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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Factors to Consider When Choosing a Preschool Center

Children are a gift from God and thus it is paramount that you take good care of them. This is in their various aspects in life for example socially, psychologically among others. Once a kid is young, it is a very delicate stage for them. The school you take them to will mold them into either a responsible citizen or a social misfit. The probability of either happening is determined by the kind of preschool you take them to. This is where they first learn how to engage with others, interact with them through various ways. It is thus very important that you choose the best preschool center to give your kid the best life. At preschool they learn how to draw and do the very basic stuff in life but important.

The decision to choose a preschool may seem to be an easy one that only considers things such as the curt, the location and how long the school day is among others. However, this is not true, it is actually an intricate decision that requires you to think of other factors which are vital as well. Below is a guideline on some tips that you can consider in order to pick the best preschool center.

The first thing is the teaching staff. These are the individuals that will be spending a lot of time with your kids and what they influence them to be is what they will become. It is thus good that you for a school that has teaching staff that are experts in children matters. They should be able to create a bond with the child since it gives them a sense of safety and security. The staff should be friendly so that the connection between the child and them can last long. With regards to teaching in in class, they should be knowledgeable on how to make the class engaging, for instance by asking questions, encouraging them to think among others. Good teachers will also allow the kids to socialize with others so that they can overcome shyness.

Another thing you should think about is the school director. This is an important individual because they set the syllabus to be taught and hence affect the kind of information your kids receives while there. If possible it is good to meet with him or her so that you get to know them more. Before choosing a preschool also consider asking about their cancelation policy in case you forego taking your kid there. For instance, what percentage is refundable to you. The safety of the school is also of importance. Evaluate and request to see the protective measures the school has for example in case of fire, are there sprinklers and fire extinguishers.

The environment of the school should also be friendly and suitable for young kids. For example, the furniture should fit the size of the kids and there should be enough space for them to play around without getting injured.

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Factors To Help You Hire The Right Innovative Combustion Services Firm

The fossil fuels powered plants require many combustion solutions. You will require services like the testing equipment, boiler tuning, emissions reduction, achieving peppering efficiency and optimizing combustion of fossil fuels among others. You can further categorize these into the consulting, training and testing solutions. You will be in a better replace when you leave all these win the hands of professionals to help you out as they have the expertise in the same. You will have the services providing all the operational and maintenance solutions you require so that you can have the best time in your plant. We will now have a gander at the elements you can utilize to ensure that you choose the right innovative combustion technologies agency.

You have to start by thinking about the list of solutions that the company offers. You have to ensure that the firm you choose comprehensive services you may require. The good thing about this is that you get the best operational efficiency as well as maintenance of all the equipment in your power plant. They have to add the service of testing the environment to ensure that you comply with the guidelines set. The good thing about this is to avoid polluting the ecosystem in any way so that you can avoid any sanctions or huge fines. The next thing you have to think about is the experience of the innovative combustion services company you want to hire.

You should choose the agency that has been providing these services for many years. These are people who will have all the knowhow you require to have the best services on innovative combustion. This way, you will have the right services that will see the functioning of the power plant improving greatly. You will as well have to hire one that has many relationships with the companies they have been serving in this area.

This is one way to assure you that they were served right and are on the best operational and maintenance efficiency which is the service you will get. You will as well require to ensure that you check on the feedback of past customers to ensure that they are satisfied. You will have to check on the creativity of the firm you want to hire.

You have to look for one that has the best methods and equipment to offer to you that you can have the best operation. You can as well choose a firm that is accredited and that is licensed to offer the services you require in your region. You will have assurance that the relevant agencies have cleared the innovative combustion solutions firm in that they provide the right services to customers.

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How to Make Money from your Art

Beginning a new business for the first time may be quite challenging for some people. You will find out there are multiple kinds of businesses that you can choose from the one you would like to start. You will realize that some people can now use their talents and make money from that. You must research if the type of business you want to begin will bring any income to you before you decide you will start it. However, ensure you look at the types of businesses that have been started at the location you live in so you will know the kind of business that can adapt in that place. It will be wise you begin your business when you have enough money to start the business you want. The article you will find here has ways that can assist you in making money out of art.

You will see that a custom button design can be among the fast business that will be accessed by a lot of people. You will come across several custom button design that is being offered in the market nowadays. It will be a good thing that you determine the individuals you would like to access your custom button design. You can even design a custom button design that you can use to market your business with at first. You must come up with a unique custom button design so it will be simple for customers to know your business.

Art is wide, and you can also start a business of selling jewelry. Pieces of jewelry can vary in quality. A lot of individuals are selling these pieces of jewelry in the art industry. The type of jewelry that one will want when it comes to the standard can vary. You need to create an excellent reputation with your customers by selling them standard pieces of jewelry. Different standards of these pieces of jewelry are nowadays sold depending on their qualities. You must have a variety of pieces of jewelry so your clients will get to choose the one they want. You can also check the pieces of jewelry that are being sold by the jewelry stores near you so you will sell something different to attract your customers.

You can also decide to put up a company that involved selling various categories of stationery products. Check out the kinds of stationery that are being acquired by many people so you will purchase them.

Lastly, begin a business of selling some beauty products. Ensure you are selling various kinds of beauty items because there are multiple of them in the industry as well.

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