What is Underground Banking?
Underground banking is a generic term used to describe any informal banking arrangements which run parallel to, but generally independent of, the formal banking system.
Underground banking systems are also referred to as alternative remittance systems (FATF 1999), informal funds transfer systems (World Bank & IMF 2003) and informal value transfer systems (FinCEN 2003).
How To Register For Underground Banking In South Africa?
Step 1: Go to the Bitcoin Circuit official website and complete the registration of your account
Fill in your details on the form provided, indicating your name, last name, email, and phone number after inputting the country code.
Step 2: Connect to an account manager
Once you register, your account adviser will call you to explain the account setup process.
Step 3: Deposit money in your account and start trading
Then, when you are completely satisfied click the “Make Deposit” button to deposit R4,000 or higher into your account.
Step 4: Start Live Trading
Once you make the initial deposit investment, you can start your live trade.
As long as the government doesn’t make their announcement you are still able to turn something as little as R4,000, into a small fortune of R113,000, R330,000, or even R828,000… within weeks.
However if you are NOT serious about making money, and if you are NOT willing to invest the tiny sum of R4,000 to get started, your application could be terminated.
HOW TO JOIN THE UNDERGROUND BANKING?
Just to clarify, in order to get started:
- You do NOT need to know anything about investing;
- You do NOT need to have any type of ‘formal training’;
- You do NOT need a lot of money;
- And you do NOT need a lot of free time.
What is the name of an underground banking system used to launder money?
Hawala (sometimes referred to as underground banking) is a way to transmit money without any currency actually moving.
Hawala networks have been used since ancient times, and today are widely found among ex-pats sending remittances home.