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Posts Tagged ‘bank account’

A group of women are increasingly looking at ways in which to save money in the current economic climate, it has been revealed.

An Australian parenting website - Kidspot, is calling on mums to offer any advice they have that can be shared and used by others looking to increase the amount of cash they put aside for savers accounts.

It is challenging its members to come up with 499 ideas on how money can be saved, something Kidspot's Sarah Bryden-Brown tells the Sunday Telegraph there has been an "instant response" to.

"Mums are really good at finding solutions to problems and a lot of mums have said they wanted to find ways of managing with less," she claims.

Work on the savings tip list is already underway, with advice on saving in the home, including tasks such as shopping and cooking.

Indeed, those who are struggling with credit cards and other financial commitments could find advice on drafting up a plan of expenditure proves to be useful.

One of the tips on offer comes from mum-of-two Liz Herriot, who suggests an effective way to save for Christmas is to get in the habit of purchasing gift cards while out shopping for groceries.

She claims that if money is placed into a bank account “it can be eaten by bank fees; but if you buy the gift cards, by Christmas you’ll have $400 to $500 to buy presents and food”.

Her announcement comes as the Commonwealth Bank – which offers the Commonwealth Platinum credit card in its range of products – reveals it is offering gift cards to the value of $499 for those ideas which it feels are the best.

The news follows comments from chief executive of AccountantsRus - Adrian Raferty, made to News.com.au that Australians should aim to pu the equivalent of three months' income aside into a saver account in order to provide back-up funds to cope with an unexpected event.

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Here are basic tips on assessing legitimate offshore banking services:

- Your own offshore company. It’s the body (corporation) in whose name your offshore bank-account exists. You transfer funds to it, or it earns them direct. It exists in one country. You reside in another. Your a/c can be in a third. You may avoid tax, depending on where you live. You have limited liability if somebody sues you, and the fact it’s foreign makes it harder. As a legal entity separate from you, it can own property, enter into contracts, or be sold.

- Corporate overseas bank-account: The following may need to be notarized. You get these after your foreign company incorporation): Copy of the company’s Certificate of Incorporation; Certificate of Good Standing (if the company is more than one year old); Board Resolution; Copy of Bye-Laws and Articles of Incorporation; Subscribers Resignation; Copy of the Resolution for Appointment of Directors.

- You might want an overseas Swiss a/c in order to: Expand your business; Minimise your taxation; Simplify business administration; Estate planning; Financial anonymity; Tax-free investing; Asset protection.

- Applying By Mail? You get photocopies of identity documents stamped by a local notary public. A Notary is an impartial witness. A Notary Public is a public officer commissioned by the State to perform notarial acts. The notary is empowered to issue an apostille.

- If you’re in receipt of money, goods or benefits from persons or businesses in the country you are resident, you are liable for tax there, and no foreign bank-account sleight-of-hand will get you out of it. You’ll leave a paper trail, and sooner or later the hammer will come down.

- Once the offshore bank a/c is established, the client is issued a bank card. He can then utilize the bankcard to withdraw cash and to pay for everyday expenses. There are ‘free’ accounts offered as part of defined foreign company formation packages. Offshore account opening procedures only begin once an IBC or an foreign trust has been established.

- My advice to you is to avoid overseas bank a/c websites which are light on info, especially about who, exactly, is offering the service. Who owns the site? Where is it based? Just who, exactly, are you dealing with?

- One of the advantages of a non-resident bank-account is that it provides access to politically and economically stable jurisdictions. People who are resident in areas where there is corruption within the banking system, or where there is a risk of expropriation, or where bank officers may become liable to the influence of or pressure from criminal gangs e.g. Eastern Europe.

I hope these few beginner tips will be of some use to you in perusing good quality offshore banking accounts.

About the author: Nicky Svengali is an author for offshore banking service and credit card debt consolidation loan internet sites in London, UK.