Payment card is one of the most popular payment instruments. You can hardly find a person who never used it or never heard about it. And one common question people have is what payment card to choose and where to order it. If a decade ago payment cards classification was rather simple, you were choosing between “credit” and “debit” cards, now there are lots of very interesting and useful “hybrids”. Prepaid card is of particular interest. It is a very good instrument for those who do not qualify for credit cards because of bad credit report, and is particularly reasonable for many business purposes as well.
Managing foreign bank accounts can be complex, unless you choose the right bank and the right type of account. The recommended and mostly efficient options would be to hold either one multi currency bank account or several bank accounts but in one bank. Benefits and differences of both options are discussed below.
Although we touched this issue in one of our previous articles (What is Offshore and Why do I Need It?), it appears to be not so obvious for many of our clients, especially when it comes to offshore banking. “I don’t have any business and look for an offshore bank account for saving and investment purposes, why might I prefer a corporate account instead of a personal one?”
Offshore banking normally involves operating your bank account through internet banking facilities since geographical remoteness of the bank obviously precludes you from visiting it personally every time. While internet banking offers you fast and anytime access to your funds, it also brings certain security risks.
Good question. Nowadays you can often face warnings of «well-wishers» about placing your money offshore. Something like if you bank in your home country you can be secure in the knowledge that your money are insured by the government and no such guarantee exists with offshore banks.
As offshore banking becomes more and more popular and available there is still a number of issues leading to misunderstanding of the real situation. What you may think about offshore banking that in reality is not true, read about it below.
First of all let’s define what an offshore bank is. Broadly speaking the term “offshore banking” refers to all banking institutions available in jurisdictions other than the depositor’s home country, but a widespread common understanding of that is a banking institution located in a tax-haven jurisdiction.
Whether you open a corporate or an individual account with an overseas bank you should be careful and aware of a number of issues to pay attention to in order to keep your money safe.