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Lumber Joe
Lumber Joe • Apr 1, 2009

Two bank accounts: Isn't it convenient?

To me using two accounts is indeed convenient. Think of a situation when you have a loan from one bank and you also have your business account there. Imagine you do not have money on your account and the bank is waiting for a transfer to cut the money, but you do not want the money to be cut. You can always ask your customer to transfer fund to another account and so you can avoid money-cutting.

In fact I use 3 accounts for my company: 2 normal (onshore) accounts and 1 offshore banking account from Jersey. It is quite convenient. My country's banking system is quite volatile and exchange rate often experiences large fluctuations. I keep significant amount of cash overseas and it is very easy to transfer them back if needed.
Kaustubh Katdare
Kaustubh Katdare • Apr 1, 2009
I use two bank accounts too. It's convenient for me.

What's it with 'Offshore Banking' thing?
Lumber Joe
Lumber Joe • Apr 1, 2009
What's with offshore banking?
raj87verma88 • Apr 1, 2009
@Lumber Joe: The Big K was asking about your signature.
Lumber Joe
Lumber Joe • Apr 1, 2009
What's wrong with my signature?
gohm • Apr 1, 2009
Hopefully you claim the appropriate income on the overseas amount...
The page displayed on clicking on your signature , is that your website??
😔😕😔 giving ads????
Differential • Apr 2, 2009
I, personally, don't think a common Man who has limited money business needs more than one bank a/c. The need metioned above is, I believe, psycological. Many people have asked me same thing about credit cards. They told me that they need one credit card for shooping and another one to pay first credit card's bills in case they don't have funds with them! Ridiculous! If you don't have funds to pay first credit card bills, where are you gonna have funds from to pay second credit card's bill. Moreover the chain of credit cards to pay bills of earlier credit cards could go endless.

One of my friends has 3 credit cards and he recently told me that he uses neither of them! I feel having more no of cards make it difficuilt to keep trace of them. You have to be constantly aware of their pay dates.
g_rakesh2 • Apr 2, 2009
Its an advertise
Doesn't looks like a private advertisement to me.
Lumber Joe
Lumber Joe • Apr 2, 2009
Come on people, why do you think I am advertising anything? What did I advertise in my post? I opened a topic and put some ideas there for discussion. What's wrong?
Lumber Joe
Lumber Joe • Apr 2, 2009
Besides most of you have something in your signatures and I guess nobody finds in this anything alarming.

P.S. It would be nice, if you could contribute on the topic...

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