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Kolbysfan
Denham Springs, La
Member since Jun 2007
1425 posts
| Off shore banking (Posted on 2/9/13 at 7:32 pm)
Why do people use off shore banks? Is this practice legal? I am relocating to Malaysia for work. Plan to be gone for a minimum of three years. Is this a practice I should look into if legal.?
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4LSU2 
LSU Fan
Madisonville
Member since Dec 2009
14440 posts
 Online
| re: Off shore banking (Posted on 2/9/13 at 7:36 pm to Kolbysfan)
What do you do for a living? Just curious.
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Kolbysfan
Denham Springs, La
Member since Jun 2007
1425 posts
| re: Off shore banking (Posted on 2/9/13 at 7:38 pm to Kolbysfan)
Safety engineer. Building a LNG refinery in Malaysia then floating it to Australia.
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4LSU2
LSU Fan
Madisonville
Member since Dec 2009
14440 posts
Online
| re: Off shore banking (Posted on 2/9/13 at 7:40 pm to Kolbysfan)
Gotcha. That's pretty cool. Malaysia should be a blast from what I've heard.
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Kolbysfan
Denham Springs, La
Member since Jun 2007
1425 posts
| re: Off shore banking (Posted on 2/9/13 at 7:43 pm to 4LSU2)
We're totally stoked. The country is beautiful. The beaches are first class. Great food. Scuba diving. I'm really excited for my kids. What an opportunity to grow up experiencing other countries!!!
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4LSU2
LSU Fan
Madisonville
Member since Dec 2009
14440 posts
Online
| re: Off shore banking (Posted on 2/9/13 at 7:45 pm to Kolbysfan)
That's awesome man. 
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I B Freeman
Member since Oct 2009
2198 posts
| re: Off shore banking (Posted on 2/9/13 at 7:47 pm to Kolbysfan)
I would have an account with a large US bank--BofA or Chase or Citi--whichever has the biggest presence there.
I would not be scared of Malaysian banks but I would wait till I had lived there a little while to pick one. You are going to need somewhere to convert dollars to local currency for "walking around " money. Any of the big US banks with a big presence there should be able to do that.
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Kolbysfan
Denham Springs, La
Member since Jun 2007
1425 posts
| re: Off shore banking (Posted on 2/9/13 at 7:54 pm to I B Freeman)
I bank with USAA. They are online. They pay for ATM fees. I'll have two CC I was going to live on and earn points. Both have zero international fees.
I'll do some googling and see what American banks are there.
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TheTigerZone
LSU Fan
Moss Bluff ,La
Member since Dec 2009
2343 posts
Online
| re: Off shore banking (Posted on 2/9/13 at 8:58 pm to Kolbysfan)
quote:
Safety engineer. Building a LNG refinery in Malaysia then floating it to Australia.
Who do you work for? I'm also in the LNG field.
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Kolbysfan
Denham Springs, La
Member since Jun 2007
1425 posts
| re: Off shore banking (Posted on 2/9/13 at 9:13 pm to TheTigerZone)
Bechtel
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fatboydave
LSU Fan
Fat boy land
Member since Aug 2004
4308 posts
| re: Off shore banking (Posted on 2/10/13 at 1:54 am to Kolbysfan)
Count de Monay MO____ NAY
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NC_Tigah
LSU Fan
Member since Sep 2003
40234 posts
| re: Off shore banking (Posted on 2/10/13 at 8:16 am to Kolbysfan)
quote:
Why do people use off shore banks? Is this practice legal?
Perhaps Jack Lew will elucidate during his Sec of Treasury hearing.quote:
February 8, 2013
Lew’s Cayman Islands Fund a Likely Issue at Confirmation Hearings
By JONATHAN WEISMAN
As recently as 2010, Jack Lew, President Obama‘s nominee to be the next secretary of the Treasury, had $56,000 invested in a CitiGroup venture capital fund based in the Cayman Islands’ notorious Ugland House, a building whose mailboxes are home to nearly 19,000 corporate entities, many of them tax shelters.
LINK
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