F.A.Q. - Debit/Credit Cards

Topics
Offshore Debit/Credit Cards: Rules and Requirements
Reasons and Uses for International Card Accounts
Functionality of Offshore Cards
'Virtual' Credit Cards

Offshore Debit/Credit Cards: Rules and Requirements

Is it required to submit a Copy of ID to obtain a debit card?
Yes, the bank requires a copy of your driver's license or passport. This copy can be faxed or scanned and sent attached to an email.
TOP

Does my Name have to be Printed on the card?
Yes, your name will be printed on the card unless you order card(s) with a corporate bank account in which case just the company name can be on the card(s).
TOP

Do I have to Maintain a Minimum Card Balance?
Yes, you have to maintain a minimum balance, which depends on the particular card. This can be as little as ten dollars.
TOP

Can I order Additional Debit Cards?
Yes, you can order as many additional debit cards as needed.
TOP

Reasons and Uses for International Card Accounts

What are the Reasons for using 'Offshore' Debit/Credit Cards?
To conveniently access funds resulting from an International Business.

To avoid spending directly from your International Bank Account. For more privacy, you can transfer funds from your bank account to the card before using them.

To provide oneself even more security and privacy. The cards are issued by banks in countries where the local laws restrict any bank employee to reveal any information on an account or accountholder.

To distribute funds from an International Business Bank Account to more than one individual. By utilizing debit cards, you can load various amounts to different individuals' cards to control money flow to employees or business partners for example. This also makes it so they do not need access to the bank account in order to utilize funds from the account.

To utilize funds resulting from International Transactions without having to setup a full fledged bank account. This gives the cardholder more privacy as well.

To spend and withdrawal funds within the country one is currently located without having to wire transfer to a bank account before accessing them.
TOP

How are 'Offshore' Debit/Credit Cards Used?
With debit cards, you make purchases and withdrawal cash at ATMs anywhere in the world. When the card runs out of cash, you replenish it from any bank account via a wire transfer just like you would to any bank account using SWIFT wire transfer instructions. With credit cards, you can make purchases just the same based on a secured amount that can be replenished up to what the card was approved for.
TOP

Functionality of Offshore Cards

How are the Cards Funded?
Via Wire Transfer from any bank account using SWIFT wire transfer code just like you would to a bank account. You can also use supported eCurrency accounts to fund the cards.
TOP

What Currency can I Deposit Onto the Card?
You can choose a card using USD or Euros.
TOP

How are Funds Withdrawn from the Cards?
By Withdrawing cash from any ATM or Purchasing goods or services at a point of sale machine. If you put more on your card than you thought you would need for cash and purchasing, then you can withdraw via Wire Transfer to any bank account using SWIFT wire transfer code just like you would from a bank account. You can also request that a Corporate Check be made out to yourself and sent via 1st class mail or courier service.
TOP

Can I setup a Card-to-Card Transfer with one of the Cards?
Yes, you can send money to anyone who has the same type of card.
TOP

Is the Balance on the Card Accounts Insured?
In many cases, this depends on the country in which the card issuing bank is located. It is sometimes the case that the card issuing bank will not insure any type of non-resident account. However, with most of the cards we offer assistance in setting up, the card balance is insured for 100,000 USD.
TOP

'Virtual' Credit Cards

What is the Purpose of a 'Virtual' Credit Card?
To have the convenience of a credit card for strictly online use. Although having the same attributes of a physical credit card, a Virtual Credit Card consists only of a card account number for use on the Internet. For anonymity and security, the card number constantly changes between uses.
TOP

How do I Receive my 'Virtual' Credit Card Number?
The 16 Digit Number will be sent to you by email. After you activate the card, you will be informed about the Expiration Date and CVV Code.
TOP

For a breakdown of all costs, please visit http://www.1offshorebanksource.com/offshore_debit_cards_rates.htm.