Sabi Star

In fact YOU may have to PAY the bank to have an account if it does not maintain a certain balance of I think it is GBP25,000 for Barclays IOM.

Meow

Then anyone would be mad to go to Barclays!

You can open a simple offshore account and pay no charges if you maintain a balance of GBP 4,000 or USD 6,000.

The OneEyedMan

You can get 1.75% to 2.5% or so in the UAE. Not great but a hell of lot better than the two thirds of bugger all that I get on my UK offshore account.

The OneEyedMan

The same is true for Barclays Channel Islands. It was a GBP20 monthly charge if the balance was below 25k. When I topped it up, they said you still have to pay until you've had 6 months at 25K

I closed the account of course. There was no attempt at all to keep a decades-long customer, which I thought odd, until I saw Sabi Star's post here that Barclays is closing down in Guernsey.

Millhouse

you'd rather keep it in the UAE?

if you are worried about FX losses with GBP, why not open a USD offshore account too?

I invest/save in a mixture of currencies.

Sabi Star

Barclays International in Guernsey closed in July 2016 - and seemed very disorganised!

Millhouse

wow. Well I have never received a fill of interest in the UAE.

You either have a very good current account, or are locking up the money for a period of time.

In any event, you are nuts. I guess you were not here in 2008 when they put in place silent capital controls - ATMs limited daily withdrawals, and it suddenly became harder (although not impossible) to transfer large sums from the bank. It wasn't crisis for sure, but it did feel that liquidity was a bit tight.

In fact, my bank just lent me 150k AED interest free over 9mths. I took that and moved it straight to an offshore account.

Meow

And be subject to Sharia law.

You really want the moon on a stick, don't you?

UKCityGent

Put the account in joint names and if you pop your clogs it will be difficult to freeze the accounts

Meow

Are you referring to UAE accounts? All accounts can be frozen on death; male female and joint. It happens fast too.

The OneEyedMan

What interest rate are you getting on the offshore account?

The OneEyedMan

No, it's a personal economic decision weighing up the pros and cons. For me, the offshore option is too expensive.

I'm quite willing to be enlightened by rational argument. Not getting that so far.

Meow

You have been told facts and apparently that's not good enough, even though the advice is free. Frankly keeping large sums in accounts here, knowing that all accounts are frozen in the event of death, (for a very long time with no guarantee as it how it is passed on unless you do a DIFC will) is plain daft.

It's not about arguments as it's no skin off our collective noses what you do, but many of us here are old hands and know what can happen.

Sabi Star

Another annoying thing about the offshore banks - which I really think are diminishing - is their free phone line does not work from here and also if they send you tax forms to ''email us'' that does not work either.

The OneEyedMan

Do you and your colleagues still recommend UAE National Bonds?