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Is offshore banking safe?
Am I guaranteed absolute privacy and confidentiality from an offshore bank?
Can I view my offshore accounts and investments online?
Can I get cards to access my money with an offshore account?

What is saving account?

A savings account, also known as a savings deposit, is a deposit account held at a bank or other financial institution, maintained by a customer for the purpose of accumulating funds over a period of time while earning a monetary return. Some savings accounts require funds to be kept on deposit for a minimum length of time, while others permit unlimited access to funds. True savings accounts do not offer cheque-writing privileges, although certain institutions will call "savings accounts" their higher-interest demand accounts. All savings accounts offer itemized lists of all financial transactions, traditionally through a passbook, but also through a bank statement.

What is deposit account?

A time deposit (also known as a term deposit, particularly in Canada, Australia and New Zealand) is a money deposit at a bank that cannot be withdrawn for a certain "term" or period of time. When the term is over it can be withdrawn or it can be held for another term. Generally speaking, the longer the term the better the yield on the money. A certificate of deposit is a time-deposit product. In USA Money market deposit accounts are considered by the United States Federal Reserve (the Fed) to be savings accounts and are thus exempt from reserve requirements. Deposit account presumes a deposit of funds in a savings institution under an agreement stipulating that (a) the funds must be kept on deposit for a stated period of time, or (b) the institution may require a minimum period of notification before a withdrawal is made.

What is current account?

A current account is a deposit account in the UK and countries with a UK banking heritage offering various flexible payment methods to allow customers to distribute money directly to others. Most current accounts have a cheque book, offer the facility to arrange standing orders, direct debits and payment via a debit card. Current accounts may also allow borrowing via an overdraft facility. Current accounts providers include banks, building societies and credit unions. Since the internet revolution most retail banking institutions offer access to current accounts via online banking.

What is numbered account?

Numbered bank accounts are offered by Swiss banks to the majority of their clients. Typically the account will also have a codename attached to it for the convenience of both the banker and customer. This avoids confusion between banker and customer as to which account is being discussed. The feature of numbered accounts is that the customer's name does not appear on bank statements. Only the number and code-name appear. This means that if bank statements are lost or stolen, it will not be immediately obvious as to who is behind the account. Although numbered accounts may seem to grant some anonymity, Swiss law now requires all banks to know the identity of their customers. However, in the case of a numbered account, the customer's identity will only be known to a small group of people in the bank, on a "need to know" basis. Also the customer's name does not appear on the bank's computer thus preserving confidentiality in the case of cybercrime. Numbered accounts may not be used to hide the proceeds of a crime. For example, Swiss banks have strict anti-money laundering rules and laws which require the reporting of suspected cases to the Swiss authorities. Still, numbered accounts have been used for criminal activities, such as corrupt politicians hiding money embezzled from citizens. While it is unknown how complicit Swiss banks were in such activities, they have cooperated with subsequent governments to return the funds to the country concerned, such as the fortune of Ferdinand Marcos. Numbered accounts also have more mundane uses such as hiding funds from wives, family members, and others who would potentially try to take funds away from the owner. In some countries this might include criminals, kidnappers and blackmailers, whilst in others it may include unknown persons who might potentially sue, e.g. in a malpractice suit. Numbered accounts are also used for tax evasion, but following the imposition of a 15% withholding income tax on interest earned by EU residents, the perceived tax benefits have been somewhat diminished.

What is bank secrecy?

Bank secrecy (or bank privacy) is a legal principle under which banks are allowed to protect personal information about their customers, through the use of numbered bank accounts or otherwise. Effective bank secrecy is better achieved in certain countries, such as Switzerland or in tax havens, where offshore banks adhere to voluntary or statutory levels of privacy.

What is private banking?

Private banking is a term which refers to major institutional banks which offer financial services to private individuals. These banks would normally have two distinct divisions - private banking, and corporate banking. Historically private banking has been viewed as very exclusive, only catering for high net worth individuals with liquidity over $1 million, although it is now possible to open some private bank accounts with no more than $50,000. An institution's private banking division will provide various services such as wealth management, savings, inheritance and tax planning for their clients. The word "private" also alludes to bank secrecy and minimizing taxes via careful allocation of assets. An offshore bank account may be used for this purpose.

History of Offshore Bank Accounts.  - What is an offshore bank? - Offshore Banking Myths - What is bank account?

Who can legally open and hold an offshore account? - Where should an offshore account be established? - Who can benefit by putting their money offshore? - Is it convenient to use offshore banks? - What are some of the general advantages of banking offshore? - Do I have to pay income tax on income I've earned offshore?

How do I open and access an offshore bank account? - Is there any restrictions regarding citizenship? - In which currencies can I open offshore account? - What is the minimum deposit required to open an offshore account? - What documents are required for the opening of a bank account? - How long does it take to open a bank account? - Who will control my bank account? - Is my bank account guaranteed when I pay your fee? - What happens, if a bank declines my account application?

Is offshore banking safe? - Am I guaranteed absolute privacy and confidentiality from an offshore bank? - Can I view my offshore accounts and investments online? - Can I get cards to access my money with an offshore account?

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