Offshore Bank Account
#31
Re: Offshore Bank Account
My colleagues? How would I know?
I don't make recommendations without knowing specific circumstances. Besides you don't seem to want to listen to sensible advice so I'm disinclined to be of further help.
I don't make recommendations without knowing specific circumstances. Besides you don't seem to want to listen to sensible advice so I'm disinclined to be of further help.
#32
Re: Offshore Bank Account
As the forum's best poster (IMHO) will no longer comment, it's time to summarise this discussion.
Let's say you have a million dirhams in cash, a 5-year period and a 2% interest differential. If you put it offshore, you will lose dh104k in interest. If you opt to trouser the 104K and you die without a DIFC will, your beneficiaries may have to wait years to get the principal, or it might even go to some obnoxious male relative.
Let's say you have a million dirhams in cash, a 5-year period and a 2% interest differential. If you put it offshore, you will lose dh104k in interest. If you opt to trouser the 104K and you die without a DIFC will, your beneficiaries may have to wait years to get the principal, or it might even go to some obnoxious male relative.
#33
Re: Offshore Bank Account
As the forum's best poster (IMHO) will no longer comment, it's time to summarise this discussion.
Let's say you have a million dirhams in cash, a 5-year period and a 2% interest differential. If you put it offshore, you will lose dh104k in interest. If you opt to trouser the 104K and you die without a DIFC will, your beneficiaries may have to wait years to get the principal, or it might even go to some obnoxious male relative.
Let's say you have a million dirhams in cash, a 5-year period and a 2% interest differential. If you put it offshore, you will lose dh104k in interest. If you opt to trouser the 104K and you die without a DIFC will, your beneficiaries may have to wait years to get the principal, or it might even go to some obnoxious male relative.
I get 0.75pct on UK offshore sterling. I get nothing on dirhams here. Even if I got something on dirhams 2pct is not enough of a differential for me as I view the risk higher than a 2pct spread.
I've seen it in become increasingly harder to repatriate money. There is talk of remittance taxes (6pct in Kuwait and ksa) and as dollars are overvalued right now it's not worth holding them. It's quite possible that your interest rate gains are easily lost in FX movements. Nothing wrong with holding dollars - in fact my pension is 100pct dollar based - just do it offshore.
#34
Re: Offshore Bank Account
As the forum's best poster (IMHO) will no longer comment, it's time to summarise this discussion.
Let's say you have a million dirhams in cash, a 5-year period and a 2% interest differential. If you put it offshore, you will lose dh104k in interest. If you opt to trouser the 104K and you die without a DIFC will, your beneficiaries may have to wait years to get the principal, or it might even go to some obnoxious male relative.
Let's say you have a million dirhams in cash, a 5-year period and a 2% interest differential. If you put it offshore, you will lose dh104k in interest. If you opt to trouser the 104K and you die without a DIFC will, your beneficiaries may have to wait years to get the principal, or it might even go to some obnoxious male relative.
#35
BE Enthusiast
Joined: Mar 2016
Posts: 315
Re: Offshore Bank Account
Seems nobody is happy with their bank. But everyone here transfers money so it can't be all bad.
I will be arriving soon and want to transfer any savings out of the country (I don't want the risk of keeping savings in UAE). I would rather transfer it back to the UK. Can anyone recommend a decent money transfer service that they use? Or alternatively an offshore bank account that can be transferred to from UAE without high costs?
I will be arriving soon and want to transfer any savings out of the country (I don't want the risk of keeping savings in UAE). I would rather transfer it back to the UK. Can anyone recommend a decent money transfer service that they use? Or alternatively an offshore bank account that can be transferred to from UAE without high costs?
#36
BE Enthusiast
Joined: Mar 2016
Posts: 315
Re: Offshore Bank Account
This article reccomends Barclays. Anyone use them? Five of the best offshore current accounts | This is Money
#37
BE Forum Addict
Joined: Sep 2009
Location: Abu Dhabi
Posts: 1,805
Re: Offshore Bank Account
Seems nobody is happy with their bank. But everyone here transfers money so it can't be all bad.
I will be arriving soon and want to transfer any savings out of the country (I don't want the risk of keeping savings in UAE). I would rather transfer it back to the UK. Can anyone recommend a decent money transfer service that they use? Or alternatively an offshore bank account that can be transferred to from UAE without high costs?
I will be arriving soon and want to transfer any savings out of the country (I don't want the risk of keeping savings in UAE). I would rather transfer it back to the UK. Can anyone recommend a decent money transfer service that they use? Or alternatively an offshore bank account that can be transferred to from UAE without high costs?
HSBC should let you open a AED account here and also a GBP/USD one in the UK (although I would suggest getting the UK ones sorted whilst still in the UK). You should be able to transfer between them without paying any fees, however use someone like GCEN for the actual exchange - the banks commercial rates tend to be pish.
Is there any huge need for you to be banking offshore?
#38
Re: Offshore Bank Account
Seems nobody is happy with their bank. But everyone here transfers money so it can't be all bad.
I will be arriving soon and want to transfer any savings out of the country (I don't want the risk of keeping savings in UAE). I would rather transfer it back to the UK. Can anyone recommend a decent money transfer service that they use? Or alternatively an offshore bank account that can be transferred to from UAE without high costs?
I will be arriving soon and want to transfer any savings out of the country (I don't want the risk of keeping savings in UAE). I would rather transfer it back to the UK. Can anyone recommend a decent money transfer service that they use? Or alternatively an offshore bank account that can be transferred to from UAE without high costs?
I use UAE Exchange for the money transfers. - tight spreads and low fees
#40
Re: Offshore Bank Account
As the forum's best poster (IMHO) will no longer comment, it's time to summarise this discussion.
Let's say you have a million dirhams in cash, a 5-year period and a 2% interest differential. If you put it offshore, you will lose dh104k in interest. If you opt to trouser the 104K and you die without a DIFC will, your beneficiaries may have to wait years to get the principal, or it might even go to some obnoxious male relative.
Let's say you have a million dirhams in cash, a 5-year period and a 2% interest differential. If you put it offshore, you will lose dh104k in interest. If you opt to trouser the 104K and you die without a DIFC will, your beneficiaries may have to wait years to get the principal, or it might even go to some obnoxious male relative.
#41
Re: Offshore Bank Account
Seems nobody is happy with their bank. But everyone here transfers money so it can't be all bad.
I will be arriving soon and want to transfer any savings out of the country (I don't want the risk of keeping savings in UAE). I would rather transfer it back to the UK. Can anyone recommend a decent money transfer service that they use? Or alternatively an offshore bank account that can be transferred to from UAE without high costs?
I will be arriving soon and want to transfer any savings out of the country (I don't want the risk of keeping savings in UAE). I would rather transfer it back to the UK. Can anyone recommend a decent money transfer service that they use? Or alternatively an offshore bank account that can be transferred to from UAE without high costs?
#42
Just Joined
Joined: Jan 2017
Posts: 8
Re: Offshore Bank Account
Please excuse my ignorance, do you not have to pay tax in the UK if you are sending money back to a UK bank even if you are resident in the Middle East. Or have I got it all wrong??
#43
Forum Regular
Joined: Dec 2016
Location: SYD again, formerly PRG, LON, HKG, SIN, SYD & DOH
Posts: 145
Re: Offshore Bank Account
I would give Gibraltar a wide berth. The apes are at the top of the rock, the monkeys are below. It's a tiny place, without much talent outside the gambling industry. A main local law firm there had a massive fraud case a few years back and the regulator is a paper tiger which offers minimal protection to consumers.
if you are unsure about your next destination, want decent service and have a decent amount to handle, look at Singapore.
if you are unsure about your next destination, want decent service and have a decent amount to handle, look at Singapore.
#44
Re: Offshore Bank Account
I have a bank account in Lux and I got a letter that they will start reporting to HMRC account balances and other information under CSR rules - does this mean I have to declare my interest as a self assessment ?
#45
Forum Regular
Joined: Dec 2016
Location: SYD again, formerly PRG, LON, HKG, SIN, SYD & DOH
Posts: 145
Re: Offshore Bank Account
If you are non resident and only paying taxes on local income (eg a property being rented out) you only pay tax on what you earn in the UK.