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Why Choose Panama Legal as your Law Firm?
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Introduction – We can get a number of different offshore debit cards for our clients. The selection can become confusing so this will clear up some of the features and attributes of the different cards.
Visa Secured Bank Issued – These are the most common and least secure cards. They are tied directly to your account at the bank. They are not debit cards in that they do not pull the funds directly out of your bank account. A debit card bearing the Visa or MasterCard logo is very uncommon in offshore banking.
The way a secured Visa or MasterCard works is a security deposit of 110% of the credit line is collected and put in an interest bearing account. So a $10,000 card requires a $11,000 deposit. At the end of the month the balance is taken from your regular bank account. You could also make monthly payments with interest. These cards work in ATM machines around the world. They usually allow $500 to $1000 a day ATM cash withdrawals. Some banks issue these cards with just the corporation or foundation name embossed on the card. It appears that the signatory on the account name is included in the data on the magnetic strip.
Lets say you walk into a bank and ask for a cash advance. How does the bank know who the signatory on the cards is? They won’t so that is why the name is put into the data strip. Also in the data strip is the billing address for the card, which enables one to buy online. The billing address is the address the bank has for you the signatory on the account. This is also where they send the card to physically. How do you make significant purchases in person with a corporate card if your name is not there? You don’t because the merchant has no idea who you are since he cannot ask for ID on the corporation. So either your name is there or the card is no good for purchases in person since you can’t present ID.
There is a small bank in Panama ($500 million in assets) that issues these cards with just a corporate name. We generally avoid this bank because a bank this small is risky. Better to use a big solid bank and get a card from a program not associated with your bank account. We prefer to use a bank with $25 billion in assets, big difference but we could use this bank if we had a disclaimer stating you are aware of the risks associated in using such a small bank and will not hold us responsible for referring you to them.
ATM Cards – The banks in Panama do not issue ATM cards to corporate or foundation bank accounts. The banks in Guatemala will do so. The ATM cards in Central America are generally good for $300 to $500 a day from the ATM machines. This is to prevent ATM robberies in the region. If you need an ATM card we can open a personal account for you at the same bank that has the corporate account. This personal account can get an ATM card.
Anonymous No Name Visa Card – We can get you several varieties of these cards. We have one we can get you from a Caribbean Bank. It has a $2500 a day ATM limit and can be loaded with up to $50,000 at one time. You load the cards by wire transfer. We ONLY offer these to our clients who we already have identity documents on file for. You cannot just get the card if you are not otherwise a client. These cards have no name on them at all. They have a Visa logo. They work in ATM machines and are also good for purchases at POS (point of sale), which is where you do a swipe, and enter a pin number. These cards come off the shelf and DO NOT have your name in the magnetic strip. They also do not have your billing address in the magnetic strip. These cards are $195 each. One person can have three cards at the same time.
Anonymous Platinum Visa, MasterCard and Amex – These are all platinum cards with all the rights and benefits that Platinum cards carry issued by a private bank based in Guatemala. They have a $5,000 a day ATM limit. This is very high. They can be loaded with up to $1,000,000 at a time by wire transfer. There is a 6% loading fee. This means for every $100 put on the card only $94 gets credited to the card. This is an expensive card that is for someone who wants an anonymous Platinum Card with incredibly high purchase limits (as much as $1,000,000) and $5,000 a day ATM limits. The cards have no names on them or in the magnetic strip. The billing address can be the Guatemala Law Firm address. You can have these cards imprinted with your name, an associates or employees name, a corporation name or a foundation name. Cost is $295 per card. One person can have more than one card, no limitations.
Other Cards – If you have a specific request we can probably find such a card for you. We do not just sell cards – YOU MUST OTHERWISE BE A CLIENT OF THE LAW FIRM.
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