Offshore Bank Account (1 Viewer)

[EuroTrotters]

Who has one?

Do I need or want one?

TM

 

[Abacist]

If you want to buy a motorhome abroad it might be worth setting one up to convert your money piecemeal and when the rate suits you so you have the money ready for the right MoHo to come along and you can buy quickly.

If you are just thinking of holidays then I don't think its worth it. You will find the bank charges make it uneconomical. Not thought about opening an account with a foreign bank abroad.

Either take some cash and a Halifax card or preload a credit card like FX etc.

Brexit may well re-introduce currency controls that used to exist before the Euro restricting what you can take out of the country.

 

[tacr2man]

Any one who has one is unlikely to reveal the fact .
If you can qualify then having a local account if a frequent visitor to a particular country can be useful . It wont be a true "offshore a/c" as it will be directly attributable to you

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[Alistair33]

Any one who has one is unlikely to reveal the fact .
If you can qualify then having a local account if a frequent visitor to a particular country can be useful . It wont be a true "offshore a/c" as it will be directly attributable to you

Don’t see why, we have a few. Perfect for keeping transaction charges low and managing currency risks. With internet banking administration is also simple

 

[Snowbird]

I can recommend Quinta Majay as an excellent offshore banking haven .

 

[tonka]

Thats it.. Stir up bad memories of my Isle of Man account and the tax investigation..

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[Minxy]

It depends what you mean by 'offshore' account, the terms is usually associated with when you have money in an account in a tax haven country, such as Jersey, Lichtenstein, Switzerland etc, however these account are no longer able to be 'hidden' as since last year I believe HMRC has to be notified about them and I'm not sure if the banks themselves have to do this now or if you do it yourself (and no I haven't got one! ) ... its just what I've researched this morning or already knew.

However if you are simply referring to a 'foreign' bank account, eg in Spain, France etc then the above comments from others give the reasons for having one.

 

[tonka]

As Minxy says.... To me anyway "offshore" usually means a place to stash some cash away but they have tightened it all up.
May be some benefit ref good interest rates but you may not have the security.

"Overseas" ie a Spanish account, maybe.. However following my experience in the past 5 years since having an account to to cover my bills for "tonks towers" in Benidorm, they all just want to stiff you and charge for almost everything.. So check the charges very carefully. Mine even took a fee when i transfered cash into the account from the Uk !!..

 

[Camdoon]

Lester Piggott is my favourite person caught with overseas accounts. He was given the opportunity to declare all the accounts and duly did so then paid his fine with another overseas account which he still hadn't declared. Off to jail. What a ...

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[WSandME]

Which reminds me if the old joke:

Q. Which 18 stone gorilla rode a Derby winner?




A. Lester Piggot's cell mate!

 

[Theonlysue]

Some money traders will hold onto the euros for you. You agree a rate before you purchase currency. Hifx offer this service.

 

[rangi]

We have one in Australia

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[sueandjohn]

We have a euros account in spain . We have bills to pay otherwise we wouldn't have one,
Changing sterling to euros in spain is invariably a better rate than forex
Charges are high compared to uk. Charges for account management , for credit card, for proving you are non resident and Per Transaction charges , it is eye watering compared to free U.K. Banking.
Get yourself a good uk credit card that has minimal charges for using abroad . Saga or nationwide I believe are best

 

[Minxy]

We have a euros account in spain . We have bills to pay otherwise we wouldn't have one,
Changing sterling to euros in spain is invariably a better rate than forex
Charges are high compared to uk. Charges for account management , for credit card, for proving you are non resident and Per Transaction charges , it is eye watering compared to free U.K. Banking.
Get yourself a good uk credit card that has minimal charges for using abroad . Saga or nationwide I believe are best

Would you be better off using a Revolut card/account for your Euro bills rather than an actual bank account?

 

[sueandjohn]

Would you be better off using a Revolut card/account for your Euro bills rather than an actual bank account?

Sadly no as we have direct debits etc. It's almost impossible to manage without a bank account but thanks for the input

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[Minxy]

Sadly no as we have direct debits etc. It's almost impossible to manage without a bank account but thanks for the input

Might be worth keeping an eye on the Revolut current account as DDs could be part of it in the future:

Once funded, the Revolut account is like having a local bank account wherever you are. You can spend or transfer money around the globe fee-free with the real exchange rate and take advantage of other features like blocking your card temporarily, splitting bills instantly with your phone contacts and real-time payment notifications.

Coming soon to Revolut current accounts…

• Direct debits
• Savings
• Credit
  
• Personal IBANs for EUR and USD

 

[Just smiffy]

I’ve got a Santander account ..... does that count.....

 

[gus-lopez]

Sadly no as we have direct debits etc. It's almost impossible to manage without a bank account but thanks for the input

Theoretically & legally under the Single European Payment Area scheme you shoud be able to pay them all using a bank account in any country. Unfortunately most spanish entities , regardless of who they are , have payment details that still don't comply with the SEPA directive.
When I click on any dd paid from my spanish accounts & it comes up it will always have an addendum attached stating that it doesn't comply.
https://en.wikipedia.org/wiki/Single_Euro_Payments_Area

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[Badknee]

I’ve got a Santander account ..... does that count.....

No Smiffy as it's usually overdrawn.

 

[ymfb]

Unless you can open an a/c in Kazakhstan or somewhere really off shore the only only advantage would be convenience to avoid transaction costs. We have Euro and Dollar accounts at work, not sure high street banks offer them for individuals but if they do they won't be free.

 

[simsy56]

I've got one.

Craig

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[Minxy]

I've got one.

Craig

One of these?