finance

Is there any type of Bank which is perfect for security purpose?

Posted on in finance

 

The most important problem with the bank is the security issues. Almost all of the banks claim about the perfect security system about its banking structure but after all, it is bank. Our parents or if you are an employer you would know how hard it is actually to earn money. And the next level is tougher than we end up by getting banking services as we have no other option. It is our savings that we save single by single for the tough days. These savings are always at a risk in a bank. I can’t say this or that bank would be perfect for security purposes but I am also unable to seek out which one we should prefer to avail the services. Well, today we will provide you a comprehensive and detailed information regarding this issue.

Evidence about the security risks at banks

I have collected data from three developed states and compare the structure and security measurements of their banking system. Following are the countries –

  1. United States of America
  2. Germany
  3. Dubai

From last five years data, I concluded that almost 600 ongoing banks in USA were failed to make perfect security system. When the bank fails in USA, it is completely unable to provide your entire account balance to the depositors. For example, you all know about the incident of New York Mutual Bank. Don’t you? Well, I tell you what happened. First day depositors put their balance in their accounts and they thought everything was fine and in a smooth way. But the next day they woke up and there was no sign of a bank. Similarly, this is the way what is happening nowadays.

Same as in the case of Germany. There are so many frauds happening every day. It was not only in the banking sector but also in education departments also. Most of the wealthy person open fake institutions and take fees from foreign students into their accounts and at the end of the contract there is no institution and no bank where one had deposited the fee.

But the condition is quite satisfactory in case of Dubai. First of all, there is strong network of banking sector. And government of Dubai has made very strict rules for banking business so there is hardly any chance of fake banking system. Also, most of the banks are running under the Islamic sharia law which directly controlled by the local bodies. The second most important thing is that most of top banks working in Dubai are engaged with high net worth individuals. And when you deal with business investment projects for priority services in UAE, it is hard to make mismatch at broader level.

Reason to rely on Dubai banks?

Like Switzerland and Canada, top banks in Dubai provide legal offshore banking services. Now there is a big question asked frequently by most of the people what do you mean by offshore banking? The answer is if one has an account in a bank that is out of the jurisprudence of the country where he resides then that account will be called as an offshore account and the bank providing the services will be called as an offshore bank. There is also some confusion about are offshore accounts legal or illegal? As offshore banking providers cannot legally advertise onshore, the local banks create confusion about these banks. So in this way, some of the people get a false impression that these banks are illegal. It definitely not correct. Some of the people also think that these accounts are used to avoid taxes. Again it is not true. But the exact thing is that if you have an offshore account there is no authority in this world who can challenge your account or get access through any means. So due to security and privacy perspective, these accounts are basically used for.

Which one is best for offshore accounts?

After getting list of all the banks working for offshore banking, we have been concluded that due to different factors Mashreq Gold is one of the most secure and flexible banks at the same time. Also, it is one of the oldest banks in Dubai.