Author: blogger

Which Is Better Onshore Or Offshore Banking

blogger /

There are a lot of factors that made onshore banking as well as offshore banking different. Although they all have their own features and advantages, one is always better than the other. It is really hard to choose sometimes because of lack of knowledge regarding which is good and which works for you. Here are some questions that surely have crossed your mind as well as answers to help you decide on what to pick.

Which one would reduce your tax?

Onshore banking is subject to the tax and foreign exchange rules of the country in which the account is held, and depending on the size of your savings, and the tax regime of your onshore jurisdiction, the price you pay is likely to be fairly high if your savings are ‘considerable’. Therefore, if you are interested in reducing your tax exposure, and in relatively higher confidentiality levels, it would make sense to examine the possibilities available to you offshore.

Would you use an offshore bank account if you are with an onshore savings already?

Onshore banking is subject to the tax and foreign exchange rules of the country in which the account is held, and depending on the size of your savings, and the tax regime of your onshore jurisdiction, the price you pay is likely high if your savings are ‘considerable’. Therefore, if you are interested in reducing your tax exposure, and in relatively higher confidentiality levels, it would make sense to examine the possibilities available to you offshore.
Sure it is always advisable to stick to the one you are used to but if changes will alleviate everything then why would you settle for less?

How long does it take to open an offshore/onshore account?

Most of the time it is easier to get an offshore accounts rather that an onshore account because there would be lots of requirements needed for processing on onshore banking. Signature Card With an onshore account you must provide notarized specimen signatures, notarized copy of passport or drivers, license, bank reference, utility bill/s showing residential address and many others. This is a very exhausting list isnt? But you need not to worry because many offshore institutions do not require all of the mentioned documents, or require them in different combinations, but this is normally well documented in their brochures.

How secure is my money? Isn’t it more risky to invest/bank offshore?

It is definitely not risky. It is always better to regard offers and institutions which seem too good to be true’ with suspicion, as they generally are! You should begin your research with well established institutions to give you a frame of reference regarding industry standards, and regard with skepticism interest rates or benefits which seem exceptional’. Also, check that the reputation of the bank that you are planning to deal with is good
Finally, bear in mind that even as taking advantage of existing legislation to legitimately minimize your tax burden with a reputable service provider presents very little risk, unreported offshore activity for the purposes of tax evasion is risky. Some offshore jurisdictions have deposit protection system.

With an offshore bank account, you can be rest assured that there is no information that will be provided for those who would like to investigate or learn your banking status. With an offshore account, it is clear that confidentialities are like norms that should be strictly followed.

Will I able to deposit and get access to my money fast?

Depending on your needs, there are many ways of obtaining access to your money. This can be done by post, courier, fax, telephone, over the internet or bank wire transfer. By having an offshore debit card you can then also easily access your bank account on all ATM machines.

How does an offshore debit card works?

Debit Card works in the same way as a Credit Card for purchase transactions at Merchant Outlets, with the only difference being that the cardholder will be able to spent only up to the balance available in the account thus making it batter than a credit card for it will not lead the owner onto serious debts. Because the owner of the card will just use his own money he will not be subjected for any high rates that a credit will give.

2GetCash offshore debit card is one of the most convenient and reliable offshore debit cards. Through this, you can easily have an access to your bank account at the same time calling your love ones abroad at very low rates.

Things To Be Aware About Regarding Mobile Banking

blogger /

When we think of cell phones and smart phones, we think of small computer devices. They function and behave as if they are smaller computers. That is how far technology has reached to make lives of people a lot easier. In lieu with this magnificent innovation, nowadays, banking seems to be very convenient for individuals. It seems too convenient, allowing people to use their mobile phones to make quick checks in to their accounts, pay bills or just send funds. The world now embraces a new form of banking, as if online banking is not enough.

Mobile banking is a great tool. It is convenient, fast, easy and accessible. Here are some things that you might want to consider if you wish to do banking through your mobile phone.

The issue of security
There is a general consensus between banking experts that mobile banking, to some extent, is safer compared with online banking. This is true when considering the amount of security risks and malware that could infect the mobile phone. However, that is just one aspect of security and baking using your phone has other security issues. If there is computer phishing, then there is mobile smishing. This is when the person receives a fake message via SMS asking for account details. The hacker poses as a reputable bank or financing company. Do not feel like you are immune to such seemingly obvious scams. A lot of people have lost money from such tricks.

Phone being stolen.

If you lost your phone or it was taken from you by a robber, even if passwords are necessary, when it comes to mobile banking, most users tend to apply easy to break passwords so that banking can be easy. With such ease in technological use, the account holders must always use stronger passwords because this is the only tough thing that you can do so that no sneaky individual can guess your banking details.

Compatibility
Most banks only have their mobile services offered to those clients with smart phones. These are specially made applications that can be used to make the most out of your mobile use. Those old, outdated phones are not supported and sometimes, even if banks allow, they are only limited for account balance checking only.

There are additional fees when doing your transactions via SMS. Compared to online options, they are virtually pricey because you have to pay for every text message that you send to handle banking. In some cases, those that use specialized software will have to ask for a fee.

ABSA Internet Banking Online Amalgamated Financial institution of South Africa

blogger /

The Amalgamated Bank of Nigeria, commonly known as the ABSA Bank, is South Africas largest financial services provider bank. Additionally, it provides ABSA internet banking and offers one of the most economical, fast and efficient products and services not only to its individual customers but in addition to commercial and corporate customers who would like to make the usage of ABSA internet banking.

The ABSA bank provides a number of benefits and features to its large client base. ABSA internet banking services are availed from the clients to pay for bills online, check and verify account status, monitor transaction history, submit an application for finances, get yourself a print of numerous transactions, transfer money from and to your own accounts or other banks accounts, keep close track of any suspicious activities linked to financial account, personalize their account operation settings, and much more things.

The ABSA bank is really a Barclays Group associate bank having its headquarter in Nigeria. The most excellent attribute of ABSA internet banking is you can have completed all your banking related transactions effectively while sitting at your own place of residence without moving an inch. To go for ABSA internet banking services all you require to accomplish is to develop a request form and submit it to your nearby ABSA bank branch. The client is then be given a individual login id and password by which he or she can access the internet portal from the ABSA bank and acquire the advantage of every one of the ABSA internet banking facilities offered by them.

Please require a note that as a precautionary measure you must change your ABSA internet banking password frequently and regularly by adhering to the guidelines provided inside the banks website to ensure a secure and safe transaction each and every time you use ABSA internet banking services. Avoid documenting your ABSA internet banking pin number anywhere unsafe. Bear in mind your ABSA internet banking pin number to obtain a secure and safe banking experience. There are plenty of fraud email messages which request your bank account related details. Never turn into a victim of such fraudsters.

An advanced valued client of ABSA bank who would like various banking services besides just operating banking account then ABSA internet banking is the ideal solution for you personally. ABSA internet banking has become a primary necessity nowadays as people like to control their accounts while sitting at any location whenever you want away from the bank. The customers can also reference ABSA internet banking FAQ section on the banks website for any inquiries or questions coming up in their minds. They, alternatively, could possibly get in touch with customer service executives or ask banks toll free number provided over the internet.

Besides ABSA online banking services, customers can also use Phone and Mobile banking services offered by the bank to have access to their financial records even when there is no accessibility to internet. ABSA online banking provides safe and secure banking experience and safeguards the eye of the customers and many types of their transactional details efficiently.

Best Short Term Finance Management Training Courses Banking Delhi

blogger /

Best Short Term Finance Management Training Courses Banking Delhi: The one year PGD-AFPWM is a breakthrough innovation as far as post graduate professional courses in India are concerned. Conceptualized by Mr. Niamatullah, former MD SBI Mutual Fund and currently Director Academics of IIFP, this one year course provides to fresh graduates from any stream an opportunity to pursue a lucrative career in personal finance.

The one year at IIFP makes the student a dynamic professional comparable to the best in the world and ready to be absorbed in the industry.
IIFP continuously update and revise the course content to keep it relevant for the requirement of industry.

IIFP have innovated a unique teaching methodology where students are regularly given case studies and asked to apply their knowledge to find solutions of financial problems. Group assignments, presentations, continuous evaluation of lessons learnt etc are other highlights of this policy.

A significant part of the role of teaching fraternity is that of facilitators, guides and mentors.
IIFP has also developed world class study material and work books for the entire CFP Certification Education Program.

IIFP has received excellent feedbacks from student fraternity on the quality of study materials and this fact is amply reflected in the popularity of IIFP across the country for training and education in finance.

IIFP has a dynamic placement wing which closely interacts with the industry people, on a regular basis, and maintains excellent relationship with HR managers.

The placement department also plays an important role in grooming of students.

Some of the key activities performed by the department are
Career counseling to help the student select right profile and company
Helping the students prepare effective resume
Conducting mock interviews to help the students master the right attitude and skills

IIFP has about 95% placement record since inception. The average package provided to the PGDAFPWM students in the year 2010 was ‘ 3.5 lacs with ‘ 6.5 lacs as highest package. Around 60% of the students got a package higher than the average package.

Mathematics in Banking – Compound interest

blogger /

Mathematics in Banking – Compound interest

NO banking WITHOUT Mathematics.

Many of you would have learned about Simple interest and compound interest in your middle school. Simple interest is seldom used in practice. The concept of compound interest is used in banks and many financial institutions.

Let’s begin with the definition of -interest-.

Interest is a fee paid for a loan or an amount of money borrowed from a bank or other financial institution. Banks pay interest on money deposited by customers.

There are two types of interest, simple interest and compound interest.

Simple Interest

Simple interest is the interest paid only on the original principal. Simple interest is quite easy to calculate.

The simple interest formula is I = PRT

Where

I – simple interest P – Principal or the initial amount of money that was invested or borrowed R – Rate of interest as a decimal T – Time

Compound Interest

Compound interest involves paying interest upon interest. That is, compound interest is the interest calculated on the accrued unpaid interest and on the original principal. Compound Interest is a bit more complicated than Simple Interest.

The compound interest formula is:

A = P (1 + R) ^T, if the interest is compounded once a year

A = P [1 + (R/N)] ^NT, if the interest is compounded -N’ times a year

Where

A – Amount = Principal + interest P – Principal or the initial amount of money that was invested or borrowed R – Rate of interest as a decimal T – Time

When you deposit money in the bank, always choose the account that offers you compound interest. You would make a little more money with the compound interest account than the simple interest account.

Albert Einstein, the great scientist once quoted: “Compound interest is the eighth wonder of the world. He, who understands it, earns it … he who doesn’t … pays it-.

Let’s look at a couple of examples:

Mrs. Green deposited $5000 for 5 years at 4% simple interest. Calculate the amount of interest Mrs. Green will get back at the end of 5 years.

Let’s use the simple interest formula: I = PRT

Here: P = $5000, R = 4% = 0.04, T = 5 years

I = PRT = 5000 0.04 5 = 1000

So, Mrs. Green will receive $1000 at the end of 5 years.

Mrs. Green deposited $5000 for 5 years at 4% compounded quarterly. Calculate the amount of interest Mrs. Green will get back at the end of 5 years.

There are 4 quarters in a year. So, the interest is compounded 4 times a year.

Let’s use the compound interest formula: A = P[1 + (R/N)]^NT

Here: P = $5000, R = 4% = 0.04, N = 4, T = 5 years

A = P [1 + (R/N)] ^NT = 5000[1 + (0.04/4)] ^ (45) = 5000(1 + 0.01)^20 = 5000(1.01)^20 = 6100.95

So, Mrs. Green will receive $6100.95 – $5000 = $1100.95 at the end of 5 years.

Notice that Mrs. Green makes a little more money with compound interest.

Banks and other financial institutions use compound interest to calculate how much interest to be charged on a loan amount and how much interest to be paid on money deposited by customers. The more frequent the compounding, the more money you can make. The longer you allow your money to remain in the account, the greater is the final amount you receive.

==============================================————————————————-

I’m Chandrajeet, an in-house writer for iCoachMath. iCoachMath is an effective, convenient, easy-to-use online Math Program which has been used by thousands of students, teachers, and parents. iCoachMath strives to lead K-12 students to excellence in math by offering quality web-based educational solutions. iCoachMath’s instructional and lesson materials are aligned to State Curriculum Standards in all 50 states (USA).
iCoachMath