Recommend an offshore bank account

Visa questions, companies, work permits, employment, insurance, banking and finance, and legal issues.
SPONSORS: Chavalit & Partners : AA Insurance
User avatar
StevePIraq
Legend
Legend
Posts: 2527
Joined: Sat Jun 28, 2008 1:21 pm
Location: Ting Tong Land

Recommend an offshore bank account

Post by StevePIraq » Thu Jan 17, 2013 12:26 pm

Tried searching the forum but could not find exactly what I am looking for.

I am looking to open a new offshore bank account, presently with Lloyds TSB who are good but do not have full internet banking so always have to spend 30minutes on the phone to do any transaction.

previously with Allied Irish however they have now ceased operation of offshore banking.

HSBC is very good but fees are to high as are balance limits.

Any suggestions greatly appreciated.
"Live everyday as if it were your last because someday you're going to be right." Muhammad Ali

User avatar
Winkie
Guru
Guru
Posts: 715
Joined: Wed Jun 14, 2006 5:29 pm
Location: Bangkok & Cha Am

Re: recommend and offshore bank account

Post by Winkie » Thu Jan 17, 2013 12:37 pm

I'm with Lloyds TSB Offshore and have full Internet control, including transactions (However, its does sometimes fail to complete transactions by internet, and I too end up on the phone).
Only the crumbliest, flakiest Winkie....

User avatar
pharvey
Addict
Addict
Posts: 6566
Joined: Sat Aug 29, 2009 10:21 am
Location: Back in God's Country

Re: recommend and offshore bank account

Post by pharvey » Thu Jan 17, 2013 12:39 pm

Quite honestly mate, I was with Lloyds who I found shite. Have been with HSBC for several years, and I find them spot on. For various reasons, I have a new.... whatever they are called Mentor or whatever - can put you onto him if you PM me your email
"You've got to get your first tackle in early, even if it's late". Ray Gravell :wink:

User avatar
StevePIraq
Legend
Legend
Posts: 2527
Joined: Sat Jun 28, 2008 1:21 pm
Location: Ting Tong Land

Re: recommend and offshore bank account

Post by StevePIraq » Thu Jan 17, 2013 12:44 pm

Winkie wrote:I'm with Lloyds TSB Offshore and have full Internet control, including transactions (However, its does sometimes fail to complete transactions by internet, and I too end up on the phone).

Full internet transactions does not let you send money to other countries, or at least I have never been able to do this I have always had to use phone banking. Am I doing something wrong?
"Live everyday as if it were your last because someday you're going to be right." Muhammad Ali

User avatar
buksida
Moderator
Moderator
Posts: 16572
Joined: Tue Dec 31, 2002 12:25 pm
Location: south of sanity
Contact:

Re: recommend and offshore bank account

Post by buksida » Thu Jan 17, 2013 12:45 pm

Just to add balance I cannot recommend HSBC Offshore at all for the following reasons:

1) Annually increasing service charges
2) Annually increasing minimum deposit levels
3) Less than 0.5% interest (GBP/USD/EURO)
4) Inordinate amount of extra paperwork to open other accounts/investments
5) Charges for transfers/withdrawals to/from the same bank in different countries

Been with them for 4-5 years and currently seeking an alternative so will follow this thread with interest.
Who is the happier man, he who has braved the storm of life and lived or he who has stayed securely on shore and merely existed? - Hunter S Thompson
Get out there: On The Road Asia

User avatar
StevePIraq
Legend
Legend
Posts: 2527
Joined: Sat Jun 28, 2008 1:21 pm
Location: Ting Tong Land

Re: recommend and offshore bank account

Post by StevePIraq » Thu Jan 17, 2013 12:53 pm

pharvey wrote:Quite honestly mate, I was with Lloyds who I found shite. Have been with HSBC for several years, and I find them spot on. For various reasons, I have a new.... whatever they are called Mentor or whatever - can put you onto him if you PM me your email
I agree with HSBC having a great system but the balance limit is very high especially when you look at the interest you are receiving on it.
HSBC Advance minimum balance £25,000 or currency equivalent with 0% interest
HSBC Premier minimum balance £60,000 or currency equivalent with 0% interest
Both a lot of cash to tie up and get no growth
"Live everyday as if it were your last because someday you're going to be right." Muhammad Ali

User avatar
STEVE G
Hero
Hero
Posts: 12039
Joined: Mon Apr 03, 2006 3:50 am
Location: HUA HIN/EUROPE

Re: Recommend an offshore bank account

Post by STEVE G » Thu Jan 17, 2013 1:11 pm

I used to have an account with Lloyds offshore but got rid of it because of all the reasons mentioned above. I've found that as long as you don't actually live in the UK and are not registered for tax, there is not much disadvantage to banking there for general account use as long as you're not using it for investment reasons.

User avatar
Winkie
Guru
Guru
Posts: 715
Joined: Wed Jun 14, 2006 5:29 pm
Location: Bangkok & Cha Am

Re: recommend and offshore bank account

Post by Winkie » Thu Jan 17, 2013 1:29 pm

StevePIraq wrote:
Winkie wrote:I'm with Lloyds TSB Offshore and have full Internet control, including transactions (However, its does sometimes fail to complete transactions by internet, and I too end up on the phone).

Full internet transactions does not let you send money to other countries, or at least I have never been able to do this I have always had to use phone banking. Am I doing something wrong?
Not sure if you are doing anything wrong. I have only been with them for about 6 months, but I find them excellent. Can set up international transfers online (there is no transfer charge at all from Lloyds for any International Transfer!).

There is also no annual fee if you keep your primary account above certain level (which I think is UKP3K)
Only the crumbliest, flakiest Winkie....

User avatar
StevePIraq
Legend
Legend
Posts: 2527
Joined: Sat Jun 28, 2008 1:21 pm
Location: Ting Tong Land

Re: Recommend an offshore bank account

Post by StevePIraq » Thu Jan 17, 2013 1:46 pm

Just checked my Lloyds TSB account again and yes they have recently introduced online international transfers but not free, up to GBP5K = GBP10 fee, over GBP5k = GBP17.50 fee. So not so bad. The balance limit is GBP2500 to avoid annual fees. Just a bugger they don't give good interest in savings.
"Live everyday as if it were your last because someday you're going to be right." Muhammad Ali

User avatar
Winkie
Guru
Guru
Posts: 715
Joined: Wed Jun 14, 2006 5:29 pm
Location: Bangkok & Cha Am

Re: Recommend an offshore bank account

Post by Winkie » Thu Jan 17, 2013 1:57 pm

StevePIraq wrote:Just checked my Lloyds TSB account again and yes they have recently introduced online international transfers but not free, up to GBP5K = GBP10 fee, over GBP5k = GBP17.50 fee. So not so bad. The balance limit is GBP2500 to avoid annual fees. Just a bugger they don't give good interest in savings.
Can confirm that I pay zero for International Transfers, maybe I have a different type of account to you, I have Premier Account. zero annual fee (with more that UKP3K), zero transfer fee
Only the crumbliest, flakiest Winkie....

User avatar
Dannie Boy
Rock Star
Rock Star
Posts: 4839
Joined: Wed Jan 13, 2010 8:12 pm
Location: Closer to Cha Am than Hua Hin

Re: Recommend an offshore bank account

Post by Dannie Boy » Thu Jan 17, 2013 4:01 pm

Winkie wrote:
StevePIraq wrote:Just checked my Lloyds TSB account again and yes they have recently introduced online international transfers but not free, up to GBP5K = GBP10 fee, over GBP5k = GBP17.50 fee. So not so bad. The balance limit is GBP2500 to avoid annual fees. Just a bugger they don't give good interest in savings.
Can confirm that I pay zero for International Transfers, maybe I have a different type of account to you, I have Premier Account. zero annual fee (with more that UKP3K), zero transfer fee
Well that's a lot better than HSBC, even if you have a Premier account (>£60k) they still charge for international transfers at a maximum of £10k for which they charge £17.

User avatar
J.J.B.
Guru
Guru
Posts: 917
Joined: Sun Jul 22, 2012 10:03 pm

Re: Recommend an offshore bank account

Post by J.J.B. » Thu Jan 17, 2013 7:12 pm

I used to have Lloyds TSB Off Shore (Isle of Man) but closed the account a few years ago when the tax rules were tightened and I simply didn't have enough cash to bother keeping it out of the country. For transferring money, the fee that banks charge is negligible compared with the hidden commission they make on their exchange rate. Last year, I read an article about a new service called 'Currency Far' http://www.currencyfair.com that was looking to 'disrupt' the banks' monopoly on exchange and they have beaten my bank's rate hands down every time.

Most of my income is paid in Euro, which I send back to my account in London. I have saved a huge amount through their service and all you need is a bank account in each currency or country you are transferring to and from (or a friend who does). They also have an eBay-style trading set-up between people who are happy to do a bit of currency trading; it's quite fun.

When we were paying for the build on our house in HH, even though the THB isn't part of their normal portfolio, they used their office in Australia to make the trades and we must have saved at least £5k on the bank's rate overall. They tell me that THB is being added to their portfolio this year, it's well worth checking out if all you want to do is send money between countries and get the best rate on the day.
:thumb:
"A man who does not think for himself, does not think at all."
Wilde

User avatar
StevePIraq
Legend
Legend
Posts: 2527
Joined: Sat Jun 28, 2008 1:21 pm
Location: Ting Tong Land

Re: Recommend an offshore bank account

Post by StevePIraq » Sun Jan 20, 2013 12:17 pm

All gone quiet on this topic so I guess no one has any suggestions other than Lloyds TSB or HSBC.

If you can qualify and get enough points to open an Australian account you can still get almost 5% interest and they have excellent service and full internet accounts. Trouble is you have to declare the interest to the govt each year and the banks also advise the Govt how much interest you have made so you cannot hide anything. :tsk:
"Live everyday as if it were your last because someday you're going to be right." Muhammad Ali

User avatar
StevePIraq
Legend
Legend
Posts: 2527
Joined: Sat Jun 28, 2008 1:21 pm
Location: Ting Tong Land

Re: Recommend an offshore bank account

Post by StevePIraq » Tue May 21, 2013 10:40 pm

Update on offshore banking. I want to open an offshore account in US$, having been with Lloyds TSB for many years I thought no problem, so I contacted them and was told I will be called back, many days passed and no call so I contacted them again only to be told LTSB have reviewed their operating policies and will no longer accepting applications for new accounts from residents of Thailand along with a number of other countries.

None of this is on their web site. Exceptionally poor service and I told them so, the attitude back was one of couldn't care less.
"Live everyday as if it were your last because someday you're going to be right." Muhammad Ali

User avatar
caller
Addict
Addict
Posts: 8932
Joined: Sat Jun 04, 2005 6:05 pm
Location: Bangkok

Re: Recommend an offshore bank account

Post by caller » Wed May 22, 2013 4:01 am

I'm considering opening an off-shore account, primarily for free international transfers by internet with LTSB as I have a premier acct. with them in any case. The minimum balance is £2.5k to avoid charges but as others have said, the interest is pretty dire.

As a newbie to this, apart from free international transfers and being up to me to declare this for tax purposes, what exactly is the advantage, or is that it?
Talk is cheap

Post Reply

Who is online

Users browsing this forum: No registered users and 5 guests