Based on the aforementioned fees, banks would love to have you switch from the credit card transactions to “credit” type check card transactions. Why? First, there is no credit risk in it for them. While a credit card charge always carries a risk of not being paid back, a check card “credit” transaction carries no such risk, yet it still provides the 3% transaction fee for the bank. Check card “credit” transaction is like a free lunch for the bank. That is why banks are happy to provide 3% and even 5% cash backs on selected merchandise. Together with other fees that come up, they will make the profit.
I am often asked why someone who is not doing anything illegal would want to have banking and spending privacy. And I am also asked if they are legal. For the first question, if you feel that way, I want to ask you, why wouldn’t you? And for the second, yes, offshore debit cards are perfectly legalI could easily list many examples of legitimate uses for legal offshore debit cards. But that is the topic of another article. Let’s just say they are one very important tool that goes a long way in protecting you, your finances and your familyBut, just having a debit card is not enough. There are a couple of things you need to be aware of.First, is the jurisdiction where the card is issued. Having a card from a bank that is going to give up your personal information to the first person who comes looking for you is not going to be of much value.
You need to know that you are opening up your offshore bank account in a country with strong banking privacy laws. Certain countries make that privacy law, so as long as you have not done anything illegal, that privacy cannot be breached.ext, you need to be aware of where you are using it. While the card itself is anonymous, ATM machines are not. Did you know that you are on camera every time you use one? And it is being recorded.If you are using your card anywhere near your home, and someone is looking for you, they will immediately think about checking the ATM videos. Once you are spotted on there, it is easy to track back to the transaction, and find out the amount withdrawn and whenBy using ATM machines far away from where you live or work, you are eliminating this problem.
Finally, you need to know that funds in the off shore bank and country issuing the card are going to be available. And the limits of what are available. myprepaidbalance Depositing a large amount of money into a prepaid debit card or offshore bank account is not going to be very useful to you if you can’t access it when you need it.Make sure the bank is backed by a strong name and comes from a country that has not been blocked by banks in your own country.Offshore debit cards and prepaid offshore debit cards are a great legal way to enhance your privacy in making purchases. Provided you do your homework before opening your account.
While many people think that using these cards is somehow wrong or illegal, it is important to realize that if you use you card for illegal activities, your privacy will be stripped away anyway. They are meant to protect the privacy of law abiding individuals. People who don’t want everyone, knowing everything, about their lives.Like any financial instrument, offshore debit cards are just a tool.The most important thing for you to do is your homework. Research all you can about offshore banking, offshore accounts and other offshore structures. This way you can find the level of protection that is right for you.