Don_Dickle@lemmy.worldM to Explain Like I'm Five@lemmy.worldEnglish · 2 months agoELI5 How do rich people just hide their money in offshore bank accounts? Do they just call up the bank and say I want transfer such and money? How come the original bank doesn't catch on?message-squaremessage-square35fedilinkarrow-up1116arrow-down13
arrow-up1113arrow-down1message-squareELI5 How do rich people just hide their money in offshore bank accounts? Do they just call up the bank and say I want transfer such and money? How come the original bank doesn't catch on?Don_Dickle@lemmy.worldM to Explain Like I'm Five@lemmy.worldEnglish · 2 months agomessage-square35fedilink
minus-squareAmbiguousPropslinkfedilinkEnglisharrow-up19·2 months agoYes, the banks know. Their cut is usually large enough for them to look the other way.
minus-squarejeffw@lemmy.worldlinkfedilinkEnglisharrow-up13·2 months agoJust to be clear, it’s not like the bank explicitly says “yeah, we’ll hide your money for x%” Banks make money on fees, active management of investments, etc.
Yes, the banks know. Their cut is usually large enough for them to look the other way.
Just to be clear, it’s not like the bank explicitly says “yeah, we’ll hide your money for x%”
Banks make money on fees, active management of investments, etc.