What is the difference between an onshore bank (local bank) and an offshore bank?

Offshore banks are generally banks that are dedicated to working with VIP clients with private bank service and much more interested in promoting investments; however, there are also small offshore banks that don’t disdain commercial accounts and small deposits. Generally, offshore banks don’t like opening accounts where 1000 are deposited and then 999 are withdrawn; these are considered transit accounts with risk of laundering. If you don’t have a large business volume, you should alternate between both types of banks so that the bank’s control system doesn’t give an alarm for deposit and immediate withdrawal of your funds.
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  • Saturday, 24 September 2016

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