Offshore credit cards

Offshore Credit Cards By: Geoff Thomas Until a recently, the typical offshore investor did not have access to the payment convenience and flexibility associated with a credit card–at least not from the standpoint of accessing and spending the money he or she had safely placed offshore. Consider the predicament of yesterday's offshore investors seeking to access smaller amounts of money residing in their offshore bank accounts–say, under $10,000. If those individuals wanted to use offshore funds to make a purchase while living in North America or traveling abroad, they would have to personally withdraw funds from their offshore bank or have money wired to bank accounts where they lived. Offshore credit cards have greatly facilitated the use of money held in offshore accounts. Offshore institution-branded Visa and MasterCard credit cards have ushered in a whole new realm of payment flexibility and convenience for today's offshore investor, but they are products that still require careful consideration and research. How do they work and what do they cost? How secure and private are they? What are the possible pitfalls and ramifications associated with using these cards? How they work Offshore credit cards share the same characteristics as ones in your own Country. They all carry a Visa or MasterCard label, are accepted at more than 14 million locations worldwide and provide cash advances at several hundred thousand automatic teller machines and banking institutions around the world. Despite their similarities, a significant difference exists between domestic and offshore credit cards. The vast majority of reputable offshore credit cards are "secured" cards. They require offshore investors to provide a security deposit with their application for the card and therefore do not require offshore investors to go through credit checks. To increase a credit line, investors simply need to increase the amount of their security deposit by the appropriate factor, either by sending a draft or by wiring funds to the card company. The requirement for a security deposit contrasts with a domestic credit card and effectively renders these products not credit cards per se. They are rather hybrid cards that access a line of credit that is fully secured with one's own money. Most of the card companies do not refer to their products as "credit cards" but either as "offshore cards" that provide the "benefits and acceptance of a Visa or MasterCard" or "offshore cards" that provide investors with access to "offshore collateral investment accounts."

Hsbc a company as diverse as its offerings

HSBC is an international banking entity with over 10,000 offices in more than 80 countries on five of the seven continents (and if anyone is going to be banking on Antarctica anytime soon, I'd bet it'd be these people). Many of the founding companies of this international group have their origins from over a century ago. Their very appropriate slogan is 'We are the world's local bank.' This is exemplified by their ability to secure a place in history as the first international bank permitted in rural China. HSBC stands for The Hong Kong and Shanghai Banking Corporation, the first member of what is now HSBC Group. It was opened in 1865 to capitalize on the increasing trade between the Chinese and the Europeans. Despite its name and history, three of the four countries it currently has the most branches in aren't in Europe or Asia. The five highest presence countries are, respectively, the United States, the United Kingdom, Mexico, Brazil, and France. HSBC celebrates its diverse history and has developed a History Wall featuring over 3,500 photograph that depict members of the HSBC group, as the HSBC website describes them, acting as 'both a pioneer and a pillar of banking.' The display attracts many visitors at the company's base of operations in London, England. The group engages in commercial banking, investment banking, and private banking, along with several other activities, one of which is, of course, issuing credit cards.

HSBC offers credit cards predominantly, if not completely, under the MasterCard label. Keeping true to their slogan, they have cultivated a large range of credit card offerings for most any income or social status Their offered cards do fit the same mold as other issuing companies' cards for the most part, although they do offer some less-used features as well. For example, the HSBC Mastercard Cash or Fly Rewards card is a common sort of rewards card. Points acquired over time can be exchanged for flight discounts or unlimited cash back. Then there is the Orchard Bank (a part of HSBC group) Secured MasterCard, which even says before you apply that bad credit is okay. It reports to all three credit bureaus each month, which has the capability to improve your credit if you should need such a fix. We can only assume that it can also hurt your credit if you're not making payments. The card also allows holders to set their own credit limit. HSBC engages largely in social and environmental causes, such as funding the group gives educational projects in all of the regions it has branches. HSBC also advocates the reduction of greenhouse gasses, and claims that they are the first major bank to achieve carbon neutrality by purchasing 'green electricity' and reducing their emissions. The group also made the largest single donation ever to the World Wildlife Foundation, Earthwatch, and Botanic Gardens Conservation International to support wildlife preservation and cleaner rivers. Is there any wonder why Fortune Magazine named them one of the most admired companies in the world?

Offshore merchant account advantages

A business is not complete without a merchant account that allows it to accept credit card payments from customers. Almost all businesses have a normal merchant account, but many of them might be better off with an offshore merchant account. An offshore merchant account works just like a normal merchant account. The only difference is the location of the bank that is offering the account. An offshore merchant account is offered by a bank in a different country than the business, while a normal merchant account is usually offered by a bank in the same country. It might be difficult for new businesses to get accepted for a normal merchant account, while it might be relatively easy for an offshore merchant account. The normal requirements of having existed at least two years and making a security deposit of several thousand dollars are often forfeited when a business creates an offshore merchant account. An offshore merchant account also provides some economical advantages to the business. The business can shop around to find the best deal in the whole world since it is no longer bound to select a bank in only one country. The offshore bank account might also help the business decrease its taxes because of the location of the bank it is working with.

The only real problem with an offshore merchant account is the higher processing fees, but this part of the deal is slowly changing due to increased competition. Still, the higher processing fees might be a small issue compared with the many advantages offered by offshore merchant accounts.

Offshore merchant account advantages

A business is not complete without a merchant account that allows it to accept credit card payments from customers. Almost all businesses have a normal merchant account, but many of them might be better off with an offshore merchant account. An offshore merchant account works just like a normal merchant account. The only difference is the location of the bank that is offering the account. An offshore merchant account is offered by a bank in a different country than the business, while a normal merchant account is usually offered by a bank in the same country. It might be difficult for new businesses to get accepted for a normal merchant account, while it might be relatively easy for an offshore merchant account. The normal requirements of having existed at least two years and making a security deposit of several thousand dollars are often forfeited when a business creates an offshore merchant account. An offshore merchant account also provides some economical advantages to the business.

The business can shop around to find the best deal in the whole world since it is no longer bound to select a bank in only one country. The offshore bank account might also help the business decrease its taxes because of the location of the bank it is working with. The only real problem with an offshore merchant account is the higher processing fees, but this part of the deal is slowly changing due to increased competition. Still, the higher processing fees might be a small issue compared with the many advantages offered by offshore merchant accounts.

Offshore gaming update july 2007

Offshore Banks - Offshore banks in numerous jurisdictions have agreed to close bank accounts belonging to firms operating online gaming businesses. Included in this decision were some of the larger offshore jurisdictions. This will make it harder for the offshore gaming sites to accept payments. If they can get a credit card processor they need a bank for the credit card processor to wire the funds into. Offshore gaming may soon become extinct but it is definitely on the endangered species list. Panama banks have not opened new accounts for offshore gaming sites for some time now. Most of the sites are licensed in jurisdictions like Costa Rica. Neteller Forfeits $136,000,000 - Neteller in the interest of avoiding prosecution by the USA for violating their online gaming laws by facilitating payments from Americans for illegal gambling has agreed to the loss of the money.

It seems they will be allowed to remain in business and will be monitored to ascertain that they are not doing business with any Americans. After 18 months of monitoring if they come up clean they will have all their charges dropped. They are facing criminal charges. Now which will be dropped if all goes well.

I expect the monitoring involves the USA looking over some records and ID documents of account holders. Offshore Gaming Outlook - Seems pretty bleak to me. The real problem for the gaming industry is the payment solution. If they can solve that they may flourish but I doubt they can solve this. All payment solutions lead to a bank account and now the banks are cutting them off. Online Gambling in Panama - Not going to work. No bank account and expensive licenses.

Offshore gaming update july 2007

Offshore Banks - Offshore banks in numerous jurisdictions have agreed to close bank accounts belonging to firms operating online gaming businesses. Included in this decision were some of the larger offshore jurisdictions. This will make it harder for the offshore gaming sites to accept payments. If they can get a credit card processor they need a bank for the credit card processor to wire the funds into. Offshore gaming may soon become extinct but it is definitely on the endangered species list. Panama banks have not opened new accounts for offshore gaming sites for some time now. Most of the sites are licensed in jurisdictions like Costa Rica.

Neteller Forfeits $136,000,000 - Neteller in the interest of avoiding prosecution by the USA for violating their online gaming laws by facilitating payments from Americans for illegal gambling has agreed to the loss of the money. It seems they will be allowed to remain in business and will be monitored to ascertain that they are not doing business with any Americans. After 18 months of monitoring if they come up clean they will have all their charges dropped. They are facing criminal charges. Now which will be dropped if all goes well. I expect the monitoring involves the USA looking over some records and ID documents of account holders. Offshore Gaming Outlook - Seems pretty bleak to me. The real problem for the gaming industry is the payment solution. If they can solve that they may flourish but I doubt they can solve this.

All payment solutions lead to a bank account and now the banks are cutting them off. Online Gambling in Panama - Not going to work. No bank account and expensive licenses.

Save money by understanding your credit card

: Around Ј6billion a year is lost due to credit card users not understanding how their credit card works. Too many people are dazzled by the latest deals offered by credit card companies and end up paying more than they should, simply because of a lack of any real understanding on how the introductory deal works that they took advantage of. Millions of us have taken advantage of these offers, which include low promotional rates and the favourite one for the credit card issuers (until it came back to haunt them) the 0% deals on balance transfers or on both purchases and balance transfers, but recent research has revealed that those of us who do not understand the workings of these deals, could be costing ourselves Ј200 extra in interest payments. Why am I getting charged interest? The main reason for this is that most credit card companies always put the payments that you make towards the cheapest debt first and with many making use of the 0% balance transfer deals. When you switch your existing debt from one lender to another to save on interest repayments, the lender will pay the balance transfer deal first, as this is the debt that is carrying the lowest interest rate and any new purchases made on the card will mount up. All new purchases made are charged at the standard APR. How does this happen? Lets give you an example of this to make it a little clearer, for talking sake say you have a debt of Ј3,500 on your credit card and it consists of a balance you have transferred from another credit card company to the value of Ј2,000, you have made new purchases of Ј1,000, using the card in the standard way and withdrew cash from ATM’s to the tune of Ј500, with you paying back your card the money will be put towards the balance transfer first and the new purchases and cash withdrawals will be taking on the interest charges right away, which could leave you paying Ј200 more in interest repayments. Earlier in the article I said that most credit card companies work this way, which means there are some that do not, most notably included in those who do not are Nationwide and the HSBC Black card, who revert to paying the most expensive debt first, leaving the lower APR debt unpaid until such a time as when the more expensive debt is cleared, which is a fairer and less sneakier way of attributing someone’s payments to their debts, where as the others are only taking away the goodness of the deal that they have offered you in the first place, by giving you in one hand and taking it away from the other. What can I do to stop paying excess interest? When dealing with these deals read the small print, as it always makes sense of where you stand when it comes to your finances, as knowing where you are in terms of your repayments will save you the cash that you were trying to save in the first place, though always having a clear balance at the end of each month is always the ideal scenario, but as we all know life and our finances are not always that simple. Some Contacts Nationwide http:// nationwide. co. uk HSBC http:// hsbc.

co. uk Credit Card Advice http:// creditcards-gb. co. uk

Save money by understanding your credit card

Around Ј6billion a year is lost due to credit card users not understanding how their credit card works. Too many people are dazzled by the latest deals offered by credit card companies and end up paying more than they should, simply because of a lack of any real understanding on how the introductory deal works that they took advantage of. Millions of us have taken advantage of these offers, which include low promotional rates and the favourite one for the credit card issuers (until it came back to haunt them) the 0% deals on balance transfers or on both purchases and balance transfers, but recent research has revealed that those of us who do not understand the workings of these deals, could be costing ourselves Ј200 extra in interest payments. Why am I getting charged interest? The main reason for this is that most credit card companies always put the payments that you make towards the cheapest debt first and with many making use of the 0% balance transfer deals, where switching your existing debt to one lender to another to save on interest repayments, the lenders will pay the balance transfer deal first, as this is the debt that is carrying the lowest interest rate and any new purchases made on the card will mount up, until the 0% balance transfer deal is over and in the meantime it has mounted up the interest payments on these new purchases, which will be the standard APR in which the balance transfer will revert to when then 0% period is over. How does this happen? Lets give you an example of this to make it a little clearer, for talking sake say you have a debt of Ј3,500 on your credit card and it consists of a balance you have transferred from another credit card company to the value of Ј2,000, you have made new purchases of Ј1,000, using the card in the standard way and withdrew cash from ATM’s to the tune of Ј500, with you paying back your card the money will be put towards the balance transfer first and the new purchases and cash withdrawals will be taking on the interest charges right away, which could leave you paying Ј200 more in interest repayments. Earlier in the article I said that most credit card companies work this way, which means there are some that don’t, most notably included in those who don’t are Nationwide and the HSBC Black card, who revert to paying the most expensive debt first, leaving the lower APR debt unpaid until such a time as when the more expensive debt is cleared, which is a fairer and less sneakier way of attributing someone’s payments to their debts, where as the others are only taking away the goodness of the deal that they have offered you in the first place, by giving you in one hand and taking it away from the other. What can I do to stop paying excess interest? When dealing with these deals read the small print, as it always makes sense of where you stand when it comes to your finances, as knowing where you are in terms of your repayments will save you the cash that you were trying to save in the first place, though always having a clear balance at the end of each month is always the ideal scenario, but as we all know life and our finances are not always that simple. Some Contacts Nationwide http:// nationwide. co. uk HSBC http:// hsbc. co. uk Credit Card Advice http:// creditcards-gb. co. uk

How to manage your money when working overseas

It’s a fact that employers look favourably on a resume that presents an independent, dynamic individual who has an open mind and has seen more of the world than their own back yard. With this fact in mind a greater number of people are taking time away from their studies and careers nowadays and spending a period of time travelling or working overseas. If you’re considering taking a similar path this article will help you get your head around managing your money when travelling, living or working abroad – once your finances are in order you can spend the whole of the rest of the time having fun, exploring the wider world and meeting many new faces! Even if you’re planning a prolonged period of expatriation you should keep your local bank account open. You can then manage money and expenses back home more easily if needs be, and maybe even send some of your overseas income back home to pay off student loans or to save up for a house purchase one day in the future. Furthermore by keeping your account open you’re keeping your credit history alive which is important if you ever plan to re-settle in your home country and maybe one day apply for a mortgage or credit card. Next up you might like to think about opening an offshore or international bank account.

Possibly your bank offers such account services in which case everything just got even easier! HSBC for example offers domestic accounts all over the world and they also offer offshore accounts to expatriates and professionals living or working overseas for a period of time. An offshore bank account will allow you to access your money wherever in the world you’re located, you can have access to money from ATMs around the world, you can have instant access to your account status online or over the phone and you can bank in multiple currencies. Furthermore you can easily transfer funds around the world and have one simple, central bank account structure that allows you to manage all of your financial needs from one centralised location. To reduce ATM and credit card fees consider opening an account with one of the major financial institutions that have ATMs all over the world and who are recognised around the world. The benefits of going with one of the world’s leading financial institutions is that their credit cards are more universally accepted, they partner with many local banks around the world and customers enjoy lower or no charges at any of their ATMs which can be found all over the world. Always check out the charge structure on any account though just to ensure there are no hidden fees.

As an expatriate you’re entitled to take full advantage of the offshore world and save money offshore thus enjoying better interest rates, having access to more interesting financial products and benefiting from interest payable on savings and investments being made gross, i. e., before the deduction of tax. If you’re going to be earning more than you need to live on when working overseas you should consider taking full advantage of this fact and saving as much as you can while you can benefit from the offshore advantage. You will increase your savings power and give yourself a good financial start over and above your peers back home. Please note that you may still be liable for taxation on income derived from and interest earned on any offshore savings and investments and international taxation advice should be sought from a financial adviser or an accountant.

What is a credit card

Credit card What is a Credit Card? Put simply, a credit card is just a small piece of plastic that easily fits in your wallet. Well, it’s not ‘just a piece of plastic’; it’s a very powerful piece of plastic which can be regarded as a compressed form of cash. We can define credit cards as a credit system that allows the consumer to borrow money on the fly from a bank or a financial institution and use it to make payments to the merchants. In order to obtain a credit card, the consumer needs to fill-in an application form that is actually like an agreement between the credit card supplier and the credit card consumer. The credit card supplier approves the application form and provides the consumer with a small piece of plastic (i. e. the credit card). This plastic (or credit card) contains electronically encoded security information in the form of a magnetic strip (which is generally located at the back of the credit card). This information is used for authorising payments whenever the consumer uses the credit card. The consumer can use the credit card for shopping at merchant outlets or on the internet etc. Of course, this is subject to merchant’s capability to accept credit card payments. Accepting the credit cards is, however, not enough. The merchant should be able to accept payments made through the credit card provided by that credit card organization (of which you hold the credit card) i. e. VISA, MasterCard etc. You can also use credit card to withdraw cash from ATMs (automatic cash machines) – also known as cash machines or Day/Night machines. There are eight main credit card organisations and most of them operate in a lot of countries world wide. These are American Express, Citi, Diners Club, Discover, JCB, MasterCard and VISA. Master card and VISA are probably the most popular ones. Then there are credit card suppliers or issuers who have tie-ups with these organisations and issue credit cards on their behalf e. g. you have various banks that issue VISA cards (like HSBC VISA card) To make a payment using a credit card, the credit card has to be either swiped into special credit card processing machine (when shopping in person at shops) or the details of the credit card have to be entered on the merchant’s website (when shopping online). The credit card supplier sends across the bill for these transactions to the consumer who is then required to pay either the full amount or a partial (minimum) amount. If you pay in full, the credit card supplier doesn’t charge any interest on the amount you owe, otherwise the pre-agreed interest rate is charged. If you don’t pay even the minimum, you might land up with a late fee too. Moreover, the credit card supplier generally puts a limit on the maximum amount you can spend per month using your credit card.

The lowdown on the orchard bank secured credit card

When your credit history is proving to be a hindrance to your financial well-being, perhaps it is time for you to get a secured credit card. One of the cards worth your consideration would be the Orchard Bank MasterCard secured card issued by the HSBC Bank of Nevada. This card targets customers with poor or limited credit ratings, and aids them towards improving their credit histories. A secured credit card works by requiring the card holder to deposit cash into their credit card account prior to utilization. This way, this credit card prevents its card owners from incurring more debt whilst helping them re-establish their credit history. An additional advantage unique to this card is that the deposits in the account are paid interests by the bank. In the effort to establish a healthy credit rating, customers must bear in mind that late payments must be avoided, and they have to be aware of the current annual percentage rate for the card as the APR of the Orchard Bank Secured Credit card is based on a variable rate. Although, the regular rate now stands at 15.90%, the actual rate is dependent on the Prime Rate. APRs for cash advances are higher than most cards at 23.40%, with a minimum rate of 19.99%. Interestingly enough, the annual fees for the Orchard Bank Secured Credit Card is lower than other most unsecured credit cards. Balances above $1000 will only incur fees of $35 whilst card holders who have charged more than their credit limits will only be charged only $29. Also, there are periodic reviews of the credit limit for each account, so regular payments will enable the card holder to obtain higher credit limits and at the same time improving their credit history. Finally, the Orchard Bank secured credit card also offers a lot of perks not evident in other competing credit cards. These would include Internet services, emergency replacements for stolen cards as well as numerous protection services against fraud and identity theft.

Finding offshore services

Many who are concerned about the safety of their assets have turned to offshore services as a way of helping them. If you are one of the many who worry that your assets could be sued by some frivolous lawsuit and you’ll end up losing everything, then the consideration of these offshore-services is something that you must look further into. The good news is that there is a wealth of information to be had that can help ease your fears considerably. There are various types of offshore services that can provide you with the safety and secrecy that you may need. For example, one of the most common problems with keeping money in United States banks and financial institutions is the simple fact that they are easy to fall victim to possession should someone win a lawsuit against the individual. But, with offshore services, there are a number of remote ways to keep those assets safe from this type of action. In order to find the right opportunities for your specific needs, simply invest some time in finding the opportunities available to you through the web. Not only can you find the information that you are looking for about offshore services, but you can find the companies and financial institutions that can help you secure them right here as well. The combination of these things will help you find trust and safety in your asset protection systems once again. Whether you are looking for offshore banking or offshore financial institutions, you can easily locate them on the web. You can find companies that can help with investment protection or other services as well. In fact, you can also locate companies that have the ability to provide you with offshore software needs too. Offshore services can also be investigated on the web as well to find out how secure they are and how trustworthy they are as well.

Offshore services like these offer you safety.

Getting your credit report is easy and will soon be free

Obtaining a copy of your credit report is easy and, thanks to Uncle Sam, it soon will be free. That's welcome news since it's a good idea, especially before applying for a loan or other credit, to know where you stand by checking your credit report (which details how well you pay your loans, bills and credit card purchases). Under legislation passed by Congress in December 2003 and new Federal Trade Commission rules, consumers can request a free copy of their credit report every 12 months. Once you obtain your credit report, visit yourcreditcounts. com for tips on how to read and understand it - and on how to improve your credit standing, if necessary. This Web site, sponsored by leading financial services company HSBC - North America, provides new tools and other valuable information about borrowing, saving and credit management. The three major national credit bureaus - Equifax, Experian and TransUnion - are establishing a centralized source for accepting consumer requests for the free reports.

That source will include a dedicated Web site, a toll-free telephone number and a postal address. The free credit report program rolls out across the country beginning Dec. 1, 2004, when consumers in 13 Western states can start requesting their reports. Residents of 12 Midwestern states will become eligible on March 1, 2005; 11 Southern states on June 1, 2005; and the remaining 14 states, the District of Columbia, Puerto Rico and all U. S. territories on Sept. 1, 2005. It's a good idea to time a request for your credit report well before you apply for a major loan, advises HSBC. Check your credit at least three to six months before applying for a home mortgage; for an auto loan, check your credit and line up financing with your bank or credit union before you start shopping.

This will allow you sufficient time to review the report and correct any errors you find.

Best merchant services

A High-risk merchant account is a merchant account service provided to internet merchants that have been declared "high-risk" by Visa and MasterCard. This is owing to the nature of their businesses, that have a high credit rate or a high turnover but also, an increased risk of fraud and chargebacks. Characteristically, it's very hard for high risk and non-US businesses to obtain a merchant account. High risk merchant accounts offered by different service providers allow International Merchants to privately process their credit card transactions and have the proceeds sent to an offshore bank account. The fees are higher for offshore/high risk credit card processing. Credit card processors are likely to reject you if your business is considered high-risk. The aim is to locate a credit card processor that gets you approved and has you up and accepting credit cards quickly and efficiently, with either a high risk merchant account or an international merchant account. Examples of high risk merchant accounts include pharmaceuticals, telemarketing, infomercials, travel industries, online dating, replica, gaming etc. Some of these are considered more high risk than others.

High risk merchant accounts are available with international banks. A merchant has to do the following to obtain a direct account if their merchant account is considered high risk: 1. Incorporated in the bank’s jurisdictions (this requirement is based on credit card operating regulations) 2. Have 6 months of existing processing history (preferable the last 6 months) 3. Chargebacks in the last 6 months must be less than 1 %. 4. Pay the required set up fees 5. Provide principal’s passport, business incorporation documents - some jurisdictions require a local nominee director’s passport and a utility bill of the nominee director. This is done to avoid cross border issues. 6. The merchant website has to be in compliance to Visa and MasterCard requirements These merchant accounts can also be classified as offshore high risk merchant accounts, international merchant accounts, and high volume merchant accounts. The other option if you do not have processing history and you do not want pay the expensive of incorporation in the bank’s jurisdiction, you can always get a third party merchant account. A third party merchant account’s underwriting is less stringent and is set up much faster than a direct account.

Best merchant services

A High-risk merchant account is a merchant account service provided to internet merchants that have been declared "high-risk" by Visa and MasterCard. This is owing to the nature of their businesses, that have a high credit rate or a high turnover but also, an increased risk of fraud and chargebacks. Characteristically, it's very hard for high risk and non-US businesses to obtain a merchant account. High risk merchant accounts offered by different service providers allow International Merchants to privately process their credit card transactions and have the proceeds sent to an offshore bank account. The fees are higher for offshore/high risk credit card processing. Credit card processors are likely to reject you if your business is considered high-risk. The aim is to locate a credit card processor that gets you approved and has you up and accepting credit cards quickly and efficiently, with either a high risk merchant account or an international merchant account.

Examples of high risk merchant accounts include pharmaceuticals, telemarketing, infomercials, travel industries, online dating, replica, gaming etc. Some of these are considered more high risk than others. High risk merchant accounts are available with international banks. A merchant has to do the following to obtain a direct account if their merchant account is considered high risk: 1. Incorporated in the bank’s jurisdictions (this requirement is based on credit card operating regulations) 2. Have 6 months of existing processing history (preferable the last 6 months) 3. Chargebacks in the last 6 months must be less than 1 %. 4. Pay the required set up fees 5. Provide principal’s passport, business incorporation documents - some jurisdictions require a local nominee director’s passport and a utility bill of the nominee director. This is done to avoid cross border issues. 6. The merchant website has to be in compliance to Visa and MasterCard requirements These merchant accounts can also be classified as offshore high risk merchant accounts, international merchant accounts, and high volume merchant accounts. The other option if you do not have processing history and you do not want pay the expensive of incorporation in the bank’s jurisdiction, you can always get a third party merchant account. A third party merchant account’s underwriting is less stringent and is set up much faster than a direct account.