Offshore Banks

[MYStargazer]

Can anyone recommend a user-friendly offshore bank to hold funds out of the reach of rubbish local (foreign) banks, when I'm overseas for long periods?

No, I can't open an ordinary UK bank account because I'm no longer resident.

Any horror stories?

Thanks, folks.

 

[iona]

Until recently I had an account with Woolich Guernsey(now part of barclays but still under the same name Ithink). They did transfers by fax request and cash card but were not at that time internet friendly. Try them and any other UK bank with a branch in the Channel Islands, as I am sure being a Uk resident not a requirement for them.

 

[michael_w]

HSBC International in Jersey are fairly useless. OKish on internet access. You get a debit card on a $US account but not on a Euro one!

Can only do transfers, no cash handling at all. Oh and if you need to call them make sure you've got skype as it can take forever to get through the call centre during Euro business hours.

 

[summerwind]

Lloyds TSB in Jersey is good.

You can have accounts in Sterling, Euro and $US. They have excellent internet banking facilities and Visa Debit and (I think) credit cards. You can access your accounts through any Visa Hole in the Wall.

Of course, to set up accounts you will need to comply with money laundering requirements, but that is the case with any European bank now.

They also have an investment service including proper stock brokers. I should say that I am only connected to them by way of being a customer.

 

[masca]

Has anyone used Nationwides offshore accounts? Any good? Thanks.

 

[cchatburn]

Hi We use nationwide offshore and have had no problems, very easy to use and access Internet site.

 

[charles_reed]

Banking for liveaboards

Unfortunately it's not simple to open a bank account anywhere unless you can prove residency and identity.
This has to do with international anti-laundering regulations rather than anything else.
To open a bank account you have to a) prove identity - passport or ID card. b) prove residency - usually a utilities bill or similar.

If you already have a long-standing, regularly utilised account you can get a letter of recommendation from your current bank which should eliminate these indignities - whether it does is very much up to the sophistication and co-operativeness of the bank employees.

With regard to € or $ denominated accounts, these are great if you're always going to use the one currency. However these do not come cheap and the banking system still levies a charge to send your money over any national boundaries (including €zone countries)

Whilst Nationwide Building Society do not operate any "international" accounts; because they remain a mutual, owned by their customers, unlike banks who have to make a profit for their shareholders, they re-imburse the charges made for using their Visa accounts. This means you avoid the surcharge and the commission that all the other Visa (or Mastercard) companies make on every transaction, but does mean you suffer the bid/offer rate impost that both those organisations operate.

Having used a number of banks with internet access I would confirm LloydsTSB as having the most efficient, up-to-date and secure website. Their charges and levels of international support make them one of the least expat-desirable banks however.

When I was in France for about 4 years I opened an account with Credit Agricole, writing a £denominated cheque on my UK bank to transfer money to my credit in Marans. I had a debit card with a limited weekly draw-down (€300) and for sums of over £800 they were easily the most economical, (€13 + 0.5% on each transaction) and offering median interbank rate.
However, any cheques crossing European boundaries attracted a transaction charge and a some ATMS owners also levied a charge when I used the debit card outside France.

I now use a Nationwide Flex current account for drawing down cash and their credit card for any transactions. I still get the 2.5-5% bid/offer charge, but none of the other charges which normally cost over 8 -12% when you use credit or debit cards abroad.

If I were in Spain for any period I'd try opening an account with Santander-Bilbao, in France with Credit Agricole (both allow on-line banking). I'd avoid Italian (& probably Greek) banks like the plague.

If you're affluent enough Swiss banks are probably the most international, and if you're spending enough, reasonably priced.
Haven't done any research into the US banks (such as Citibank) but doubt they'll be any more efficient and less pricey than the Brits.

 

[temptress]

You can open a non-resident account wiht the Bank Of Ireland and do your stuff that way.

remember that ALL offshore banks now talk to the TAX man so........

 

[RichardPerou]

1. Yes
2. Same as the rest

 

[Forbsie]

Re: Banking for liveaboards

If you are considering BBVA (Banco Bilbao Vizcaya Argentaria), speak to Elena Guillem in their Cannon Street branch in London - 020 7623 3060.

I've been with them over 15 years and they are the best, most helpful bank ever BAR NONE!!

 

[stevebrassett]

Re: Banking for liveaboards

How about Bramble Bank in the Solent? Not offshore enough?