Offshore Banking

Offshore banking is the term used to describe banking that takes place in another country. Because there have been media reports about crimes related to these accounts, some people associate them with illegal activity. 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:
Bank of Commerce Reports Fourth Quarter Results and Year-to-Date - MarketWatch (press release)

Bank of Commerce Reports Fourth Quarter Results and Year-to-Date
MarketWatch (press release)
From a midtown Charlotte office at 100 Queens Road, we offer guidance to clients from experienced loan officers, in addition to start-up financing and other banking products, services and information. Online banking, courier service and extended .

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Market Wire - BOFI to Present at Upcoming Investor Conferences in February
January 17, 2012 -- BofI Holding, Inc. (NASDAQ: BOFI) ("BOFI" or "Company"), a leading online financial services provider, today announced the Company's...


BofA Debit Fee Plan Led to 20% Jump in Closed Accounts - ABC News (blog)

BofA Debit Fee Plan Led to 20% Jump in Closed Accounts
ABC News (blog)
Maybe. They alienated me so much that we closed out a $15000 savings account. But my wife is addicted to their online banking. I was one who left B of A for Ally BankEURŠI'm getting a massive amount of interest on every account I have with Ally.

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Infographic: Online banking and security
This is a handy infographic to share with friends, family, and coworkers -- reminding them to stay alert and follow some basic security tips for online and mobile banking...


Online banking has multiple elephants in its room - Computerworld (blog)

Online banking has multiple elephants in its room
Computerworld (blog)
A recent New York Times editorial on online banking suggested that many banks are not up to the task of security. However, the editorial writer mis-understands some of the technology. Here I will point out the holes in a couple solutions and some huge .

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EBRD Cuts Outlook for Central, Eastern Europe - Wall Street Journal

EBRD Cuts Outlook for Central, Eastern Europe
Wall Street Journal
In many central European countries, banking systems are dominated by subsidiaries of those western European institutions, and their troubles at home will mean they will cut back on lending in the region. Speaking to reporters, Mr. Berglof said the .

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Business Wire - Bill.com’s 2012 Resolution: Help Banks Bring Their Business Customers into the 21st Century
January 18, 2012 -- Bill.com today introduced a revolutionary financial management platform designed to help banks replace their existing online bill payment solution...


Business Wire - SafeNet Aids Fight Against eBanking Fraud with New Optical Signing Device
January 17, 2012 -- SafeNet announces the availability of the eToken 3500, a new identity and transaction protection solution that addresses multiple levels of risk...


Market Wire - Empire National Bank Announces Record Earnings for the Fourth Quarter and the Full Year 2011
January 19, 2012 -- Empire National Bank (OTCQB: EMPK), today announced fourth quarter and year end results for 2011. Highlights for the quarter and the year...


Local Branches Or Online Banks?
Rays Take Currently the average interest rate for banks in America is 0.18 percent. Thats not a very compelling number. However, many on...


SunTrust To Acquire Online Lender FirstAgain - Banktech

SunTrust To Acquire Online Lender FirstAgain
Banktech
The Atlanta-based bank will expand its presence in the direct online lending market with the deal. By Bryan Yurcan The Atlanta-based bank will expand its presence in the direct online lending market with the deal. SunTrust Bank (Atlanta, $177 billion .
SunTrust Acquires Online Lender FirstAgainAmerican Banker

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Business Wire - Silicon Valley Bank Funds Channel IQ Line of Credit
January 18, 2012 --

Leading company for MAP policy compliance secures monies to allow for immediate growth ...

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