some money, it is very important that you know how to open a bank account. Once you do, you'll have taken the first step in a long-term process of financial independence and growth.

A bank account is not only essential to cultivating savings, it is also important for day-to-day financial activities. Before you decide what bank or financial institution with which to do business, however, do some research. Talk to your friends and family about where they do their banking. Ask them questions about the service their bank provides, and whether or not they are satisfied with it.

Next, determine exactly what type of account you want. The two most common types of accounts are a checking account, and a savings account. A savings account does just what its name implies – it allows you to deposit money in the bank that will receive a small amount of interest over a period of time. A checking account is intended more for daily, weekly, and monthly transactions, such as the writing of checks and the withdrawal of cash for various minor purposes. For this reason, a checking account does not usually generate interest.

When choosing a bank account it is crucial to know what services are important to you. Do you want low fees, access to an ATM machine, good customer service by phone and Internet banking? Or maybe you simply want to have an account with a bank that is located conveniently close to home? These are all key questions you must ask yourself before choosing a bank.

Once you've chosen a bank, all you have to do is go to the branch and fill out an application form. Most of the time you also have to provide the bank with an initial deposit for the account as well. Then you are given a bank number and an ATM card (if you chose this option). If you have opened a checking account you will also be given a book of checks.

Jakob Jelling is the founder of http://www.cashbazar.com. Visit his website for the latest on personal finance, debt elimination, budgeting, credit cards and real estate.

Create Your Own Confidence Bank Account

This is a technique that sounds a bit silly when you first hear about it (and doesn't seem at first to get much better as you read on) but WORKS, which is what counts, if you apply it to your life. The idea is to "open" a Confidence Bank Account for yourself. Bear with me on this!

We all feel at times that our confidence could be at a higher level than it is, whether that is in the moment or over a period of time. By using a CBA, we can build our confidence back up to where we would like it to be.

The principle behind the idea is this; every time you do something, big or small, that adds to your self confidence, you make a deposit into your CBA. As you start to do more and more actions that give you confidence, your CBA begins to grow.

You don't need to write down your account but that may be helpful to you. Lay out our account as if it were a real bank account by using a spreadsheet or simply a sheet of paper. Start the account with an opening balance. Decide at what level your confidence is, at present, on a scale of 1 to 10. For every level, give yourself 100 bank credits. In other words, if you rate yourself at 6 on the confidence scale, add 600 points to your CBA.

Now that your account is open, start becoming aware of the things you do in your life that improve your self confidence. This is the key to the technique. It makes you look for the good things you do at times when your focus may be elsewhere.

Every time you notice doing something that is positive, in any area, rate that deed on a scale, and award the points to the account. Not everything we do on a daily basis would have a major impact on us, so be careful not to miss the small things.

A couple of examples of points scoring would be as follows. Let us say that today you have just delivered a presentation at work in front of a sizeable number of your colleagues and strangers from another company. This would be an action that deserves a high number of points, so you could award yourself 200 credits.

On the other hand you also smiled at someone in the supermarket whom you are attracted to. This is not the biggest thing that has happened in your life, but it should be rewarded. Give yourself 25 points. The most important aspect of this system is in encouraging you to spot the small stuff.

As time goes on and your account fills up you will begin to notice an improvement in your level of self confidence. If you find that there are specific areas that you would like to build on, then open a CBA solely aimed at that subject. You could have an account for relationships, work, friends, strangers, anything you decide upon.

Your CBA has no overdraft limit, therefore you can't take out more than you put in. If you do something that you feel has reduced your confidence, don't be too harsh on yourself. Even if what has happened seems like an almighty disaster at the time, just remind yourself that you not only own the account but you own the bank as well.

Try this technique for a few weeks and see if it works for you. Even if you keep the account in your head rather than on paper you should be able to feel a difference in your life.

Allan Cowley is a Life Coach working on a one-to-one basis with clients throughout the world. He provides online life coaching via his website. You can contact him at:- http://www.uk-success-coach.com/

How to Apply for Bank Savings Account?

Financial stability is necessary in order to provide your family the future they deserve. The other side of the coin, which is spending all that you earn, will cause financial instability and the possibility of bankruptcy will surely knock on your door.

It is thus better that you keep some of your earnings in preparation for the good future of your family. Bank Savings Account is money reserved in the bank for future use. Although, it may be accessible when you need it, having enough on your bank savings accounts will be a good means to keep some of your money.

Bank savings account promotes the habit of savings. Aside from being able to save some of your money in reserve, your money may also earn interest depending on the time your money stays in the bank.

How to apply for Bank Savings Account?

Bank savings accounts or deposits accounts are considered assets. Thus, regulation in processing application for bank savings accounts are in place to assure proper handling of the money.

To apply for bank savings account, you will need the money for your deposit, aside from this you will also need to submit the following:

1. Two (2) passport size photographs for each of the individuals applying for bank savings account.

2. Completely filled up and signed application form for bank savings account.

3. Proof of identification such as passport or postal identification.

4. Your social security number is also a requirement.

A single individual, joint savings account or even a corporate savings account may apply for bank savings accounts. All the individual who will access the bank savings account may need to submit all of the above requirements.

How to withdraw from your Bank Savings Account?

As mentioned earlier, you may withdraw or use the money or parts of it when you need to. To avoid problems including illegal transactions, you will need to present your passbook upon withdrawal.

Taking care of your passbook will ensure that no one will be able to access your money without your express approval.

Aside from submitting your passbook upon withdrawal you may also need to present identification, the bank officers will verify your data and the signatures in the withdrawal form. This is a ceremonial procedure, which should not be bypassed.

Proper management of your bank savings account will ensure that the money you are keeping for the future will be kept safely and use of the fund will be managed in such a way that you will be able to make use of it only when it is necessary.

Keeping your money in a bank savings account will reduce the risk of spending in your heart’s desire. This will ensure that your bank savings account will be helpful in securing the future of your family.

What are deposit accounts?

Bank savings account is only one of the many deposit accounts that will help you manage your money properly. Other types of deposit accounts are:

• Money market deposit account

• Time Deposit

• Transaction deposit

Financial stability starts from the habit of saving and one sure way to ensure you will keep you money well managed is by keeping it in a Bank Savings Account.

Get more info on the topic of bank savings account

Bank Account Online: The New Trend

The Internet boom and the beginning of the cyber age has given rise to all sorts of things that, twenty years ago, would have sounded impossible. The Internet has become an entire world unto itself, filled with virtual business, auction houses, libraries, and galleries. There is nothing you cannot buy, sell, or trade online, no topic you cannot research, nothing you cannot view. With the click of a few buttons, you can virtually travel around the world.

The latest Internet trends have given rise to another trend that could only happen in this very modern age we live in: online banking. Online banking is probably the most exciting thing to happen to the financial world since the invention of coinage. And, to many, the concept of online banking is just as confusing today as the concept of coins were to people who lived more than a thousand years ago.

Wrap your mind around this: a virtual bank, filled with virtual money, transmitted through electronic impulses and bits of data. Completely through the Internet, you can invest, borrow, lend, withdraw, deposit – anything and everything you can do at the brick bank down the street. Only this bank exists on the Internet only.

The first question that springs to mind is where does the money go? If you deposit two thousand dollars in online banking, where is your money all of a sudden? An online bank exists in a virtual bit of cyberspace – but the two grand you put into that bank is an object you can hold in your hands. So how in the world, or better yet in cyberspace, does online banking work?

Online banking of any kind works in the same way that a credit card works. Even credit cards are somewhat hard to understand. The credit card feeds information into a computer system, information such as your account number and routing numbers that the bank keeps on file to track your specific account. One computer tells your bank’s computer that you have charged two hundred dollars to your credit card. This information travels through cyberspace on an encrypted, safe transmission, to electronically remove two hundred dollars from your account and electronically replace it in another account. Your balance changes to reflect that purchase, and theirs changes to reflect that change.

No actual money is exchanged, no human person holds that cash in their hands and takes it to another location because no one needs to do that in this electronic world. For the most part, even banks that exist in brick and stone do not have that much money in their vaults. Banks keep some money on hand to give cash out to those who come to make withdrawals. For the most part, money is moved from account to account, to account.

In online banking, the bank still keeps their money in a bank account. Based on your withdrawals and deposits (which you make through a credit card or similar contraption), money is moved around in your account. Through ATMs, you can still withdraw money to hold cash in your hand – but in today’s day and age, you hardly ever need to do that, anyway.

Before you start your new bank account online stop by and check out our up to date info