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Tax Engineering

How to withdraw money from offshore bank account?


Question

How can I withdraw money I have saved in my offshore account and use it in my country of residence?

Answer

Customers can withdraw their money from offshore bank account in their country of residence with debit or credit card. When the client opens offshore bank account, he requests a VISA or MasterCard debit or credit card to make purchases or withdrawals of cash. Can I withdraw money at any ATM in my country of residence? Yes, 99.99% of ATMs accept VISA or MasterCard and you can withdraw cash without any problems. What fees will be charged to my card for each withdrawal? Depending on the jurisdiction where the bank account is opened, you may have higher or lower commissions. Normally the commissions that are charged for the withdrawal of money are from 2.5 to 3.50 euros per each 600 euros. 

Another way to have the money from your offshore bank account in your country of residence would be by bank wire transfer but note that if you transfer the money from a personal offshore account opened in your name to another personal bank account of yours the transfer gets registered in both banks. As a consequence, the tax authorities of your country of residence will know that the person who sends the money and the person who receives is the same one and you will be obliged to pay all the taxes for the income obtained in your offshore account. In order to avoid this situation we recommend opening a numbered account in Andorra or registering an offshore company so that the name of the person who sends the money does not appear. This way you can have the money from your offshore bank account in your country of residence and maintain your anonymity.

The most unusual way to have the money from the offshore bank account in your country would be to visit the bank and make a withdrawal in cash. Once you have your cash you can bring it to your country of residence. However, before choosing this option please check crossing boarder regulations for the limits of money in cash you can bring in to your country of residence. 

offshore accounts


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jim Zambarelli
I am in need of making my first transfer from offshore to the US and I am being told I need a COT code to do my first transaction and after that any other transfer will not endure that cost. This is a little concerning to me as I can not get any real info on this online I am sure this is a tax but not sure what that looks like as far as paying for the COT to get money to US before I make the transfer
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Admin

Dear Jim, 

As I know there is no such a thing as a "COT code", it is a short form to say Cost of Transfer. Please, try to find more information but as long as I know it is a fee scam that is used to get some money from the victims so that they can send or receive large amounts of money. Please contact your bank to receive a legal advise. 

Regards

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Lucila T. Juanson
I would like to ask how can I withdraw my money here in the Philippines? There is no branch of my offshore bank in my country. I already transferred the money to my United Bank Offshore Services account. Pls help me how to withdraw the money. Can I just show the cheque of soft copy sent by the bank?
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Admin

Dear Lucila, 

You can withdraw your funds from any ATM in Philippines using the credit or debit card linked to your offshore account. Please, keep in mind that some ATM machines charge lower withdrawal fees and some higher. Usually each ATM informs you about the fee rate before the actual withdrawal of funds. 

Regards

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Melissa Love
My boyfriend via his offshore bank has given me permission to access his account so I will be able to make a transfer from his offshore account to my account here in the US. How am I able to do this? Do we need a credit card sent to me or do I use the routing number and saving account number. To do this transfer.
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Admin

Dear Melissa, 

If you would like to make a transfer between two banks you ought to contact both entities and ask for the requirements they have for this kind of operation. Usually, for wire transfers from offshore accounts you don't need to have a credit card and with just a bank account number it is enough to proceed. Make sure the permission you have from your boyfriend is official and recognized by the financial entity. 

Regards

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Melissa
Thank you for the response, I didn't see it in my email. Yes. We both contact his offshore bank. So they are sending me the information to do the transfer. Do I do this transfer at the bank or at home.
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Admin

Hello Melissa, if you have an access to an online banking you can make this transfer from home or any other place. However, if you don't have this access or the amount you want to transfer is very high, you might be asked to make this operation from the office.

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Melissa Love
I just spoke with my bank they gave me the information I need and said it could be done at home. I can't go to the offshore office. But my bank said I can receive unlimited amount. But I want to know is there a limit on how much I can transfer into my account from the offshore account. I will also ask the branch manager of my offshore account
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Admin
Dear Melissa, We always recommend our clients not to transfer more than 10.000 USD per transaction. However, if you have a justification for the transfer, like sale or purchase of property, you can present it to the bank and transfer larger amounts.
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Melissa Love
I was trying to do a transfer from my offshore account to my USA account. Now I pay for COT commission on turnover and vat. Is this correct?
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jim Zambarelli
Melissa whatever happened with trying to make that transfer did you have to pay for a COT code ? if so did it work out for you? I am in same situation with trying to transfer to the US
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Rita deo

Hello I'm reta vikashni deo from Fiji My to be husband lawyer has opened a off shore account in India under my name they ask m 2450 for the fund transfer security codes i make the payment n they give m 100% guarantee after the security code the money will b in my local bank account bt next day they ask m large amounts of tax code n currently I don't have dat much n my country has also some strict rules regarding money. I'm helpless from here but I told whole situation to the lawyer who is a depositor also to withdrawal the insured fund it can be possible plus help m depositor can withdrawal the amount

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Admin

Dear Rita, thank you for contacting us. 

Unfortunately, in this particular case we are not able to help you. You have to contact local layers who know the legislation of your country and banking laws. This kind of situations are not very common and have to be treated properly to avoid possible fraud. 

Regards

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Fakhruddin
I have transfer my money to my Indian bank icici. But icici has no any routing no. Please guide me how to transfer without routing number to my Indian bank.
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Müller
Hi, I live in Germany and opened a online bank acc in USA, in order to get funds from my bf cause he couldn’t recieve it on his acc, because it’s frozen. And when I wanted to make transfer to my german acc they wanted me to do a security deposit, cause it’s my first transaction from my account which said from the bank. Just curious about that because the amount of security deposit is high and it is needed to get me an authentication code for my transfer. Is it even possible? Or the amounts am seeing in online is fake, could it be scam? Thank you.
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Admin

Dear Muller. 

Each country and especially each bank has its own requirements set by the compliance department. If you are working with a merchant account and not a current account it is a common practice to ask for a security deposit. 

In other cases if you are operating with a regular current account usually you are not asked to withhold any additional funds. Try to transfer or withdraw smaller amount, may be than they will allow you to operate without any other security conditions.

Regards

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Müller
It is actually checking online account and I want to make a first transfer. They emailed me : Please be informed that because you are trying to make a transfer from your online account for the first time, this is the reason why you are required to provide an activation code to verify your transaction. To receive the Authentication Code, you are required to make a security deposit of $25,500 USD before the code can be generated for you. But also know that once your transaction is successfully completed, the security deposit will be refunded to your account. Kindly send us an email when you are ready to deposit so that we send you the account information of one of our partner banks where you are to make the deposit. So this is confuses me, thanks for the reply.
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Admin

Dear Múller. 

Did you check the credibility and authenticity of this financial entity? Is it a well known bank? Can you please share their SWIFT with us so that we can check if everything is correct with it? 

Regards

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Müller
no, I searched it, could not find it on google, their routing number is 836437373 looks like it is not a SWIFT. Thanks
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Admin
You can get in touch with the bank and ask them for the SWIFT code. Also, you will need it anyways to make a transfer.
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Müller
Swift code: CTBUS736X Could you check it for me, Thanks a lot
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Admin

Dear Muller, 

Please, visit this online SWIFT code checker to check the validity of the SWIFt code. We have tried to verify it and it saw that the SWIFT you provided is invalid or doesn't exist. 

Regards

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Anthony
I have an offshore account. I withdrew some money from it on last Friday, January 15th. I was wondering, how long does it take to reach my bank account in America?
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Admin

Dear Anthony. 

Regarding the terms of wire-transfers I have to say that it is quite relative. Usually, with all the technology that financial entities use the wire transfer should not take more than 3 days. However, in some cases, what can take time is an internal control that some banks do before they accept the money from other financial entity (especially offshore accounts) and deposit it on your account. 

In any case, if you don't hear anything from your bank in America within a week, we advise you to contact them and get informed about possible problems with the transfer. 

Regards

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Charity
My boyfriend sent me money from an offshore account its port elite bank in Germany I'm in South Africa, when I transfer the money into my personal account they sent me an Imail saying I must pay R3800first to get the active account code(AAC), isn't that a scam, please help
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Admin

Dear Charity, 

Thank you for getting in touch with our company. Usually the clients are not required to pay for incoming payments. What we can recommend you is to get in touch with customer service of your bank and leave a claim regarding this payment, asking for a better explanations of the reasons they want to charge you that amount.

If the situation doesn't get solved after that, we recommend you to contact any local lawyer. 

Regards

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Hamza

hello everyone. I have an issue. I made investment in turkey and got profit from them they first said that the profit is reversed it can't be send to my local bank account. Then they created a offshore bank account in turkey of mine. And semt my profit to my offshore account so that can i easily transfer my amount to my local beneficiary account. But they charged me 4 types of taxes before getting my profit. And now again they are asking me to send 950usd to get certified from istanbul chamber of commerce. Now im stucked there my profit is also there in the offshore account. Is thereanyine here to advise me. Is it scam or fraud. I have almost paid 4000 usd taxes of 4 types now again they asked me to deposit 950 usd to transfer my funds.

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Admin

Dear Hamza, 

In order to enjoy all the advantages of offshore bank account it should be opened in a jurisdiction different to your country of residence or the country of origin of funds.

If you decide to transfer your profit to your country of residence you have to declare it and pay tax. 

We would highly recommend you to contact a local Turkish lawyer who would advise you on tax regime in Turkey and why you were obliged to pay this amount without being a resident in this country. We hope you will be able to solve this issue. 

Regards

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Amy l Larimore
I have someone that wants me to transfer money from his offshore account to mine when would I have to pay the tax fee and he says there is an upfront fee of ten percent that needs to be paid before transfer how legit is this.
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Admin

Dear Amy, 

Thank you for getting in touch with our company. Regarding your question we recommend you to contact a lawyer who is specialized in banking law. All financial entities and offshore jurisdictions have their own requirements and regulations and without knowing well your situation it is hard to provide your with correct guidance. 

Regards

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SUNIL SINHA
I have a friend who has a predicament. She inherited a large sum of money from her deceased father but it is in an off-shore account. When she tried to get the money transferred to her bank account in the U.S., she got an email saying a very large amount of tax had to be paid before the money could be transferred. Unfortunately she does not have currently the means to pay this tax before receiving the money. What options does she have?
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Admin

Dear Sunil, 

One of the options that you friend has is to open a personal account in another offshore jurisdiction, where she is not a fiscal resident and transfer the money there. Then, with ATM withdrawals she can use it little by little. However, depending on the nationality, her country might have an agreement of exchange of financial information with the country where she wants to open an account. Therefore, she should choose well before transferring her funds to any account. 

If she decides to transfer the funds to her country of residence, then yes, she will have to pay tax on this money in order to be able to use it legally.

Regards

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SUNIL SINHA
Thank you for the above reply to my question. Based on that, my friend decided not to transfer the account back here but instead to get an ATM card for the account over there and use it that way. However her lawyer says she needs to obtain a "United Nations Clearance Certificate for Money Laundering" from the Foreign and Commonwealth Office which will cost her $ 21,000 before he can get her an ATM card. I THINK THIS IS A SCAM. Please advise. Regards, Sunil
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Admin

Dear Sunil Sinha, 

It all depends on the county where your friend has decided to open a bank account with an ATM card attached to it. I can not speak for all jurisdictions, but normally, in majority of them, this certificate is not a requirement and especially such high commissions for it. 

At the same time, I don't have all the information about this inheritance and offshore account that her father had. I would highly recommend you to hire a lawyer to make sure that all the procedures are completed within a legal frame and without scam. 

Regards

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