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Enhanced Banking Privacy in the UK
By admin | May 5, 2009
Sometimes, you can achieve the most privacy by hiding in plain sight.
With all the hullabaloo about offshore banking, remember the basic fact that databases only know what you tell them. Sometimes going offshore can raise red flags, and there are more discreet and private banking options in major OECD or G20 member countries themselves… like the United Kingdom.
With this in mind, I’m grateful to a reader for sending in this submission for my blog. He’s drawing attention to how pre-paid credit cards from the UK can be a useful privacy tool, whether or not (maybe even especially if you are not) based in the United Kingdom.
Begin quote… Hello Peter, as a wannabe travel journalist hoping to specialise in “OFFSHORE” area in the very near future, please feel free to use this sir.
Sorry for writing to you ad hoc, but one of your articles in the Q Wealth Report has inspired me to send you my thoughts. I’m VERY new to the offshore and privacy game after a tenuous bankruptcy in which I lost a lot. However, I have since done a lot of work with Prepaid cards issued in Britain, and I think these products are amazing. In Britain, they issue a prepaid Visa or Mastercard card without ID if they can find you on the electoral register… if not, you send them in a UTILITY BILL as identification proof and away you go. It’s not that hard to get hold of a utility bill Peter.
Also, there are no central database of these cards as they are not reportable (yet) and you can hold up to £5000 in them. Even better, you can have your wages/salary pad in to the cards, and some even allow you to pay direct debits and standing orders from the cards. Check out www.tuxedomoney.com admittedly expensive, but a superb way of having UK facilities, but not having all the unnecessary extras that goes with an average current account. Plus, and my favourite use of the cards, is that they build your credit rating dramatically.
There are 2 cards in the UK, the cashplus card, www.mycashplus.co.uk and www.sterlingcard.co.uk that offer a facility called credit builder. Here, they use the monthly fee you pay for the card, and issue it as a loan amount paid off over 12 months, and report each monthly payment to the credit reference agencies. Interest free too of course. So you are building a credit rating to develop in to other things, while also having a useful tool for socking away a few quid.
The Cashplus and Sterling pre pay cards both offer section 75 protection, so if a retailer goes bust, purchases are damaged etc, you can claim like you would a normal credit card. I thik this is unique also amongst pre pay providers.
I think that the all round use of UK prepaid cards, and the fact that they are very easy to obtain make them a winner for most of your readers sir, and a useful tool for most arsenals.
I was asking for advice on any particular investments etc, that an absolute beginner can work at, and the best methods of opening an offshore account for a very small player. I only have a small amount monthly to invest just now, but I’m hoping to get to another offshore financial haven, New Zealand and pursue my travel writing dream in the future.
Your offshore articles are superb, the VERY best that I have read, and it’s obvious that you know your onions. I will also publish some future articles about more British loopholes in due course.
You can also add on to the article that if anybody requires any help, I would be glad to assist wherever possible sir. If they contact yourself, and then you may forward to this address. End quote!
Remember, if you would like to get in contact with the writer, please see my contact details here.
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