Category: Blog
So you’ve just found out you need payment processing for an offshore company. You have the company, you probably have your products or services… but you can’t accept payments? This is often an overlooked aspect of business requirements when entrepreneurs set up a company. Knowing how you will accept payments is critical to your business […]
At GlobalBanks, we talk a lot about how to open an offshore bank account. We also decode the common pitfalls and challenges that most people struggle with during the account opening process. And while you might be thinking that opening an account is a straightforward process, it can involve a mountain of paperwork, red-tape, and […]
Bank failures happen all the time. And more often than not, it happens in “developed” markets like the U.S. where there is an abundance of banks, easy access to credit, and loose regulations across an oversaturated banking market. According to the FDIC’s own statistics, 531 bank failures have happened since 2008, including three in 2019 […]
In the time of Genghis Khan, Mongolian ambassadors, noblemen, and officials would travel through the vast Mongol empire carrying the first version of a lucky passport. It was known as a “gerege.” It was essentially the first passport. But instead of a little book, gereges were made of solid gold. They guaranteed the holder safe […]
Why would anyone keep their money in a failing economy if they could take it elsewhere? They wouldn’t! Unless the government imposes currency restrictions and blocks the movement of money. Unfortunately, that’s the reality for people in many countries around the world. But, why would a government impose restrictions on moving money or holding foreign […]
It was 90 years ago today that the stock market crash of 1929 took hold… Most people associate the crash with October 29th, Black Tuesday. In fact, it’s said that the opening bell was never heard on Black Tuesday because of the shouts of “Sell! Sell! Sell!” were too loud… But it was during the […]
The Laundromat Movie is Hollywood’s latest attempt at undermining the world of offshore companies and international banking. It was a cringe-worthy over-simplification of asset protection and structuring. At the time of writing this note, Netflix’s new film ‘The Laundromat’ has a 44% ranking on Rotten Tomatoes… falling behind such acclaimed low-budget rom-coms as ‘A Prince […]
If you’re a South African interested in getting money out of South Africa, you already know how important (and difficult) that entire process can be right now. In this article, I’m not going to dive into the political, economic, or social issues South Africans are facing. Instead, I’m going to address what you need to […]
When you bank around the world, eventually you will come across banks shutting down accounts. And, if you have a business that crosses borders, like retail, consulting, digital marketing, or any other international trade your chances of account closure are even higher. Having an account shut down (or frozen) when the bank is shutting down […]
Last week, I opened a personal account at a Panama bank. And while that might not seem like a reason to celebrate, it is noteworthy. You see, for the past five years or so, Panama has become renowned for being a horribly challenging place to open accounts – but not because the banks are “bad”, […]