Only the Super-Rich require International Banking
One of the greatest myths surrounding international banks is that they are only available to the super-rich. The truth is that this is but a myth. Most international banks are open to every person. However, because most people are unable to meet the stringent requirements of many international banks, they are denied an account.
For example, you need to prove you are a reputable person or company to deal with. Moreover, if you require a loan, you need to prove you can pay it back. Remember, the interest rates are likely to be higher.
Considering that most celebrities and businessmen have a high reputation and steady income, they meet the requirements relatively easily. This is why you usually see only the rich or super-rich with international bank accounts.
We consider this to be the most interesting myth about international banking. According to the myth, people open an international bank account in order to avoid taxes. While many people do, by no means is anyone safe from taxes. When tax season comes, companies or individuals with international bank accounts must report the money they have in international banks or face severe consequences.
This is particularly important for large corporations. Remember, large corporations need to report to their shareholders. For example, if a company made $500 million in revenue and only $350 million show, the remaining will be enquired about. If a proper report cannot be published, the company is going to face severe legal and financial issues.
International Banks are Full of Criminals
Another rather common myth about international banks is that they are full of criminals. To be honest, after reading about many myths, we believe people are watching one too many movies, particularly ones that contain a negative portrayal of international banks.
Nevertheless, you need to keep in mind that international banking services are available to practically everyone, even those that need to move large amounts of money around. Remember, until you have proof that someone is a criminal, they cannot be deemed otherwise. It is for this very reason that international bank accounts have so many clients. Unless you can prove them criminals, an international bank cannot turn down their application.
From specific availability to helping international criminals, these top myths are simply interesting and hilarious. International banking has been helping individuals and businesses store and transfer their money all around the world. As such, they have acquired a number of myths in doing so. However, rest assured that these myths are nothing but myths. If you would like to acquire an international bank account, go right ahead; there is nothing to be afraid of.
Author Bio: Mark is corporate advisor specialized in international banking accounts. His know-how in business sectors expands to offshore services and companies administration. He is currently working for Globalserve Business consultants.