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Ms. Scarlett
Beginner April 2007

offshore banking recs

Ms. Scarlett, 11 July, 2008 at 10:16 Posted on Off Topic Posts 0 9

Can anyone recommend a good offshore banking account for an expat?

At the moment I've just got a standard current account with RBS, but that's no good as to discuss the account I'm always urged to "pop into the branch", which would be a bit of a round trip! (I can phone the branch but they're permanently engaged). I don't think I'll be able to get another standard UK account due to not being on the electoral roll, so I'm going to go for an offshore account.

I'm paid my salary over here in local currency, and I make frequent transactions between my account here and my UK account (partly to service existing DDs, partly for reasons of currency stability). The money gets converted into sterling and tranferred over, and I'm charged a few quid each time by my UK bank - perhaps there's an account that doesn't charge for this?

I don't need to use a UK debit card out here but I guess it could be handy as a back-up. What's also important to me is a non-negligible rate of interest, as there will be money sitting there and I might as well make use of not being a UK taxpayer and get the interest gross.

Any recs? Thanks in advance!

9 replies

Latest activity by Ms. Scarlett, 11 July, 2008 at 10:52
  • Kate84
    Beginner August 2009
    Kate84 ·
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    Hi,

    I am always changing money over too and until now have never found a bank that won't charge me (ba*tards!). At the moment i have an online account with Natwest (part of RBS methinks) that has a decent onling savings account (tax free of course!) but I have other GB friends who are with HSBC who have similar accounts.

    As for 'popping round' they're rubbish aren't they? I had to sort out something with my student loan and they could only give me free phone numbers that don't work from abroad. Duh!

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  • Hitched in Paris
    Beginner June 2008
    Hitched in Paris ·
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    I'm with RBS offshore but you would need to find out if they offer Turkish Lira accounts (they offer 20 different currencies). Also just opened a local Singapore Dollar account which is very easy and has online banking too - would a local account help?

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  • janeyh
    janeyh ·
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    we used to use HSBC and they were fab - so helpful they made it all very easy

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  • memyselfandi
    Beginner November 2007
    memyselfandi ·
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    Ok, now I used to work for Lloyds TSB but have to say I think their offshore accounts work really well. You can also link it with an onshore account and not pay anything for IMT's which can be instructed over the phone.

    *Edited to say ignore this, they only do dollar, euro and stirling offshore accounts, none in Turkish Lira.

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  • Ms. Scarlett
    Beginner April 2007
    Ms. Scarlett ·
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    Thanks all - will look at HSBC janeyh, they have a local presence too so that might be a good bet. Hitched in Paris, part of the point of transferring money back is so as not to have it in Lira - the political situation here is volatile at the moment (they're about to throw out the goverment) and the currency value might plummet at any time. Might look into RBS offshore though, cheers.

    Kate84, thanks - know what you mean about the 0870 etc. numbers, have you seen saynoto0870.com? They often give you a geographical number as an alternative, really handy.

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  • Ms. Scarlett
    Beginner April 2007
    Ms. Scarlett ·
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    Thanks, memyselfandi - will check them out, a sterling account is what I want (maybe a dollar one too)

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  • Hitched in Paris
    Beginner June 2008
    Hitched in Paris ·
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    Sorry - doh! I thought you wanted an account to deposit your salary into and use for expenses in Turkey as well as UK transactions.

    RBS are not bad at all - I had an offshore bond with First Active for 8 years before they got taken over by RBS. I have a number that I can call and speak to a human, which impresses me (although it probably shouldn't!)

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  • Ms. Scarlett
    Beginner April 2007
    Ms. Scarlett ·
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    Sorry, I hadn't made it clear at all in my original post that I want the money in sterling! I have a local account that my salary gets paid into.

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  • memyselfandi
    Beginner November 2007
    memyselfandi ·
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    Cool, you can get a Stirling, dollar and Euro account for the same cost as a Stirling, I *think* it's about £5 a month.

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  • Ms. Scarlett
    Beginner April 2007
    Ms. Scarlett ·
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    Ah, now that would be pretty handy, and 5 quid a month is bearable. Thanks!

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