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International Joint Account and Savings

International Joint Account and Savings

Old May 5th 2019, 10:29 am
  #1  
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My boyfriend lives permanently in Kigali, Rwanda and I live in London. He is originally from the UK too. We potentially want to open a joint savings account and possibly a joint account. Does anyone have experience of this and would recommend or not? We're likely to live apart for at least another year.

Thanks!

Fern
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Old May 5th 2019, 11:23 am
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Default Re: International Joint Account and Savings

Theres something wrong with the concept ‘international account’ - a bank or savings account has to exist somewhere, in a currency, and is subject to the laws / banks rules governing that somewhere. How well you can access it then depends on what cards or facilities that work globally come with it. True you can play ‘us dollar account residing in the uk’ or ‘swiss franc account residing offshore in big bank managed from jersey or cayman’

personally i have normal uk accounts that allow management from anywhere, and locally i pay or withdraw cash by highly efficient uk credit card which is paid off from the uk accounts. The uk accounts have linked savings accounts. Of course to have a normal uk account you have normally to have a uk address and whether your SO other is local or not - they probably dont know...

some bnks are more accomodating about being abroad than others. HSBC / first direct seem good. The new crop of internet banks might also be good, but i havent looked at them personally, monzo?

I think its about choosing your jurisdiction and then making sure you can access it from wherever using the facilities ‘there.’
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Old May 5th 2019, 11:35 am
  #3  
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Default Re: International Joint Account and Savings

Originally Posted by fernadams View Post
My boyfriend lives permanently in Kigali, Rwanda and I live in London. He is originally from the UK too. We potentially want to open a joint savings account and possibly a joint account. Does anyone have experience of this and would recommend or not? We're likely to live apart for at least another year.

Thanks!

Fern
Hi Fern and welcome to BE. You don't say which country you want to open the account in. If it's the UK, then from my experience it will be impossible for you to add someone residing overseas as a joint account holder. I don't know anything about banking in Rwanda, but would just add the usual cautions about being very careful before sending money overseas - where you're sending it to, who you're sending it to etc.
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Old May 5th 2019, 12:07 pm
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Default Re: International Joint Account and Savings

Originally Posted by fernadams View Post
My boyfriend lives permanently in Kigali, Rwanda and I live in London. He is originally from the UK too. We potentially want to open a joint savings account and possibly a joint account. Does anyone have experience of this and would recommend or not? ....
Are you talking about an off-shore account in somewhere like the Channel Islands or Isle of Man? I think you might find such an account to be suitable, but you may have more problems than your boyfriend as there have been issues with UK residents using accounts in those locations for tax evasion. Also there will be more fees than you're used to banking in the UK - for example I think Lloyds Bank International in the Isle of Man charges £7/mth for a current account, and I assume there will be other fees on top. There may also be a fairly high minimum balance requirement.
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Old May 5th 2019, 6:33 pm
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Default Re: International Joint Account and Savings

Why not start the joint account thing only once you're living together in the same place? All sorts of things can go wrong in the interim... not to be negative, but voice of caution and all that. There's also the idea of not having all your eggs in one basket, especially since a downturn is supposedly coming.
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