Offshore Internet Banking Advantages and Disadvantages

The topic of offshore internet banking is a hot one and one that is increasingly growing in popularity not only within the consumer banking community, but also the business or corporate banking sector.

The beauty of offshore online banking is that in addition to enabling you to conduct banking activities allowed by traditional and local brick and mortar businesses, it allows you more variety and flexibility in terms of your banking needs. For example, if you travel often, offshore online banking gives you the flexibility to conduct business on to go from anywhere, while ensuring that you have access to the type of currency if you need at a time you need it.

Having said that, not all banks offer online or internet banking services as this service costs the banks a significant amount of money. Programming sophisticated and secure systems require the effort of several full time computer engineers, full security and compliance departments, as well as heavy overhead to support the service on an ongoing basis.

Because there are so many variables involved in offering this service, offshore internet banking services vary from one financial institution to another. Some have better systems while others have work to do. A lot of this is predicated on the resources the bank has dedicated to this initiative, both in terms of quantity and quality.

Opening an Offshore Bank Account

Before diving further into this topic, I want to clarify that engaging in offshore internet banking is not about evading taxes. It is about mitigating risk of capital loss due to no fault of your own. So when considering a foreign jurisdiction in which to establish an offshore bank account, consider one that is politically stable and financially strong. In addition, it helps to select a jurisdiction that pays an attractive interest rate and has low to no income tax. Some of the most preferred jurisdictions over the years have been Switzerland, Cayman Islands, Singapore, Hong Kong and the United Arab Emirates (UAE).

Opening a personal bank account is usually a very personal activity. With offshore internet banking however, there are ways you can get started remotely without having to show up to the bank’s local office, saving a ton of time, money and mainly frustration.

One such way is by visiting a local bank’s branch in your domicile state, or home country. Many big banks that offer internet banking have a multi-national presence. Chances are good that your selected bank has a local branch near where you live, despite being headquartered in another offshore jurisdiction.

In other cases, there are international banks that may not have local branches near where you live, but are willing and able to establish an offshore bank account for you through email, snail mail, fax and telephone. There are usually a set of documents required by banks in order to execute this process. Therefore you can still open a foreign bank account with an offshore bank without having to leave your country, but it may come with a little more effort, and sometimes the struggle involved in communicating with someone overseas.

The Advantages of Offshore Internet Banking

Here are some advantages of offshore internet banking that you should know about.

Protection from sovereign risk – as mention already above, parking funds in foreign bank accounts mitigates the risk of loss of capital resulting from freeze or confiscation of funds by Governments without any fault of your own. This risk is less of a concern in a developed economy with a solid banking infrastructure such as the United States, but it is nonetheless an inherent risk that exists.

Tax benefits – many offshore jurisdictions have low to no income tax implications on interest income, or income from business activities.

Higher Interest Rates – because many offshore banks operate with low costs, they can afford to offer higher interest rates compared to larger multi-national names. In fact, in developed economies like in Europe and North America, regulatory compliance requirements is seen by many as form of taxation on banks, thereby increasing overhead costs and lowering interest rates.

On Demand Access to Statements – offshore internet banking gives you instant access to your statements where you can view your activities on a real time basis. This includes past and pending deposits and withdrawals. You can therefore access your account balance at anytime.

Money Management – with offshore internet banking you can transfer funds between accounts across the globe instantly. Offshore banks have inventories of various currencies and can help you fulfill banking transactions in multiple countries. You can schedule automatic payments to vendors to release automatically.

There are several other advantages to offshore internet banking. You can open offshore trading accounts and establish offshore brokerage accounts to conduct trading and investment activity (there can be tax advantages to this). Conducting transactions online is not only mostly free, but also very efficient. Transaction time online is simply much less. You can also have streams of income potentially directly deposited straight into your offshore online bank account.

From a personal finance perspective, downloading banking activity from your offshore online bank account is easy and can be done instantly. Most online banking platforms are designed to feed information into financial or personal accounting software or to spreadsheets like Excel. Individuals can save a significant amount on accountant fees just by utilizing this feature. Not to mention more intimate knowledge and management of their own finances.

For those looking for anonymity, offshore online bank accounts also allow you to conduct banking anonymously as per bank secrecy guidelines.

The Disadvantages of Offshore Internet Banking

Merely establishing an offshore bank account can be a reason for the Government to put more focus on your activities. After all, many use offshore internet banking as a mechanism to conduct illegal activity and evade taxes. Some specific disadvantages of offshore internet banking as a result of conducting business through foreign bank accounts are the following:

Knowledge of Internet – There is a certain level of internet savvy required to be able to navigate your way through offshore internet banking platforms to ensure you are getting exactly what you want. This is a big reason why some elderly shy away from conducting banking online.

Deposit Timeline – Because many banks do not have the technology to be able to collect deposits remotely, you may have difficulty depositing all your proceeds. While many banks have developed electronic scanning technology, others have yet to catch up. There is no consistency to say the least.

Security / Fraud Implications – because banking is conducted online, offshore internet banking exposes you to the risk of network intrusion or breach. Because information is transferred electronically and stored in various databases, breaches can cause private and sensitive information to leak out into the wrong hands. But then again, this is no different than losing your check book if compared to traditional brick and mortar banking.

Spam Mail – offshore online banking also means that you will receive emails from the foreign bank you have your offshore bank accounts with. Internet predators recognize this as an opportunity for phishing, or fish for private and sensitive information. Many times you may see an email in your inbox from what seems like your foreign banking institution. However it is not. These are phishing emails hoping for you to login and enter your personal information such as login and password.

TIPS: Here are a few tips to avoid falling for phishing scams. First, when you receive an email from your bank, call them to verify that they sent the email. Second, instead of opening the email they sent you, visit the bank’s website directly and see if you can conduct what’s asked of you on their site by you logging in directly rather than clicking a login link in an email message.

Third, if you were to open the email and click on any link in it for whatever reason, once the link takes you to a website where you are required to enter personal information, look for security symbols such as an https URL address or a padlock on the lower right hand side corner of the web browser. There are other security measures as well that can be visible spotted. Read online for more on this topic.

Financial Security – some offshore bank locations are not very financially secure or stable. For example, during the global economic crisis of 2008, many savers lost money parked in offshore bank accounts in some destinations such as Iceland. I don’t mean to scare you by any means as this situation is rare, and in most cases those who suffer losses are compensated in some way over time. However, know that this inherent risk exists. Always look for deposit insurance. The bigger the allowance the better.

Credibility by Association – as I’ve already mentioned, offshore internet banking has negative connotations attached to it, often associated with money laundering, use of illegal monies, untaxed monies and support of illegal causes. Offshore bank accounts at times are tied to crime rings and terrorists. What does this mean for you? Although you may engage in offshore banking legally and legitimately, understand that there will be closer scrutiny over you by the Governments.

Access Restrictions – offshore banks are in destinations far away from you, therefore more difficult and expensive to access. In many countries, communication in person is preferred to communicating over phone, email and snail mail, therefore internet banking can get a bit difficult and frustrating. I see this trend slowly changing with banks understanding the need to communicate at all levels and mediums to satisfy a global audience.

Expensive – offshore internet banking is usually more expensive to set up and administer and thus more accessible and feasible for those more affluent or high income earners. It’s not so much that it is expensive to open a foreign bank account. It is not. However, many times you will need to go through a firm that specializes in helping expatriates establish and manage foreign bank accounts. All these activities cost money.

Internet banking today is very convenient and is accessible to almost everyone. For the average individual it can be a great offshore tax planning tool to add to the mix. For those that travel, foreign internet banking can provide all sorts of convenience, allowing one to transact anywhere and with anyone. So if you liked what you read about offshore online banking, I highly recommend you look into it further to see how it can help you meet your objectives.

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Several Treatment for the Spinal Stenosis that You Need to Know

Typically, there are numerous people who are affected by spinal stenosis. In the case you are experiencing pain as well as tingling, you need to look for its relief. Below is a discussion concerning different spinal stenosis treatments that is necessary to know about.

In the case the space between the bones that tend to make your spinal cord narrows, the situation is referred to as spinal stenosis. This then puts pressure on your bones along with the nerves that go from your spine all the way to your arms and legs. Most of the time, you will find if in your lower back of not the neck. Cervical stenosis and lumbar stenosis are the two major types of spinal stenosis. When you talk of cervical stenosis, you are meaning that the narrowing is taking place in your neck. On the other hand, lumbar stenosis is formed when the narrowing happen on the lower back.

Have it in your mind that each of the spinal stenosis type have its different symptoms. In the lower back, you are likely to have weakness in your leg or else foot together with tingling or numbness. More to that, you are likely to experience cramping on either or two of your legs if you spend a longer time standing. Also, it can take place when you are walking. If the issue is on the neck, you have the capability of experiencing numbness or tingling in your hand, arm, foot or leg. There is a possibility that you will experience weakness in your leg, hand, foot or arm.

Of the many causes of spinal stenosis, a few of them include tumors in your spine, aging, wear as well as tear damage to your bones along with the overgrowth of bones. People above 50 years are the one who are commonly affected by spinal stenosis. However, it is possible for you to get it once you are younger or else at birth. Furthermore, you are at better state to get spinal stenosis if you happen to injure your spine.

While you want to diagnose spinal stenosis, it is necessary to know that you may require an X-ray, CT-scan or MRI. To treat spinal stenosis, you can consider lumbar laminectomy. On the other hand, you can opt for medication or minimally invasive laminectomy. On the other hand, you are requested to deliberate laminoplasty or laminotomy for the sake of treating spinal stenosis. You require to know that lamoniplasty happen to be done on the neck. During the process of laminotomy, a piece of lamina is removed.

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A Look at Fiction Authors

If you love to read, you might have read those fiction stories before. There are a lot of really wonderful fiction books out there that you can pick up at your book stores and start reading. Fiction stories are unreal stories but they can have such effects on you because they are really wonderfully written. You might have been so inspired by those fiction books that you have just purchased and that is good. If a book inspires you to do good and to help out, it is really a good book and it is worth advertising out there. There are many wonderful fiction authors that you might want to know about so that you can get their books and start reading them as well.

Many of those old novels or fiction books were inspired by authors who have gone through something in the past. Some fiction authors write about the things that have happened to them or the hard times that they went through in the eighteenth century. You can actually learn a lot about what was happening during those old times when you read of such fiction books even though they are not real. Such fiction authors of the past have really been able to capture their time and what was going on during their era in such fiction books and stories. You can really enjoy such writings and you can also get to understand more of what was taking place back then.

If you are unfamiliar with those great fiction authors, you might want to do some research on them. When you find good fiction authors, you can search for the books that they have written at your local book stores. Once you find their books there, you can get them and read them to find out what style of writing they use. There are actually many styles of writing and if you are not sure how to tell, you can maybe do a study about that to see what your favorite fiction author uses. You can also search those fiction books written by your favorite authors online as there are many books for sale up online that you can get and have delivered to you.

When it comes to those fiction book authors, you will find so many kids of them. You will find fiction books for kids that are written by those good fiction authors and you will also find those for adults. When you get into the fiction world, you are really going to imagine a lot of things as that is what fiction stories help you to do. You can use your mind when you read fiction books and that is great. If you would like to be a fiction author yourself, you can go ahead and start writing fiction stories that you can maybe publish one day and sell to book worms out there. You just might become one of the top fiction authors of this age and that is really something that you might be aiming for.

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Things To Know Regarding Retaining Walls

The rustic appearance of our home contributes immensely to the general appearance of a home. Therefore there is a need to invest in making sure that our outdoor space is appealing to the eye, and it is also functional. One of the best ways of making sure the outdoor space is functional is landscaping. Landscaping is the process of gardening to make sure that the outdoor space is green, and there is fresh air at all times. They are trying all the best to come up with outstanding landscaping designs. However, when gardening, there are various challenges that people may face. One is a poor landscape where the rain can erode the soil. To curb this problem the best thing to do is to construct retaining walls. The retaining wall is a protective structure that is made of concrete or stones in a garden for various reasons.

One, it provides functional support and ensuring that soil is retained and is not eroded. These walls act as protectors that ensure that soil is not eroded down in a sloppy space. The second advantage of these structures is that they prevent flooding. Those people that live in flood-prone areas should construct these retaining walls that will protect the effects of flooding. The third reason for having a retaining wall in your home is to avoid the damage that comes with flooding, such as sinkholes and the debris that is carried to our home. Therefore it eliminates the eyesore and makes a place beautiful to look at. The fourth advantage of retained soil is that they help in preventing damage to your house and the surrounding areas. Therefore homeowners should consider ensuring that they have functional and homes that are also appealing to the eye by installing a retaining wall.

If you considering of investing in a retaining wall, there are various factors that one should consider. There is a need to make sure that the people that install the retaining wall are highly qualified. We do not want to have a wall that is installed today, and tomorrow it has been carried away by rainwater. To have a steady wall, we have to hire the services of professionals that will ensure that the wall is strong enough to withstand running water. The second factor to bear in mind is building material that the company uses. The material should be either a concrete or natural stone look. The company should be in a position to construct the kind of retaining house that one desires. The third aspect of considering is relying on a company that can construct walls of any size. Some require walls at greater heights, and some require a few inches. The company should be in a position to deliver what the customer wants. The company should also educate clients on the kind of walls to have on their property since they are more experienced.

Having a retaining wall is not only important for aesthetic value but also helps in draining the soil and ensuring that no soil erosion occurs.

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