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-square29fedilinkarrow-up1111arrow-down13
arrow-up1108arrow-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-square29fedilink
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.
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.