Used in the right way, offshore bank cards can execute financial transactions that leave almost no trace of your identity, but, generally speaking, the larger the transaction the harder it is to keep secret.
The cheapest card you might get can be a gift card, which is paid for upfront. You may be able to load up to 1000USD on to each gift card you purchase without having to identify yourself. Other specialist "card providers" can provide a similar service. You can purchase one of these by wiring funds from your offshore account to a specialist card-loading account, and then have your card sent via mail. Then again there are "virtual cards", so-called because you possess only the number rather than a physical card. These can be very secretive, but are not suitable for day-to-day use.
Brand-name debit and credit cards like Visa and Mastercard will always require identification, at the very least a notarized passport copy and utility bill. It is still possible however, to effectively shield your financial transactions from the great majority of "outsiders".
One of the most common ways is to get a card in the name of your offshore company. In this way your company name will appear on the card, your company name is registered when the card is swiped or the chip is read, and your company name will appear on all receipts. If this company is located in a tax haven with strong bank secrecy, and company records like the names of directors are hard to access, it will be extremely difficult for an outsider to pierce the "corporate veil", and identify the flesh and blood person behind the transaction.
Using a brand name card is often preferential to gift cards, or simple cash cards because it has a much wider reach. From personal experience I have had "bank cards" issued by the local branch of a an international bank in a low-tax jurisdiction, which did not work at any ATM outside the country where they were issued. Even worse, I could not access my money from international bank's branch in a different country, no matter what ID I supplied. Funds were essentially "landlocked".
By contrast, a brand-name card like Visa or Mastercard will allow you to access your funds from anywhere in the world. Since the card providers know who you are, you lose confidentiality using these cards at home.
But for day-to-day purchases on vacation, online purchases into thousands of dollars, their ease-of-use and high-limits, brand name cards are easier. Furthermore you can be sure that it will work wherever you go, and you can be sure of cash in an emergency.
Article Source: https://www.bharatbhasha.com
Article Url: https://www.bharatbhasha.com/finance-and-business.php/145945
Article Added on Sunday, July 19, 2009
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