Offshore bank account, help/suggestion needed
 

Hi all ,

i have client and he needs help with the issue he is facing.

client is from India , he is receiving funds from US and want to send funds back to US/UK or few other countries for affiliate payments.,

he has bank account in India, but there are limitations on how much funds he can send abroad in a year, plus , every-time, money goes to India it gets converted to INR and everytime he sends money from India to US or some other country funds gets converted to USD , so he has to pay currency conversion fee twice.

now he would like to open offshore bank account somewhere outside India, where he can receive funds in USD and send funds from there and remaining funds he can transfer to his bank in India. offshore bank should have online wire transfer facility.

he wants to send wire transfers to US / UK regularly.
what are his options., ?


he already contacted affiliatechecks/affilaitepayments and they already turned him down without any reason.

Thanks for your time and have a great day ahead.

Paypal?














Have luck

yes , but for big transfers like 5-6k , paypal fees are high and i guess wire transfer is only option ?

I used to have my offshore assets at UBS in Singapore up until a couple of years ago when they signed an agreement to willingly provide tax information about account holders to US, Germany and others. So it defeated the purpose of having an "offshore" account :disgust

If your friend is Indian, then tell him to try a Luxembourg bank as most of them seem to cater to Indians and their needs.

Most people think it's trendy and boast Cayman islands for offshore accounts. Yes if you are a drug dealer:1orglaugh, but I prefer putting mine in BMI in Seychelles. :thumbsup

Bitcoin instant transfer with small commission?

Problem with luxembourg banks is the wire transfer costs. Some of them want like $80 for an incoming wire, so if you are an affiliate and pushing several small programs getting $500 payments then an $80 fee per wire hitting the account is a bit high.

That's true, they have one of the highest wire transfer costs. I should have mentioned it in my recommendation because if his Indian friend is a small time affiliate, then those fees would eat him up :winkwink: But as far as "Indian Friendly" banking, Luxembourg is the way to go if he can swallow the wire fees. They are great banks, just not for my uses

Thanks for your input.

any specific bank in Luxembourg ?

any contact to open offshore account there ?

why you prefer BMI in Seychelles ? any specific reason ?

what if affiliate is asking to be paid by wire transfer ? so no bitcoin option.

he reiceves majority of funds via payoneer , so may be he can later change the withdraw information in payoneer to his new bank account.

any high fees for sending wire transfer ?

UniCredit in Luxembourg would be the best because their ROA % is high for assets management and on Capital investments, it's about 33% higher than the other banks in the Lexembourg. Unfortunately, I don't have any contact at UniCredit to help set up an account but they are very easy to deal with, it doesn't take much to open an account as long as your friend has his paperwork in order. :)

As for me, my parents deal with BMI for their assets as well so that's how I started dealing with them but I did do my due diligence on how they operate especially when it comes to tax laws/agreements with North American countries, and Seychelles is one of those countries that unlike Cayman or Bahamas, they actually do have "an official agreement" with the US to provide tax information if requested, but unofficially they do not comply with any requests. :winkwink:

As for wire transfer fees, yes, the fees are also relatively high for sending wire transfers, if I remember correctly, it's around $60, maybe higher depending on which bank. But if your friend is doing larger transactions over $2000+ each time, then it's not really a high fee.

What about Belize?

Tell him to check out choicebank in belize. It's the same bank paxum and payoneer use. The incoming wire fee is something like $12 or some shit, alot more reasonable then luxembourg banks.

If he wants to keep larger amounts of money but doesn't wanna get eaten by bank fees, open account at choicebank and then every 10k or something transfer it to a safer bank in luxembourg.

Thanks for your input.
$60 per transaction is fine .


i am looking into it too., thanks


just checked choicebank in Belize & their Minimum is USD 50,000, looks pretty high or is this normal ?

Refer that client to us and let him speak to us and we will help him out direct if possible.... Ask him to contact us on Skypw with your reference..... Is it a guy called Manish?

thanks for your input, i have forwarded your skype info to him.and no his name is not Manish.


thanks

They don't have a minimum as far as I know.

i may be wrong but its in pdf

ref : http://www.choicebankltd.com/file/20...-converted.pdf

ref : Choice Bank Limited » Create an Account

he can handle upto $300-$500 yearly fee but 50k minimum is pretty high.

thanks

Corporate account does not have those limitations.

in this pdf they say they have minimum 50k requirement for corporate accounts too .

or i am looking at wrong pdfs

ref : http://www.choicebankltd.com/file/20...-converted.pdf

ref : Choice Bank Limited » Create an Account

thanks

additionally i have sent them mail regarding new account openeing , it will be clear when i hear back from them .,

His best choice would be to travel to the US and open a bank account in person.

Maybe they changed it then...who knows. I can put you in touch with someone who knows alot more about this stuff if you wanna hit me up on skype or icq.

are you sure ? this will work ? does US allows to open accounts in such case ?
i am not sure ., then maybe he have to pay US taxes too.

will contact you soon., thanks man.
i really appreciate it.,

One thing I would like to input info in this thread... registration of a offshore company is not a big deal but opening a bank account with adult related business is very difficult until and unless some financial company account or some other company name which also do non adult related transaction....

NRAs have no problems on opening accounts in USA, normally. Many banks to chose from. His tax has nothing to do with the location of his bank. He will need to pay tax in the US if he has income there that is taxable. If the income is not taxable, then no need to pay taxes.

Mexico Border with US can have an account in dollars and send receive in dollars. but he has to have legal status that must be maintained.

anyone heard about

US / EUR Payment Service bt Payoneer ?

http://www.payoneer.com/USPService-FAQ.aspx

can i use to send wires online ?

You can only recive and they have a LOOOOOONG list of things not allowed, adult being one of them. They send all such payments back.

See more here:
https://pubs.payoneer.com/files/tc/T...entService.pdf

Especially section 5, prohibited use, which states and I quote:
"
Payoneer strictly prohibits using the Payment Service while impersonating any person or entity or while falsely claiming an affiliation with any person or entity. The Payment Service is a solution intended to allow receiving payments for business related activities and is not intended for personal use. Payoneer will block Credits initiated by any individual and/or those made for personal reasons. By using the Payment Service, you also confirm that you will not accept payments in connection with the following activities, items or services:

• Any illegal act;
• Betting, including lottery tickets, casino gaming chips, off-track betting, memberships on gambling-related;
• Bill payment services;
• Cigarettes, tobacco or e-cigarettes;
• Collection agencies;
• Credit protection or identity theft protection services;
• Crowdfunding
• Dating
• Debt elimination, consolidation, or reduction services;
• Digital currency;
• Donations;
• Dried or dehydrated foods and seeds;
• Drugs, alcohol, or drug paraphernalia, or items that may represent these uses;
• File Sharing websites allowing sharing, viewing or download of copyrighted content
• Financial institutions;
• Forex or Binary or any other variation of trading;
• Healing services and related products;
• Insurance sales and services;
• Internet sites and wagers at races;
• Internet, mail or telephone order pharmaceutical or pharmacy referral services;
•Items that promote hate, violence, racial intolerance, or the financial exploitation of a crime;
• Live animals;
• Medical equipment;
• Multi-level marketing;
• Non-profit organizations
• Obscene or pornographic items, massage, adult businesses or adult related services including escort services or other adult-entertainment services, adult performer regardless of sexual orientation, adult;
• Payday loans;
• Peer to Peer payments for personal purposes that are not related to business purposes
• Personal use such as gifts, loans or payments from friends and family;
• Precious Metals;
• Prescription Drugs/Devices, Controlled Substances, Unapproved Drugs, Unapproved Medical Devices;
• Products made from the skin of snakes, crocodiles, or seals
• Pseudo-Pharmaceuticals;
• Real estate sales;
• Reselling prepaid cards or gift cards\certificates;
• Sale of stocks
• Sales of money-orders or foreign currency;
• Tax refunds;
• Virtual game currency;
• Vitamins and supplements;
• Weapons, ammunition or other related accessories (including collectibles and replicas);
• Wire transfer money orders;
• Any other category or sender that Payoneer decides to prohibit, in its sole discretion.
"
End quote.