October 29, 2001 By: Sharon Preston Website: http://www.need-to-know-finances.com What is offshore banking? Over the past decade negative media has portrayed offshore banking as a secret place for criminal activity such as money laundering and tax evasion. Movies have also romanticized it as full of excitement, luxury and secrecy. But in reality these activities constitute only a mere fraction of offshore banking. In truth, most people aren't aware that every major bank has an offshore presence through offshore banks, offshore insurance companies, offshore trusts and many more vehicles. Naturally, the mundane daily transactions of these institutions do not attract any media. Here are a few reasons why a citizen might be wary to participate in offshore banking. First off, as already mentioned there is a negative image that has been created and perpetuated by local banks and governments. Obviously these last two parties have a vested interest to protect. If our local banks actually had competition they would be in trouble. Offshore banking does over 10 times the amount of business as do local banks in either Canada or the US. Secondly, there is the issue of trust. Most North Americans have created a false security around their local financial institutions. People aren't aware that many offshore institutions are literally hundreds of years old and are economically stronger. In fact, these foreign banks keep a higher liquidity ratio that North American banks. Lastly, most people lack the education concerning offshore banking. But as one becomes more knowledgeable on the topic, they become more comfortable and the distrust disappears. Education is the key! Click here for more information on Offshore Banking or to choose from a variety of related products and services. About The Author: Sharon Preston is a successful author and publisher of http://www.need-to-know-finances.com.  A one stop resource featuring information, reviews and articles related to the offshore arena.

 

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