Offshore banking rises popularity as US drops from 'top 20 cleanest countries'

[peterson2k4]

In a more recent study the US has been revealed as being sub-par to the top 20 cleanest countries in terms of corruption. This has lead to more and more citizens within the US using offshore banking. This research was done by Transparency international ranks. (including 180 countries). Many Caribbean countries are close to outdoing the US in this area.  
"Over the past decade, banking has changed in several ways, most notably moving from a more traditional sense to a digital, online format. Nowadays, it is commonplace for the younger generation to conduct the majority - if not all - of their digital banking online. With this surge in readily available online banking services, offshore banking has also seen a rise in popularity.

In the US, online digital banks like EQIBank are breaking the mould and introducing a new form of banking to everyday citizens and corporate clients alike. As the world's first licensed and regulated offshore bank, EQIBank requires no minimum account balance, features 24/7 accessibility, and offers customers a choice of over 100 currencies. Founded by former members of HSBC, Credit Suisse, and UBS, EQIBank recently upgraded its services to offer customers up to $50 billion in custody for alternative assets."

As we look forward, tighter regulations and stricter protocols allows for a safer future in banking, and a much more trustworthy one. Combined with low transaction fees for 'unbankable' individuals it seems offshore banking with digital assets is the way forward

Source - https://www.fxstreet.com/analysis/offshore-banking-gains-appeal-as-the-us-falls-out-of-top-20-least-corrupt-countries-201908280841

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[peterson2k4]

So what do you guys think. Digital asset banking the way forward?

[ActAshton]

As 2 chainz said "big bank takes little bank"

Clearly not true in the financial world. Little banks are going to override the current system if they adapt like offshore systems or credit unions.

[avikz]

As we look forward, tighter regulations and stricter protocols allows for a safer future in banking, and a much more trustworthy one. Combined with low transaction fees for 'unbankable' individuals it seems offshore banking with digital assets is the way forward.

That's entirely true with some strings attached! We all have to remember that the controlling power still lies with government. So regulation will always be there. But too much Offshore banking channels can actually hurt the economy in long run and then the government can Step in to curb the repatriation of funds through these digital banking channel and introduce even strictier norms to over-regulate them!

As of now, it looks good in practice to some extent because the volume is negligible compared to the conventional banking channel. But increase in the volume of digital assets in offshore banking channel may have repercussion at later stage!

[Harlot]

Don't be surprised when the U.S. authorities will all be pointing there fingers to the crypto industry and completely disregard the truth. If we are just playing the blame game I know a lot of them will be shouting Bitcoin or the crypto industry first rather then actially identofy the real problem. Sad thing about it is the mass media will pick up the news about Bitcoin first rather then this news about offshore banking, only way to avoid the FUD that will happen when this news becomes viral is for us to know the truth about it first.

[stompix]

So what do you guys think.

I think that this sounds more like an ad for EQIBank and I see really no connection to this and the title.

You're telling me that corruption drives people to hide their assets in offshore banks and this is, let me quote you:
"offshore banking with digital assets is the way forward"

If that is the way forward, then allow me to put my car in reverse and kiss this whole so-called evolution goodbye.

But, let's not just rush thing, right...
https://eqibank.com/fees/

ONBOARDING FEES   
All new accounts   Non-refundable account opening fee $1,000
MONTHLY MAINTENANCE   
All Accounts   $75.00

Seriously, I need a second and third gear for reverse....

DORMANT ACCOUNT MONTHLY FEE   $250.00
WIRE CONFIRMATION   $75.00

I'm pretty sure everyday citizens and youngsters can't wait to open an account there.

[guoyu78]

Now with the invention of bitcoin digital currency running on blockchain technology, I am sure that those digital banks will still feel some emptiness when bitcoin is fully adopted because creating those banks is still a way of controlling people’s asset, centralized digital things will never really work now that our eyes are opened to decentralization. 

With cryptocurrency, people can easily have their own wallet and protect their own money without having to rely on banks for protection of their assets, except maybe those digital banks also embraces cryptocurrency which would still not be the same because they will operate it in a centralized way, in near future, cryptocurrency banks are the one that will become more popular as it has started becoming more popular in Switzerland.

[el kaka22]

I can't believe they were in the top 20 cleanest anyway, they have been one of the most corrupted country in the whole world.

We are talking about politicians having stocks in oil companies making sure the oil companies screwing the world and getting free money so that stock could go up to make politician richer, we are talking about pharma companies bribing their way into politics so they could charge 300 dollars for simple insulin where people who couldn't afford just simply dies in order to make more profits, we are talking about a country that literally destabilizes other nations to put other muppet presidents on top of it to have control over those nations. USA is literally the big bad bully and has been the number one worst nation in the world in corruption.

[dothebeats]

Ignoring the obvious ad for EQIbank, a vast majority of people would still move forward with the same, traditional bank on their online platforms. True that 'digital assets' has been one of the most crazy buzzword people are encountering due to this innovation in banking but I don't think people are ready to go all-in with this new tech and new form of banking. Offshore accounts, for one, are only feasible to those who are absurdly rich, not for the common folk, so yeah, it will not be as good or as catchy as you pitch it.

[maianh09]

New banks take care of their customers' needs and new banks meet all of their needs, which is why so many new foreign banks have been established but attracted a lot many customers. There are many high-income users, and they have a lot of money, but maybe one of their income is not legal, so they will not want to be controlled by national banks.

[Rustamm]

The rules for the existence of offshore banks are constantly changing. I even heard that the US government and the European Union intend to fight offshore and money laundering, but I think that these are just words and no one will eradicate offshore banks because they all use them.

[13abyknight]

If not digital, this is another way to go around for US citizens to evade the stupidly high taxes. But this comes in as an audacious attempt as it involves many risks for the ones doing it. Why would anyone unwillingly pay taxes which have very less exemption associated with it. People would rather use offshore banks to keep their money and not get taxed against it.

[hugeblack]

The idea of ​​banks has become futile so digitization will not add to them as long as the concepts are still the same.
The technology exists, but it needs legislation that reduces the risk of controlling it and verifying its value to avoid capital loss.

So I think the future of hybrid systems that enable you to conduct international transactions and not based on fees as a way to achieve gains.
There are some ideas that confuse banks with crypto payment , these ideas lead to further failure, for example, EQIBank. thanks @ stompix

ONBOARDING FEES   
All new accounts   Non-refundable account opening fee $1,000
MONTHLY MAINTENANCE   
All Accounts   $75.00

[fiulpro]

I don't I will consider the offshore banking the same as cryptocurrencies like Bitcoins and all , offshore banking simply means they are using banks and all internationally , if they use the cryptocurrencies then they will loose money and I don't think savings in terms of cryptocurrencies is any good , when you talk about long term investments then it is for sure an Amazing thing maybe ! 50-50 chance .
But if they are thinking about Savin money then for sure they are not thinking about bitcoins.

[salamat700]

This can be a symptom of the fact that a growing number of people especially those who really have the money are growing wary of the government and the traditional banking institutions we have. However, offshore banking is not completely safe as they are still under the nose of the government and laws can be passed to change the rules of the game anytime. The so-called safe havens will one day be not be safe anymore.

[The Sceptical Chymist]

Clearly not true in the financial world. Little banks are going to override the current system if they adapt like offshore systems or credit unions.

Except that hasn't happened just yet--nor is the concept of an internet bank new.  I remember in 1999 or so, there was Netbank (if I've got the name right), which was supposed to destroy the traditional brick-and-mortar banking system but never did.  In fact the internet was supposed to replace everything brick-and-mortar according to the hype of the day, and yet here we are 20 years later and there are still storefronts and banks everywhere.

Most people are banked and don't have an issue with the banking system.  That's the truth of the matter.  Could that change?  Yes it could.  But right now people are not turning to crypto or off-shore banks as a solution to not having a checking account--at least not en masse.

[audaciousbeing]

In a more recent study the US has been revealed as being sub-par to the top 20 cleanest countries in terms of corruption. This has lead to more and more citizens within the US using offshore banking. This research was done by Transparency international ranks. (including 180 countries). Many Caribbean countries are close to outdoing the US in this area.  
"Over the past decade, banking has changed in several ways, most notably moving from a more traditional sense to a digital, online format. Nowadays, it is commonplace for the younger generation to conduct the majority - if not all - of their digital banking online. With this surge in readily available online banking services, offshore banking has also seen a rise in popularity.

In the US, online digital banks like EQIBank are breaking the mould and introducing a new form of banking to everyday citizens and corporate clients alike. As the world's first licensed and regulated offshore bank, EQIBank requires no minimum account balance, features 24/7 accessibility, and offers customers a choice of over 100 currencies. Founded by former members of HSBC, Credit Suisse, and UBS, EQIBank recently upgraded its services to offer customers up to $50 billion in custody for alternative assets."

As we look forward, tighter regulations and stricter protocols allows for a safer future in banking, and a much more trustworthy one. Combined with low transaction fees for 'unbankable' individuals it seems offshore banking with digital assets is the way forward

Source - https://www.fxstreet.com/analysis/offshore-banking-gains-appeal-as-the-us-falls-out-of-top-20-least-corrupt-countries-201908280841

For one, I am not surprised that the United States is on that list because when it comes to control over the use of funds electronically, they just must be on that list and in recent times there have been several report about the strides the authorities there have been making over in even curtailing the lapses that have been noticed. Digital banking is the way of the future though but should not be interpreted as an avenue to move funds under the radar because that will never be possible with the continuance increase in security and ensuring that the people are safe and the moment the funds can the control, the crime is curtailed.

[Kakmakr]

I actually have my doubts if corruption is the real reason why people are moving towards "Digital Banking" ...here is a short article that illistrates why people are shifting towards "Digital Banking". - https://thefinancialbrand.com/77869/innovation-trends-banking-ai-api-personalization-payments/

Bitcoin is definitely one of the reasons why Banks are evolving so fast now, because the competition that it gives traditional Banking is just too severe to ignore. Bitcoin <without Banking> will eventually disrupt the traditional Banking system <Brick n Mortar buildings> and 100% online Banking will help to reduce the impact of that disruption. 

[BitHodler]

Digital banking is the way of the future though but should not be interpreted as an avenue to move funds under the radar because that will never be possible with the continuance increase in security and ensuring that the people are safe and the moment the funds can the control, the crime is curtailed.

As long as you have to log into a service and your data is stored at their servers, there is no way to operate under the radar at all. All the data you allowed them to collect will be used against you at some point in the future.

Another thing is that in some countries financial institutions have teamed up and share data with each other about clients to curb any activity they deem fraudulent or suspicious. In other words, your data is stored on many more servers.

I even think that all the security measures financial institutions so far have implemented are just a fraction of the measures we'll be bombarded with in the coming years. Bitcoin is the only way out it seems.

[guoyu78]

Digital banks are becoming bigger in the world because they do not have the costs of a regular traditional bank and that is why they can do stuff for cheaper.

For example, I use a digital bank for my regular payments (normally I spend as much bitcoin as I can without cash out since I get paid in bitcoin but I usually need a regular fiat spending for most stuff) and the bank I use have no place to go, like there is no place I can go and talk about an issue, I will either have to use live chat or mail or have to call them, they do have ATM all around the city but no real store. That allows them to not charge me for any money transfer, I literally pay everything with no extra charge from bank or send money to someone and not pay for anything and its fast as well.