Offshore bank accounts - how do we go about this?
May 24th 2003, 1:22 pm
#1
Be true to your skew
Thread Starter
Joined: Apr 2003
Location: Wanneroo, WA
Posts: 373
Offshore bank accounts - how do we go about this?
Guys
Looking into opening an off-shore bank account, believe that we'll have to do this before we leave ole blighty.
Any good ideas/banks/is it worth it/timelines/costs/what are the benefits?
Should be in Perth mid-august.
Cheers
Pookin
Looking into opening an off-shore bank account, believe that we'll have to do this before we leave ole blighty.
Any good ideas/banks/is it worth it/timelines/costs/what are the benefits?
Should be in Perth mid-august.
Cheers
Pookin
May 24th 2003, 2:01 pm
#2
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: Offshore bank accounts - how do we go about this?
There's not a lot of point in my view, unless you want to be evading taxes in Australia illegally ... once you are tax resident in Australia your worldwide income is assessable there, even if you retain the income outside Oz.
Best regards.
Best regards.
Originally posted by Pookin
Guys
Looking into opening an off-shore bank account, believe that we'll have to do this before we leave ole blighty.
Any good ideas/banks/is it worth it/timelines/costs/what are the benefits?
Should be in Perth mid-august.
Cheers
Pookin
Guys
Looking into opening an off-shore bank account, believe that we'll have to do this before we leave ole blighty.
Any good ideas/banks/is it worth it/timelines/costs/what are the benefits?
Should be in Perth mid-august.
Cheers
Pookin
May 24th 2003, 2:15 pm
#3
Just Joined
Joined: May 2003
Location: Hampshire, UK
Posts: 12
I still think the offshor account is worthwhile. It is a very easy way to pay bills that you wish to continue paying in the uk and transferring money to and fro.
We are going to Ireland for 6 months before heading off to Australia so it is very useful for us.
I am going with HSBC as they product looks so easy (it may not be the best interest rate available but the flexibility looks good).
Another advantage is to keep your money in sterling until exchange rates are favourable and then transfer it all into Aussie dollars into a HSBC savings account.
Ultimately when in OZ I will probably have a local bank but keep the offshore account for uk bill payments and any transfers.
We are going to Ireland for 6 months before heading off to Australia so it is very useful for us.
I am going with HSBC as they product looks so easy (it may not be the best interest rate available but the flexibility looks good).
Another advantage is to keep your money in sterling until exchange rates are favourable and then transfer it all into Aussie dollars into a HSBC savings account.
Ultimately when in OZ I will probably have a local bank but keep the offshore account for uk bill payments and any transfers.
May 24th 2003, 2:25 pm
#4
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
I'm not sure what you achieve by going down this route that can't be achieved by retaining an onshore bank account.
Indeed, some of the UK banks and building societies will allow interest to be paid gross once you have lodged a form R105:
http://www.inlandrevenue.gov.uk/pdfs/r105.pdf
Best regards.
Indeed, some of the UK banks and building societies will allow interest to be paid gross once you have lodged a form R105:
http://www.inlandrevenue.gov.uk/pdfs/r105.pdf
Best regards.
Originally posted by sgtPommie
I still think the offshor account is worthwhile. It is a very easy way to pay bills that you wish to continue paying in the uk and transferring money to and fro.
We are going to Ireland for 6 months before heading off to Australia so it is very useful for us.
I am going with HSBC as they product looks so easy (it may not be the best interest rate available but the flexibility looks good).
Another advantage is to keep your money in sterling until exchange rates are favourable and then transfer it all into Aussie dollars into a HSBC savings account.
Ultimately when in OZ I will probably have a local bank but keep the offshore account for uk bill payments and any transfers.
I still think the offshor account is worthwhile. It is a very easy way to pay bills that you wish to continue paying in the uk and transferring money to and fro.
We are going to Ireland for 6 months before heading off to Australia so it is very useful for us.
I am going with HSBC as they product looks so easy (it may not be the best interest rate available but the flexibility looks good).
Another advantage is to keep your money in sterling until exchange rates are favourable and then transfer it all into Aussie dollars into a HSBC savings account.
Ultimately when in OZ I will probably have a local bank but keep the offshore account for uk bill payments and any transfers.
May 24th 2003, 2:29 pm
#5
Just Joined
Joined: May 2003
Location: Hampshire, UK
Posts: 12
Originally posted by Alan Collett
I'm not sure what you achieve by going down this route that can't be achieved by retaining an onshore bank account.
Indeed, some of the UK banks and building societies will allow interest to be paid gross once you have lodged a form R105:
http://www.inlandrevenue.gov.uk/pdfs/r105.pdf
Best regards.
I'm not sure what you achieve by going down this route that can't be achieved by retaining an onshore bank account.
Indeed, some of the UK banks and building societies will allow interest to be paid gross once you have lodged a form R105:
http://www.inlandrevenue.gov.uk/pdfs/r105.pdf
Best regards.
May 24th 2003, 2:40 pm
#6
Guest
Posts: n/a
Re: Offshore bank accounts - how do we go about this?
This is a relatively simple procedure. Go to your bank manager, tell him that you want to transfer funds off-shore, and ask for a letter of reference.
Your manager should confirm that he knows you personally and will vouch for your good character. The manager in your off-shore bank will probably want to interview you personally....but maybe not..if your home bank manager gives you a good rating. However, it's always a good idea to go out and personally see where your money is going. and whether you have confidence in that particular 'Tax Haven'
Putting money off-shore is not illegal, and can be an excellent means of protecting
hard-earned savings. You will still have to pay world-wide taxes once you become an Aussie citizen, but off-shore accounts can be very convenient when one is 'between countries'.
Your manager should confirm that he knows you personally and will vouch for your good character. The manager in your off-shore bank will probably want to interview you personally....but maybe not..if your home bank manager gives you a good rating. However, it's always a good idea to go out and personally see where your money is going. and whether you have confidence in that particular 'Tax Haven'
Putting money off-shore is not illegal, and can be an excellent means of protecting
hard-earned savings. You will still have to pay world-wide taxes once you become an Aussie citizen, but off-shore accounts can be very convenient when one is 'between countries'.
Originally posted by Pookin
Guys
Looking into opening an off-shore bank account, believe that we'll have to do this before we leave ole blighty.
Any good ideas/banks/is it worth it/timelines/costs/what are the benefits?
Should be in Perth mid-august.
Cheers
Pookin
Guys
Looking into opening an off-shore bank account, believe that we'll have to do this before we leave ole blighty.
Any good ideas/banks/is it worth it/timelines/costs/what are the benefits?
Should be in Perth mid-august.
Cheers
Pookin
May 24th 2003, 3:26 pm
#7
Just Joined
Joined: May 2003
Location: Hampshire, UK
Posts: 12
Re: Offshore bank accounts - how do we go about this?
Originally posted by Keelie
This is a relatively simple procedure. Go to your bank manager, tell him that you want to transfer funds off-shore, and ask for a letter of reference.
Your manager should confirm that he knows you personally and will vouch for your good character. The manager in your off-shore bank will probably want to interview you personally....but maybe not..if your home bank manager gives you a good rating. However, it's always a good idea to go out and personally see where your money is going. and whether you have confidence in that particular 'Tax Haven'
Putting money off-shore is not illegal, and can be an excellent means of protecting
hard-earned savings. You will still have to pay world-wide taxes once you become an Aussie citizen, but off-shore accounts can be very convenient when one is 'between countries'.
This is a relatively simple procedure. Go to your bank manager, tell him that you want to transfer funds off-shore, and ask for a letter of reference.
Your manager should confirm that he knows you personally and will vouch for your good character. The manager in your off-shore bank will probably want to interview you personally....but maybe not..if your home bank manager gives you a good rating. However, it's always a good idea to go out and personally see where your money is going. and whether you have confidence in that particular 'Tax Haven'
Putting money off-shore is not illegal, and can be an excellent means of protecting
hard-earned savings. You will still have to pay world-wide taxes once you become an Aussie citizen, but off-shore accounts can be very convenient when one is 'between countries'.
They wanted copies of last 3 months banking statements and certified copies of my passport.
Steve
May 24th 2003, 4:00 pm
#8
too busy to work members
Joined: Jan 2003
Location: Tahmoor NSW - Southern Highlands
Posts: 1,385
For those who want the BEST or better rate of interest I was advised that Isle of Man Co-op was good
May 24th 2003, 4:04 pm
#9
Guest
Posts: n/a
Originally posted by yafm
For those who want the BEST or better rate of interest I was advised that Isle of Man Co-op was good
For those who want the BEST or better rate of interest I was advised that Isle of Man Co-op was good
i stuck aussie dollars in an offshore account in 2001...to buy dollars at the then good rate...(at the time) for use later on
just a form fill...(TSB) but I am TSB customer...
steve
May 24th 2003, 9:54 pm
#10
Guest
Posts: n/a
Re: Offshore bank accounts - how do we go about this?
The ease with which you were able to make your transaction does make my experience sound 'archaic'.
It would seem that some 'Havens" have more stringent requirements than others.
Although if you are willing to simply transfer funds from your home bank to a branch in a haven, it will be a straight transaction...no fuss no muss.
However, if privacy is important to you, and you don't wish to involve your home bank you'll have to satisfy the haven manager that your funds are not ill-gotten, and above-board. This has been my experience anyway.
From: Always willing to learn...Archaic Keelie.
It would seem that some 'Havens" have more stringent requirements than others.
Although if you are willing to simply transfer funds from your home bank to a branch in a haven, it will be a straight transaction...no fuss no muss.
However, if privacy is important to you, and you don't wish to involve your home bank you'll have to satisfy the haven manager that your funds are not ill-gotten, and above-board. This has been my experience anyway.
From: Always willing to learn...Archaic Keelie.
Originally posted by sgtPommie
This all sounds a liitle bit archaic... With HSBC I just downloaded a PDF application form... filled it in... and sent it off...
They wanted copies of last 3 months banking statements and certified copies of my passport.
Steve
This all sounds a liitle bit archaic... With HSBC I just downloaded a PDF application form... filled it in... and sent it off...
They wanted copies of last 3 months banking statements and certified copies of my passport.
Steve
May 25th 2003, 7:38 am
#11
Just Joined
Joined: May 2003
Location: Hampshire, UK
Posts: 12
Re: Offshore bank accounts - how do we go about this?
Originally posted by Keelie
The ease with which you were able to make your transaction does make my experience sound 'archaic'.
It would seem that some 'Havens" have more stringent requirements than others.
Although if you are willing to simply transfer funds from your home bank to a branch in a haven, it will be a straight transaction...no fuss no muss.
However, if privacy is important to you, and you don't wish to involve your home bank you'll have to satisfy the haven manager that your funds are not ill-gotten, and above-board. This has been my experience anyway.
From: Always willing to learn...Archaic Keelie.
The ease with which you were able to make your transaction does make my experience sound 'archaic'.
It would seem that some 'Havens" have more stringent requirements than others.
Although if you are willing to simply transfer funds from your home bank to a branch in a haven, it will be a straight transaction...no fuss no muss.
However, if privacy is important to you, and you don't wish to involve your home bank you'll have to satisfy the haven manager that your funds are not ill-gotten, and above-board. This has been my experience anyway.
From: Always willing to learn...Archaic Keelie.
May 25th 2003, 7:40 am
#12
Just Joined
Joined: May 2003
Location: Hampshire, UK
Posts: 12
Re: Offshore bank accounts - how do we go about this?
Originally posted by Keelie
The ease with which you were able to make your transaction does make my experience sound 'archaic'.
It would seem that some 'Havens" have more stringent requirements than others.
Although if you are willing to simply transfer funds from your home bank to a branch in a haven, it will be a straight transaction...no fuss no muss.
However, if privacy is important to you, and you don't wish to involve your home bank you'll have to satisfy the haven manager that your funds are not ill-gotten, and above-board. This has been my experience anyway.
From: Always willing to learn...Archaic Keelie.
The ease with which you were able to make your transaction does make my experience sound 'archaic'.
It would seem that some 'Havens" have more stringent requirements than others.
Although if you are willing to simply transfer funds from your home bank to a branch in a haven, it will be a straight transaction...no fuss no muss.
However, if privacy is important to you, and you don't wish to involve your home bank you'll have to satisfy the haven manager that your funds are not ill-gotten, and above-board. This has been my experience anyway.
From: Always willing to learn...Archaic Keelie.
