Personal Finance guide

A lot of readers contact me to ask about offshore banking and wealth management services in Singapore. Unquestionably, Singapore has some very sophisticated banks and bankers, and it has developed a well-earned reputation for discretion and confidentiality.

However I recently found the following observation on an internet discussion group:

The Singapore government is proposing changes to its tax laws to meet demands from the U.S. and Europe to clamp down on bank secrecy. Singapore will seek to amend its domestic laws to allow it to extend further cooperation on information exchange via double-taxation agreements with other countries, the Finance Ministry said in a statement. It is seeking public comments through July 28 on the amendments.

Continue reading ‘Switzerland Or Singapore For Private Offshore Banking?’ »

You have seen their ads and you may have wondered if they are worth a second look. What am I talking about? Online banks! Also known as internet banks, these are financial institutions who provide the majority of their banking services over the internet. Typically, online banks offer consumers high savings rates, low loan rates, and a mix of other services. Let’s look at 7 winners in this fast growing field:

1. E Trade Bank Part of E Trade Financial, the discount internet stockbroker. E Trade Bank offers checking accounts, money markets, and certificates of deposits as well as a VISA credit card.

Continue reading ‘7 Online Banking Success Stories’ »

Reading “Emigrant Bank Ratings” before going with them is critical. Here is an unbiased review of this company.

Services offered

They are a “savings bank”… but they offer more than just savings accounts. They also are in the mortgage, investment and insurance businesses.

But almost every bank offers these features-so how does Emigrant stack up? Let’s find out…

Mortgage and loan rates

These are usually quite good, and are one of the primary reasons they have been in business as long as they have.

Savings account interest rates

Continue reading ‘Emigrant Bank Ratings – Read This Before Going With Emigrant Bank’ »

Investment banking is a field of banking which specializes and aids companies to acquire funds. In fact, it is more than helping companies acquire funds, but also giving them advice for numerous transactions which companies might be involved in.

Initially, the banks used to engage in commercial banking. This is whereby an institution collects deposits from clients, and then proceeds to give them direct loans. But nowadays, this has been mostly replaced by investment banking where an institution may generate funds in two different ways. The first is by the institutions drawing funds through the capital markets, usually by selling stock in their company, and the second one is by seeking venture capital or private equity. This is done in exchange for a stake in the company.

Continue reading ‘What You Ought to Know About Investment Banking’ »

The business model of Small scale businesses is substantially different from both the medium and the large scale type of businesses. As a result small scale business owners need to choose the banking options that are suitable for them and the operations of their businesses. A good banking option is one that is flexible, reliable and offers ease of use and can be depended upon to offer financial support and advice when needed. This last factor is particularly important for a business person to take into consideration because the kind of relationship that a bank offers will determine whether or not you can have upward mobility in your business. Thus a bank that will take the time to know you and the structure of your business is the best bank to establish your relations with.

Continue reading ‘Small Scale Businesses – Choosing Banking Options’ »

Banking is a profession and practice that has existed for long. Most people go to banks to deposit money, and withdraw it, but they really do not know the basic functions of banks. Some of the basic and important functions of banks are to assemble capital and make it effective, receive deposits and make collections, to check out and transfer funds, and to lend or discount. Banks may also issue circulating notes, and exercise fiduciary or trust powers.

Any bank which expects to perform well must first and foremost prove its worth to the community. Banks are equipped to utilize funds for short and long term period of time, and with some profit to it. By obtaining deposits from individuals and corporations, banks acquire reservoir of funds, and from these, they can make loans and other investments from time to time.

Continue reading ‘The Basic Functions of Banking’ »

Banks have existed in our societies for a long time and they safeguard money and provide loans, credit and payment services to its customers. They may also offer products of investment and insurance. These functions can be used to make distinctions of the different types of banks available.

Commercial banks receive deposits which are repayable in demand, from individual co-operations and firms in any industry. They invest this deposits in short term loans that for commercial business to enable the bank keep its assets in liquid. It handles basic banking requirements such as basic accounts, lending money for capital and real purchases as well as foreign exchange among other transactions.

Continue reading ‘Types of Banking’ »

I might be whacked down by scores of people if they know I have written this article. But, as I watch the events unfold over the last few years due to the economic downturn, rather than looking at the bad things of the event, I am forced to look at how it has benefited people in general. Now, this at no time means any condescending feelings towards people, but as you read this, you will find the recession has done its bit in modeling a good society as such.

1. Layoffs – Agreed people have been laid off, but there is a light at the end of the tunnel here. Most of you would agree that getting paid for doing precious little for the company would never be professionally rewarding. Even if you were laid off for reasons uncontrollable by you, this forms the best platform for you to start something on your own.

Continue reading ‘The recession – How it is good for the world?’ »

Due to the current credit crisis many borrower are considering SBA 7(a) loans for the first time and are surprised on how the third party fees add up. And this is without the notorious SBA guarantee fees, as they have been temporally waived via President Obama’s Stimulus Package. The SBA guarantee fee is normally 2.75% of 75% of the loan amount… This is temporally gone.

Borrowers that compare a conventional commercial mortgage to the SBA 7(a) loan will find many additional fees that they may have never heard of. For example, packaging fees, though not required are typically charged by all banks. Sometimes this service is hired out to a third party, other times putting together the file is handled by the bank loan officer. The typical packaging fee is $2,000 – $5,000, depending on the complexity and size of the loan request.

Continue reading ‘SBA 7 (a) Loans – They’re Expensive’ »

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