Offshore finance countries in and near Europe

    Recently we had discussion with some investors willing to develop financial money services in the EU and got to the point talking about where the head finance accounts should be set up. Some of the investors had the thought that any small country no matter in EU or outside it which is currently developing its economy and infrastructure is an offshore zone for money to be stored in without tax issues, along with high confidentiality. Well do not get confused like them, in Europe (European Union) there are no countries that have this status allowing them to hide bank account information and to protect money transfers from taxes. The only countries that have this feature are not in Europe, but are bordering the EU. Those are Switzerland, Monaco, Malta, Luxembourg, Liechtenstein and Cyprus. Of course there are some others near Europe that just provide some eases for commersial and corporate financial needs, but those are just the best usually used for high-definiton money export.
    We will only focus on the most appropriate and developed offshore banking zones in which money are more than secure and money transfers go without any problems along with the symbolically low taxes rates.
    Money and finances in Gyprus (offshore banking). Cyprus is know to be a separated to two parts contry, with a main characteristic of each sides - Greek influence for one of the sides, and a Turkish for the other. As you may already suppose, the Greek part is considered and know to be the better developed in economical and infrastructure terms. That is the part where actually Banks offer conditions and requirements which suit the money storage of large companies that want to avoid high tax rates. Money transfers to and from banks in this Cyprus part are noticed to have diminutive fees and because of the high international influance, they have great relationships with all the money transfer insitutions all over the world.
   Swiss banking and money transfers. Switzerland does not need an introduction, as it is widely famous with its Banks and offshore finances stored in Swiss bank accounts. Fore some of you Switzerland may seem an overestimated zone, but facts are facts. They really offer the highest confidentiallity for your money and private bank account information, and they avoid being in the European Union which gives them the opportunity not to be ruled by laws that otherwise oblige high tax rates. That is why the taxes that comply in Switzerland does not oblige your finances and you are not supposed to pay the high amount of money that you would otherwise pay in e.g UK, US, Australia, etc. Swiss government holds the position that privacy is fundamental for any financial or money transfer service, and supports the firm policy of any of the Banks situated there.
    Well for now that information would be enough for you if you decide to export your money to an offshore banking zone like Switzerland or Cyprus. If you have any additional questions or want to know specific details mail us and we will do our best to get the info for you.

Transferring your money to a secure bank account

   Many people have different sources of money earnings and different types of expenses, but in any case all of us need to pay taxes in order to avoid problems with the IRS, and tax declarations may cause you headache sometimes. That is why, along with the long-term saving plans, people like to store their money in secure bank accounts internationally. A preferable location for this purpose is Switzerland, due to the country polices which do not allow any institutions to have access to the banks customers info, balances and details. So many of our clients issued questions regarding the process of wire transfer to Switzerland.
   The thing is that there is nothing different in this case, just like you make any other standard international money transfer through Transfermate. You wire transfer the money to a 3rd party TM bank account given to you in the beginning of your process (upon registration), and Transfermate takes care to load your overseas bank account with the money you want to transact, no matter if the bank is Swiss, US, UK, or whatever it may be.

3 tips for international wire transfers

   See, when it comes to making a wire transfer many people make the same mistakes again and again, and I am not talking about misspelling the receivers bank account information, but for expenses you can avoid, and time you can save, if you know how.

   1. If you have to make regular payments overseas, for example corporate money transfers from one firm's bank account to another abroad, you surely have to do the following things. If you have a bank account in currency other than the one used in the receiver's account, and yours is in a bank other than receivers' please I beg you make a bank account in the local branch of the receivers' one in the same currency. That way you first will avoid taxes paid for bank2bank transactions and you will save time by not having to wait the delay usually persisting when money are being transferred between two institutions.

   2. Use online banking for money transactions. Nowadays almost all banks have the service online banking and deliver to you the chance to make banking operations directly from your computer connected to the Internet. When you make a wire money transfer over online banking you avoid the service of employees of your bank and time is saved by you not having to go to any office, to wait on a line, to fill in paper applications or so on. For online money transaction to occur you can use the TAN/PIN codes provided from the bank to you with your internet banking.

   3. Use all the fields in the money-send application in the offline/internet banking. That way you will surely use the IBAN and Swift systems considered to be the fastest fund transaction systems in the world as well as having the highest possible security on Earth in terms of wire transfers.


FYI you can open Offshore bank accounts here.

International Bank Transfers versus Cash Transfers: Round2

Looking through the last article in our Newsvine section about how wire transfers overseas beat the conventional cash transfers, I could not resist writing a defensive-to-offensive article about what better sides cash transfers DO have and why there could not be a competition between the two types of transaction services.

    First, let us not think of the different money transfer services like just two equal opportunities, one should choose between when needing to send money overseas. There are actually very stable purposes for each of the types one can transfer funds to exist and serve along with any other.
    1. I would say that there are different money senders with different needs. Here is a simple example. You are abroad, let us say China, you have no access to your bank account, you have no internet connection available, but you are in a desperate need to send 1500eu to the UK. So what do you do? You cannot give up, and you cannot ask for a bank branch to be opened immediately, SO here comes the abstract company "EasternUnited" with their Bureau right in front of you offering cash transfer services internationally. And that makes them the perfect and the only choice you have to get those 1500eu sent to your.. spouse in the UK. So through this first point of view "EU" gives you the freedom to make a money transfer without any formalities, which usually occur when doing a bank transfer. I guess I don't need to repeat that even you wanted to go through those formalities for a wire transaction, you cannot, just because in many cases you cannot (e.g. lack of bank branch, lack of internet, lack of terminals supporting your CC or the services you need, etc). So in this first case we have no competition too, we just have only one alternative and we use it, and we should be thankful it exists.
    2. Not only regarding clients sending money, but also concerned in this whole process of money transfer are people receiving money abroad. After all those funds must arrive somewhere? They cannot be just magically thrown in one's pocket. And okay, you will say receivers have Bank accounts and there is no problem for them to get money received there. Yes, but No. Think of you in the same situation as I described it above. Same location (China), same conditions, but this time you have to receive your 1500eu from the UK. And what do you do? Open a bank account immediately? I think not. Even if you would like to, you cannot, because opening a bank account overseas has its requirements and, in the most cases when a person is on a business trip, believe me, he does not cover them. So what you should do is go the same Bureau of the "EeasternUnited" you went in the previous section and take your money send from the UK just 5 minutes ago. Isn't it great?
    I have a few more points to discuss about this, but I would rather save them if there are/is another/more Rounds of this blog/news fight about what type of money transfers one should use.

Regards to all the "wirers",
Ivo

International Bank Transfers versus Cash Transfers

It seems the guys using our services are not sleeping and have the opinion of their own about their preference when sending money abroad or respectively receiving them. In our section where anybody can send us testimonials and impressions from his experience with using TransferMate, a guy wrote a comparison between the conventional cash transfers he used to make (those transfers that involve you giving cash money in a Bureau, and the receiver taking them by hand the same way) and the international wire transfers he makes now with our company and what actually are the benefits when doing it our way. You can read the whole article about making wire transfer VS sending cash

But in my bare opinion there are different clients for the different money transfer services. In some cases it may be better to use cash transfer provider rather then making a bank transfer, just because sometimes you have no opportunity to make use of the bank services or our services.
Apart from this I personally prefer international bank transfer. I just cannot image giving my money to some people without any guarantee and clearness what , why , etc.