Recommend an offshore bank account

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Pagey
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Re: Recommend an offshore bank account

Post by Pagey » Thu Jan 14, 2016 6:01 pm

Steve

There is no reason you can't open an account with Conister. I took out a 5 year bond about 3 years ago.

Do you have a link to those investment notes?
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Re: Recommend an offshore bank account

Post by Bluesky » Thu Jan 14, 2016 10:18 pm

If you do fx exchanges through banks the spreads are generally quite horrific (the difference between
the buy and sell price) The closer the number of pips between buy and sell, the tighter the spread, the better the deal. To keep it simple use a fx broker to do your transfers into Thailand but make sure you transfer inthttp://www.superrichthailand.como Thailand in THB and not the currency of your account or you will get bitten by Thai banks. By doing your fx transfers this way you will save on fees and get a reasonable spread without over complicating matters. Spreads will be tighter when relevant fx market is open as markets are generally more liquid at this time. Secondly, if you a cash exchange in Thailand (bringing cash from overseas) do your exchanges through independant currency exchanges eg; Superrich, as the spreads once again are tighter than your Thai banks. I have the websites for Hi fx and also superrich.
I gather cable is your currency of origin so have provided an example of the differences between GBP/THB between Siam commercial (SCB) and Superrich.
Quick example: 5000GBP THB
SCB spot rate buy 51.205 sell 53.1725. Exchange = 256,025.00 THB
Superrich spot rate buy 52.20 sell 52.40. Exchange = 262,000.00 THB

http://www.superrichthailand.com

http://www.hifx.co.uk/online-internatio ... AhJX8P8HAQ

PM me if you require any further info


Quick The problem is that they rape you on the exchange rate so you'll ending losing more on that than you'll gain in interest.
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Re: Recommend an offshore bank account

Post by buksida » Fri Jan 15, 2016 6:10 am

Looks interesting but not really what I need, I was trying to open an fx account within the same bank and getting raped. The annual interest on 20k would have been about the same as the loss in the spread with HSBC ... so, a complete waste of time.

Singapore screwed me changing their minimum deposit at the last minute from 10k to 200k. And it is virtually impossible to open an offshore bank anywhere else without physically going there or having a ton of paperwork, much of which is unobtainable if you live in Thailand.
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Re: Recommend an offshore bank account

Post by Pagey » Fri Jan 15, 2016 8:24 am

buksida wrote: And it is virtually impossible to open an offshore bank anywhere else without physically going there or having a ton of paperwork, much of which is unobtainable if you live in Thailand.
When you say anywhere else do you mean outside of the UK ?

I opened fixed term accts with Permanent, Skipton & Nationwide last year without leaving Thailand, all that was needed was a authorised passport copy and proof of address for which I used a statement from another bank.

I also dabbled a small sum with Wellsley, a peer to peer lender but your lump sum is not protected like the others.
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Re: Recommend an offshore bank account

Post by StevePIraq » Fri Jan 15, 2016 10:14 am

Pagey wrote:Steve

There is no reason you can't open an account with Conister. I took out a 5 year bond about 3 years ago.

Do you have a link to those investment notes?
Yes I see its easy enough to open a Conister account and will consider more, but it is only useful for long term savings

I sent you a PM on the investment notes
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Re: Recommend an offshore bank account

Post by buksida » Fri Jan 15, 2016 8:41 pm

Sorry, I may not have been clear enough. I dont want a UK account or anything to do with the UK (I already have one which is pretty useless).

I need an offshore account in USD, AUD or HKD preferably without having to go there or deposit millions to open it.

Will look at the suggestions though to see if they offer other currencies without robbing me on exchange rates (I know, unlikely).
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Re: Recommend an offshore bank account

Post by StevePIraq » Wed Feb 03, 2016 1:42 pm

A word of warning for those who utilize offshore banking, (Tax Havens)

I have just been advised by Lloyds Bank that as of September 2016 90 countries will be implementing the OECD Common Reporting Standards. This means that if your country is one of the 90 the banks will be making your offshore banking status fully transparent to all other countries involved. Hence you could be liable for tax on your offshore savings. You will not have any tax deducted by the Offshore Bank however if you are subject to tax in another country they may be able to tax you on the offshore savings.

Lloyds went on to advise that if I am subject to income tax in any country I must provide my tax number to the bank.

http://www.oecd.org/ctp/exchange-of-tax ... mation.htm

List of JURISDICTIONS PARTICIPATING IN THE CONVENTION ON MUTUAL ADMINISTRATIVE ASSISTANCE IN TAX MATTERS
http://www.oecd.org/ctp/exchange-of-tax ... ention.pdf

Strange thing is this was only advised to me over the phone while discussing another issue.
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Re: Recommend an offshore bank account

Post by buksida » Fri Feb 19, 2016 9:05 am

Anyone have any experience with Standard Chartered Singapore? It seems their minimum deposits for foreign currency accounts are reasonable (interest rates are not so pretty though).

https://www.sc.com/sg/
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Re: Recommend an offshore bank account

Post by STEVE G » Fri Feb 19, 2016 11:13 am

I know you don't want anything to do with the UK but this Indian bank there is paying better rates than Standard Chartered, Singapore:
http://www.bankofbarodauk.com/exchange-interest-rates/

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Re: Recommend an offshore bank account

Post by koljarodici » Sun Mar 13, 2016 4:00 am

please avoid LLOYDS BANK OFF SHORE ..my experience with them was horrible and I was their faithful customer only to be treated as a criminal after 23 years with them of which 16 years as off shore customer at ISLE OF MAN branch...if you like or if you are interested I can convey my experience with them here

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Re: Recommend an offshore bank account

Post by buksida » Fri Jun 03, 2016 6:40 pm

After a lot of buggering about with paperwork I managed to open a USD account with SC in Singapore without actually going there: https://www.sc.com/sg/
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Re: Recommend an offshore bank account

Post by pharvey » Sat Jun 04, 2016 1:52 am

koljarodici wrote:please avoid LLOYDS BANK OFF SHORE ..my experience with them was horrible and I was their faithful customer only to be treated as a criminal after 23 years with them of which 16 years as off shore customer at ISLE OF MAN branch...if you like or if you are interested I can convey my experience with them here
Couldn't agree more.... Barstewards.
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Re: Recommend an offshore bank account

Post by StevePIraq » Fri Mar 30, 2018 3:34 pm

An new recommendations for offshore accounts? I am presently with the dreaded Lloyds who have now blocked my account, stating I provided the wrong answer to a security question, which I did not.
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Re: Recommend an offshore bank account

Post by 404cameljockey » Fri Mar 30, 2018 4:38 pm

I guess you're not looking to open an offshore company as well? Can be useful for ownership of assets or even any business you might want to transact in future. These people will set one up which will come with a bank account in various jurisdictions of your choice; you of course pay the yearly company renewal (around USD 1200). This is just my personal recommendation as I've used them before.

https://gws-offshore.com/offshore-banking/

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Re: Recommend an offshore bank account

Post by johnjar » Fri Mar 30, 2018 7:50 pm

StevePIraq wrote:
Fri Mar 30, 2018 3:34 pm
An new recommendations for offshore accounts? I am presently with the dreaded Lloyds who have now blocked my account, stating I provided the wrong answer to a security question, which I did not.
All banks do this for security it's three strikes and your out( never log in if you have had a few ). Regarding the best offshore banking is most banks in Singapore beats them all by far, as long as you are a non resident it's tax free and no interest is taken on savings, investments or any trades only pay interbank charges.

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