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Tax Engineering

What is an offshore bank card? What types are there?


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What is an offshore bank card? What types are there?

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It is advisable to apply for an offshore bank card when opening a bank account in order to have another means of payment in case wire transfer fails. Bank cards can be used for cash withdrawals, inside and outside of country of residence of a card holder. Even though debit and credit card are the most expensive method of payment, due to the high commissions of Visa, MasterCard and issuing bank, currently it is the most used one all over the world. 

Offshore bank cards are very convenient for online stores and purchases in regular stores. Depending on the card you order, always choose the option of purchase notification. This way you will always be informed about all the outgoing payments and your final balance. These cards are connected to online banking from where you can top up your account, download transactions list and change password.   

The disadvantages of using offshore bank cards is the limit for ATM withdrawals set by the card issuers. Usually the bank cards have limits between 2000 and 4000 EUR per day for withdrawals of cash and 5000 - 10000 EUR for purchases of goods in stores. 

Offshore cards for cash withdrawals or Cash cards

In English this kind of cards are known as "Cash Cards". Usually the daily withdraw limit of these cards is up to 2000 EUR, but if you plan to withdraw money daily or monthly the amounts that you get are considerably high. To this day you can withdraw money with a bank card associated with an offshore bank account without local authorities being able to identify the cardholder. The explanation to this is very simple; the ATM will read only the number of the card but not the name of its owner.

Debit bank cards  

In English this cards are known as "debit cards". They are usually used for purchases and require the signature of the cardholder and this way identifying him. As a result these cards leave more traces than cash cards. If you are looking for anonymity and don’t want to be identified as a cardholder, it is advisable to use it outside of your zone of residence and in small purchases. The transactions of the debit cards are immediate and it takes only seconds to receive the authorization or decline of the transaction charged to the bank account of the bank card. The bank debit cards usually have very low maintenance fees that can be charged from the account of the cardholder on daily basis or at the end of the month. In majority of the cases the purchases and cash withdrawals come free of charge. 

Credit bank cards  

In English this kind of cards is known as "Credit Card" and it gives customer a freedom to withdraw cash or make purchases without having actual money for it on its card. Usually in order to obtain this card the banks oblige you to block some amount of money in the bank account as security. Payments due usually bear an interest rate depending on the amount granted by the bank and should be paid at the end of the month. However, more and more banks offer its clients an option to pay amount due in several installments for the convenience of the client. Credit cards are an easy and flexible way to dispose of money around the world anywhere you are. The credit cards of the greatest value and customer service are "American Express" and "Diners Club."  

There is also the possibility to apply for an anonymous credit bank cards. Normally the financial entities that issue this type of cards are registered in tax-free offshore jurisdictions and the same financial entities are the official cardholders of these cards and not the cardholder. These cards are very opaque since it is very difficult to identify the director and the shareholder of the financial institution issuing the card and probably the country of their fiscal residence is different to their tax residence.

Offshore bank card



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FINANCIAL SERVICES

Offshore Company

Bank accounts

Prepaid cards

E-commerce package

Payment gateway

Online gambling license

Private foundations