Times Of Change

Onshore banking is a subject to tax and foreign exchange rules depending on the country on which the account is held. Coming across possibilities of offshoring your account making sense to examining each and every possibility.

Distinguishing a credit card from a debit card

What is a credit card?

A credit card is a card that allows the bearer to complete a financial transaction with a signature. It is also similar to a loan.

What is a debit card?

A debit card allows customers to access their funds immediately and electronically. A debit card does not have any float.

To the great extent of using a private offshore debit card, some general points must be considered:

- The country of which the debit card is held must be a politically stable jurisdiction.

- It must have specific laws and regulations regarding banking confidentiality.

- Any specific discussions between exchange controls of your funds.

- And the statutory compliance of requirements.

A debit card is useful for emergency situations such as a freeze on your accounts. This serves as an option to put money offshore, as protection for your funds.