Offshore Banking

The banking that takes place in other countries is referred by the term offshore banking. Some people associate themselves with some illegal activities regarding offshore banking and it is supported by media reports. 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:

Business Wire - Research and Markets: Internet Banking & Mobile Banking - global mobile payment market was $10 billion by the end of 2010 and expected to grow to $63 billion in 2014
January 24, 2012 -- DUBLIN -- Research and Markets(

Bank of America testing new deals service
Offering retailer discounts through online banking site Bank of America Corp. is wading into the fast-growing business of offering consumers targeted online discounts...

CSI Grows Relationships in Virginia with The Blue Grass Valley Bank
To enhance its bank core processing and online banking capabilities, The Blue Grass Valley Bank has signed a multi-year contract with Computer Services, Inc. , a leading full-service bank technology provider, for comprehensive data processing and Internet banking solutions...

Peoples
MEDFORD, Ore.--(EON: Enhanced..

Univest Corporation of Pennsylvania - Univest Bank and Trust Co. - Reports Fourth Quarter and Year End Earnings
SOUDERTON, PA-- - Univest Corporation of Pennsylvania , parent company of Univest Bank and Trust Co., a full-service financial institution with 136 years of experience in delivering financial solutions ...

Banking through the mobile phone with BanKO
Talk about branches yielding to online banking, BPI Globe BanKO, a savings bank owned by the Ayala Group of Companies and Globe Telecoms, offers an unorthodox banking experience...

Market Wire - Healthcare Analyst Values MMRGlobal Patents at $300-800 Million
January 25, 2012 -- MMRGlobal, Inc. (OTCBB: MMRF) ("MMR"), a leading provider of Personal Health Records ("PHR"), MyEsafeDepositBox storage solutions and...

Market Wire - Univest Corporation of Pennsylvania - Univest Bank and Trust Co. - Reports Fourth Quarter and Year End Earnings
January 25, 2012 -- Univest Corporation of Pennsylvania (NASDAQ: UVSP), parent company of Univest Bank and Trust Co., a full-service financial institution with...

CNB Bank Implements Trusteer to Increase Security against Online Banking Fraud
Trusteer, the leading provider of cybercrime prevention solutions today announced that CNB Bank, a regional bank in Pennsylvania and wholly owned subsidiary of CNB Financial Corporation , has deployed Trusteer Rapport in response to increased potential for fraud related attacks against online banking customers...

Arvest Bank Selects Lodo Software to Enhance Online Services - MarketWatch (press release)

Arvest Bank Selects Lodo Software to Enhance Online Services
MarketWatch (press release)
OMAHA, Neb., Jan 26, 2012 (BUSINESS WIRE) -- Lodo Software, a provider of personal financial management (PFM) software for banks and credit unions, today announced that Arvest Bank has contracted with Lodo to enhance their online offering by leveraging .

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Arvest Bank Selects Lodo Software to Enhance Online Services
Lodo Software, a provider of personal financial management software for banks and credit unions, today announced that Arvest Bank has contracted with Lodo to enhance their online offering by leveraging Lodos proven PFM and customer analytics capabilities...

AhnLab Delivers On-line Banking Security Solution to Cornerstone
AhnLab , a leading provider of integrated security service, today announced that US based Cornerstone Community Bank selected AhnLab Online Security Secur..

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