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Offshore bank accounts costs

Discussion in 'Business & Tax Advice' started by Frankie4Fingers, Feb 5, 2013.

  1. Frankie4Fingers

    Frankie4Fingers Power Member

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    Hello guys,

    I was looking into the fees for offshore bank accounts, and I noticed they are much higher than standard bank accounts.

    Nothing shocking, of course, they are aiming for very rich people who doesn't care for higher fees, but what do you think of this fees?
    Are they standard fees for Offshore Bank Accounts?

    https://www.loyalbank.com/eng/fees_usd_corp_cirrus_withdp

    Thanks.
     
  2. bigbong

    bigbong Jr. VIP Jr. VIP Premium Member

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    Loyal Bank is quite expensive, but they have been around for a while now and even though it's a small bank, it's probably low risk to keep money there.

    They also accept clients without too much fuss - just standard KYC. They offer Mastercards which works fine.
     
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  3. manil

    manil Newbie

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    Unfortunately yes, the fees are higher than standard banks. But it gives other advantages such as confidentiality... I guess that's the price to pay.
    Still some offshore banks have low fees but not as standard banks. Try maybe Cyprus or Latvia.
     
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  4. Vestis

    Vestis Newbie

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    Fees are generally higher than your domestic bank but I've come across this company which seems reasonable. Although I have yet to try them.
     
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  5. jazzc

    jazzc Moderator Staff Member Moderator Jr. VIP

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    On the contrary, the cost is ridiculously low when you factor in the benefits. You don't get offshore just for the kicks, do you?
     
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  6. IAMAZEME

    IAMAZEME Jr. VIP Jr. VIP Premium Member

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    you are looking at just under 2k in the dominicana. highly trusted no taxes. There is an annual fee. What is done is a corp is set up for you in the country and a bank acct is attached. easy process really. if you like pm me and I can refer you to the bank i use.
     
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  7. charlietree

    charlietree Registered Member

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    I was under the impression that since 9-11 there really is no security (at least for Americans) when it comes to offshore banks...that being said, I would think that as long as you arent doing anythign too hardcore, you should be safe offshore so why not pay the extra fees? Like everyone has said, the benefits are there, I am just not sure HOW beneficial and offshore bank can be at this point. If all the money you are making stays offshore the entire time and never touches US soil, you should be fine.
     
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  8. onlineprofit

    onlineprofit Newbie

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    Try freeoffshore.eu
     
  9. IM Addict

    IM Addict Registered Member

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    Cyprus is surely a good idea...:joke:

    I've read on other threads that this is most probably a scam. Did you use this service or has someone gave you any references?
     
    Last edited: May 21, 2013
  10. minimo88

    minimo88 Jr. VIP Jr. VIP Premium Member

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    So you mean have a signatory in another country?

    I am sure Fidelity offers this service.
     
  11. meinewelt

    meinewelt Junior Member

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    >they are aiming for very rich people who doesn't care for higher fees

    lol how do you think we got rich ? we do care even more than you for fees.

    i only pay when my bank manages my money well.