Recommend an offshore bank account

Visa questions, companies, work permits, employment, insurance, banking and finance, and legal issues.
SPONSORS: Chavalit & Partners : AA Insurance
Dr Mike
Guru
Guru
Posts: 674
Joined: Thu Sep 09, 2010 1:33 pm

Re: Recommend an offshore bank account

Post by Dr Mike » Wed May 22, 2013 7:21 am

LLOyds in the Isle of Man is satisfactory

User avatar
buksida
Moderator
Moderator
Posts: 16649
Joined: Tue Dec 31, 2002 12:25 pm
Location: south of sanity
Contact:

Re: Recommend an offshore bank account

Post by buksida » Wed May 22, 2013 8:24 am

caller wrote: 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?
The main advantage used to be non-payment of tax on interest, basically not wanting the UK govt snooping into savings generated overseas.

This is now moot since the interest rates are virtually zero and the charges these banks levy means that it costs you money to have an offshore account (especially if it is in GBP or EURO). Some (HSBC) now charge for international transfers also, to get the freebies you need to tie up a lot of cash on which they earn and you don't.

For investment purposes Thai banks are a better bet where you can get 3% quite easily.

If I may quote Mark Twain: A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.
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

User avatar
StevePIraq
Legend
Legend
Posts: 2582
Joined: Sat Jun 28, 2008 1:21 pm
Location: Ting Tong Land

Re: Recommend an offshore bank account

Post by StevePIraq » Wed May 22, 2013 10:58 am

buksida wrote:
caller wrote: 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?
The main advantage used to be non-payment of tax on interest, basically not wanting the UK govt snooping into savings generated overseas.

This is now moot since the interest rates are virtually zero and the charges these banks levy means that it costs you money to have an offshore account (especially if it is in GBP or EURO). Some (HSBC) now charge for international transfers also, to get the freebies you need to tie up a lot of cash on which they earn and you don't.

For investment purposes Thai banks are a better bet where you can get 3% quite easily.

If I may quote Mark Twain: A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain.
Thai banks are ok as in reality Off Shore is becoming far less attractive, no cost to maintain a LTSB account except the minimum balance of2.5k. HSBC you need 25k balance. My only concern is tying up a fair bit in a Thai bank and the issues of getting it out if you want to. It is easy to send out 1mBaht but not very often.

Oz banks are still giving far better than 3% but the interest is taxable. The choice is becoming less and 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: 9030
Joined: Sat Jun 04, 2005 6:05 pm
Location: Bangkok

Re: Recommend an offshore bank account

Post by caller » Wed May 22, 2013 4:25 pm

Thanks for the above replies. I feel a pm coming on......
Talk is cheap

User avatar
StevePIraq
Legend
Legend
Posts: 2582
Joined: Sat Jun 28, 2008 1:21 pm
Location: Ting Tong Land

Re: Recommend an offshore bank account

Post by StevePIraq » Tue Jul 22, 2014 10:47 pm

For years I have banked offshore with TSB now Lloyds but i am totally pis@#d with them now. I have been trying to make an international payment to my wife in Thailand and every time it gets to the phone authentication stage the call never comes through, contacted the help desk and after being transferd 5 times I am asked for all of my personal information including 2 digits of my phone banking password, the help desk then enters the wrong numbers twice, now I am locked out of banking. Phone help desk again they say they will post a form to me to re register, yes try posting to Afghanistan where i am. No mail system here. Lloyds couldn't care less the only solution is they MUST post a form to me which I MUST post back to them.
:cuss: :cuss:

Anyone recommend a REAL offshore bank that is easy to register with
"Live everyday as if it were your last because someday you're going to be right." Muhammad Ali

User avatar
PeteC
Moderator
Moderator
Posts: 21457
Joined: Tue Mar 23, 2004 7:58 am
Location: All Blacks training camp

Re: Recommend an offshore bank account

Post by PeteC » Thu Jul 24, 2014 4:57 pm

^ I've always liked HSBC and have used them since 1993.....only the Hong Kong division though. You set up overseas transfers by registering the recipient(s) by hard copy forms, and then you can do it all on-line, a 1 minute process.

I would think HSBC UK would have the same or similar options. Pete :cheers:
Governments are instituted among Men, deriving their just powers from the consent of the governed. Source

User avatar
StevePIraq
Legend
Legend
Posts: 2582
Joined: Sat Jun 28, 2008 1:21 pm
Location: Ting Tong Land

Re: Recommend an offshore bank account

Post by StevePIraq » Thu Jul 24, 2014 5:14 pm

Lloyds have finally sorted my problem and did the transfer over the phone however they cannot explain why I cannot do the transfer on line when the system says I can. Not particularly good service.

As for post about HSBC well this doesn't work for me as I am working in Afghanistan, there is no mail system here so hard copy forms just do not work.

My own opinion is there is not one offshore bank that is worth the effort.
"Live everyday as if it were your last because someday you're going to be right." Muhammad Ali

User avatar
buksida
Moderator
Moderator
Posts: 16649
Joined: Tue Dec 31, 2002 12:25 pm
Location: south of sanity
Contact:

Re: Recommend an offshore bank account

Post by buksida » Wed Feb 11, 2015 7:07 am

Has anyone using HSBC offshore been hit with their latest raft of demands for a lot of personal and financial information and certified verification of address?

They're threatening to close accounts if the documents are not sent. :shock: :cuss: :guns:
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

User avatar
richard
Deceased
Deceased
Posts: 8805
Joined: Tue Feb 18, 2003 1:59 pm
Location: Wherever I am today

Re: Recommend an offshore bank account

Post by richard » Wed Feb 11, 2015 9:34 am

buksida wrote:Has anyone using HSBC offshore been hit with their latest raft of demands for a lot of personal and financial information and certified verification of address?

They're threatening to close accounts if the documents are not sent. :shock: :cuss: :guns:
I closed my offshore accounts with HSBC some years back as they started being too nosy and hiking up fees. This new round of demands may well be due to them being in the press spotlight about tax avoidance.
RICHARD OF LOXLEY

It’s none of my business what people say and think of me. I am what I am and do what I do. I expect nothing and accept everything. It makes life so much easier.

fft100
Professional
Professional
Posts: 304
Joined: Wed Oct 26, 2005 11:58 pm

Re: Recommend an offshore bank account

Post by fft100 » Wed Feb 11, 2015 9:45 am

buksida wrote:Has anyone using HSBC offshore been hit with their latest raft of demands for a lot of personal and financial information and certified verification of address?

They're threatening to close accounts if the documents are not sent. :shock: :cuss: :guns:
RBS International did this last year or the year before. New KYC rules/compliance i seem to recall. Uk banks are a lot stricter on this than other european banks. The last thing they want is to appear negligent in case a customer isnt who they seem.

User avatar
buksida
Moderator
Moderator
Posts: 16649
Joined: Tue Dec 31, 2002 12:25 pm
Location: south of sanity
Contact:

Re: Recommend an offshore bank account

Post by buksida » Wed Feb 11, 2015 9:52 am

Thinking of doing the same ... which brings back the original question of which Offshore Bank to use (preferably not one with ties to the UK)?
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

User avatar
Pagey
Ace
Ace
Posts: 1963
Joined: Mon Aug 30, 2004 5:14 pm
Location: On the beach

Re: Recommend an offshore bank account

Post by Pagey » Wed Feb 11, 2015 10:02 am

To open any new bank account you need to prove/verify your address and if you change address you must inform the bank. Not the individual banks rules but their local regulators. eg in Guernsey it's Guernseys Financial Services Commission. (As I've just been advised by Clydesdale Offshore Bank)
'If you didn't have a wasted youth you wasted your youth'

Man in pub circa 1987.

User avatar
buksida
Moderator
Moderator
Posts: 16649
Joined: Tue Dec 31, 2002 12:25 pm
Location: south of sanity
Contact:

Re: Recommend an offshore bank account

Post by buksida » Wed Feb 11, 2015 10:29 am

As we know, living in Thailand this is an effing pain - do you know if they'll take a translated copy of the immigration letter proving residency?
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

User avatar
Pagey
Ace
Ace
Posts: 1963
Joined: Mon Aug 30, 2004 5:14 pm
Location: On the beach

Re: Recommend an offshore bank account

Post by Pagey » Wed Feb 11, 2015 11:06 am

Buksi : Each bank will probably have their own variation of the rules although the usual is for bank/credit card statement or utility bill.

Here is an extract from my email last week from Clydesdale Offshore (This was to release matured funds of a fixed term deposit)



In addition now that you advised me that you currently live in Thailand we will need a signed letter in the post confirming your new residential/correspondence address together with verification of your residential address prior to releasing the funds. The verification will need to be either an original (we will take a copy to certify for our records and return the original) or a certified copy of a utility bill or bank statement less than three months old. If you are getting the documents certified then it will need to be done by either a Director, Manager or Officer of a regulated financial services business, a Lawyer/Advocate, Member of the Judiciary, Qualified Accountant, Senior Civil Servant or a serving Police or Customs Officer, a Medical Practitioner or a Commissioned Officer of HM Forces.



A suitable certifier must certify that; he/she has seen original documentation verifying identity and the copy of the document (which he/she certifies) is a complete and accurate copy of that original and the photograph contained in the document certified bears a true likeness to the individual requesting certification. The certifier must also sign and date the copy identification data, stating his or her name clearly in block capitals, stating his or her capacity or position together with any relevant official stamp and address, telephone number/email address so that contact can be made in the event of a query.

we will be unable to release the funds until we have received a signed letter in the post confirming your new residential/correspondence address together with verification of your residential address. We are required to obtain this documentation by our local regulator the Guernsey Financial Services Commission. Therefore we will require some documentation in English, please find below some alternative options:-

- A signed letter from your employer, on headed paper, confirming your residential address.
- A certified, translated copy (the translator would need to be verified), of your rental or purchase property agreement.
- A certified copy or original copy of a statement for your Bank account.
- Any other official document addressed to your residential address in English or translated by a translator that we can verify.
- Do you have a Visa, does it state your residential address?

If you are unable to obtain any of the above documents then please let me know and we will see what else we can suggest.
'If you didn't have a wasted youth you wasted your youth'

Man in pub circa 1987.

bapak
Ace
Ace
Posts: 1105
Joined: Wed Jun 18, 2003 1:51 pm
Location: Hua Hin and Sydney

Re: Recommend an offshore bank account

Post by bapak » Wed Feb 11, 2015 12:01 pm

You investigate some of the US Banks.... Perhaps Wells Fargo.

Post Reply

Who is online

Users browsing this forum: CBinmore, HHcolin, lomuamart and 6 guests