The concept of offshore banking is still sketchy in the minds of most people. In fact, there are too many myths associated with overseas banking today…so much that it has emerged as a toxic term today. It has come into the spotlight; thanks to the media that often malign the functioning of offshore banking every time a tax-evasion case pops up. Most often, it has been termed illegal without precisely knowing what it is all about. In this article, Wolfgang Zulauf – a banking expert – will bust the common myths of offshore banking and expose the truth that mostly remains hidden. You Do Not Need Huge Money to Open an Offshore Bank Account A common misconception prevalent among average person is it takes a lot of money to open an offshore bank account. The truth is – opening an account with an overseas account does not have to be expensive.