How to Receive Payment When Using an Offshore Account

Receiving cash from an offshore account.

Establishing an offshore financial account provides benefits to individuals and businesses, the chief among which is to reduce tax obligations and protect assets from creditors, as permitted by law. A prime issue with an offshore account is how to receive payment when using an offshore bank account. There are two major avenues by which to receive payment when using an offshore bank account.

Things You'll Need

• Wire transfer request form
• Debit card

Instructions

Wire Transfer

1. Set up a wire transfer of funds from the offshore account to one located at a U.S. bank or other financial institution. A wire transfer is appropriate for larger sums of money. A wire transfer can be directed for a payment received by you or by someone else, including a business or another individual.

2. Obtain from the offshore bank the standard form used by the institution to request a wire transfer of funds.

3. Complete the request to wire transfer funds. The information you will provide is your own offshore account information and the U.S. financial institution and individual account information for the transfer destination.

4. Fax the completed wire transfer request to the offshore bank. Keep in mind that you must follow up the fax transmission with a phone call to verify the request and to provide confidential security identification information previously established by you with the offshore institution.

Debit Card

1. Obtain a debit card from the offshore financial institution. You can obtain a debit card that ties directly into your offshore account granting you access to the entire balance. Alternatively, you can obtain a debit card or cards that you load over the Internet as needed in a specific amount for a specific purpose.

2. Use the debit card directly to receive money for your own use from the offshore account.

3. Provide a debit card with a specific amount loaded onto it for receipt of funds by another individual or business.

References

• "Fundamentals Of Offshore Banking: How To Open Accounts Almost Anywhere"; Walter Tyndale; 2009
• "Offshore Money Book: How to Move Assets Offshore for Privacy, Protection and Tax Advantage"; Arnold Cornez; 2000

Resources

• Offshore Banking Directory