Offshore Cash Money

Old Mar 30th 2011, 9:39 am
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Default Offshore Cash Money

I understand the different laws can mean your accounts get frozen and similarly it might not be too wise to pump a load of cash back to the UK.

Is it worth getting an offshore current account that you can put money into to use between UK / UAE / wherever you go so you'll always have access?

Am I being naive in only just considering this? Can I set one up when I'm in Dubai (I assume so?)

Thanks in advance.
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Old Mar 30th 2011, 9:42 am
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Default Re: Offshore Cash Money

Originally Posted by Scamp View Post
I understand the different laws can mean your accounts get frozen and similarly it might not be too wise to pump a load of cash back to the UK.

Is it worth getting an offshore current account that you can put money into to use between UK / UAE / wherever you go so you'll always have access?

Am I being naive in only just considering this? Can I set one up when I'm in Dubai (I assume so?)

Thanks in advance.
Yes. Personally, I would do it before you come - It was a real pain in the ass trying to prove where I lived once I got here.
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Old Mar 30th 2011, 9:43 am
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Default Re: Offshore Cash Money

Originally Posted by EmiratesMillhouse View Post
Yes. Personally, I would do it before you come - It was a real pain in the ass trying to prove where I lived once I got here.
Bugger. Running out of time on that front. Will work on this immediately then. Thanks.

Anyone got experience with HSBC offshore?
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Old Mar 30th 2011, 9:44 am
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Default Re: Offshore Cash Money

Originally Posted by Scamp View Post
Bugger. Running out of time on that front. Will work on this immediately then. Thanks.

Anyone got experience with HSBC offshore?
don't sweat it - you can do it here, it was just a pain for me...
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Old Mar 30th 2011, 9:48 am
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Default Re: Offshore Cash Money

HSBC offshore are pretty good but they will only love you (& offer a decent service without lots of fees) if you deposit a fair chunk with them.

Once you have residency it is pretty simple to sort out an offshore account for smallish starting sums (from £3k, $5k) if you know the right people.
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Old Mar 30th 2011, 9:48 am
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Default Re: Offshore Cash Money

Originally Posted by EmiratesMillhouse View Post
don't sweat it - you can do it here, it was just a pain for me...
OK That's cool, I've got the form for HSBC and will have a look at it later. If it's a righteous pain and I won't get the card etc until I've gone, I'll just do it in Dubai.

Thanks for the help.
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Old Mar 30th 2011, 9:49 am
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Default Re: Offshore Cash Money

Originally Posted by Meow View Post
HSBC offshore are pretty good but they will only love you (& offer a decent service without lots of fees) if you deposit a fair chunk with them.

Once you have residency it is pretty simple to sort out an offshore account for smallish starting sums (from £3k, $5k) if you know the right people.
Yup, HSBC charge £15 a month to use the account and unless you deposit £25k they charge you another £10 a month.

I don't have 25k, so would just take the fee on the chin
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Old Mar 30th 2011, 9:51 am
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Default Re: Offshore Cash Money

It was really quite easy to open offshore USD and GBP current accounts with Lloyds, when I did it.

Be aware that offshore accounts don't have the same protection as onshore ones with UK banks.

Time for me to find a decent offshore savings account though - think I have enough in liquid assets now.
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Old Mar 30th 2011, 9:51 am
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Default Re: Offshore Cash Money

Originally Posted by Scamp View Post
Yup, HSBC charge £15 a month to use the account and unless you deposit £25k they charge you another £10 a month.

I don't have 25k, so would just take the fee on the chin

Why? That's just throwing money away. As I said you can open account wth smaller sums and lower charges if you deal with someone who has an agency for banks that offer offshore accounts. It really isn't that hard or complicated.
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Old Mar 30th 2011, 9:52 am
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Default Re: Offshore Cash Money

Originally Posted by typical View Post
It was really quite easy to open offshore USD and GBP current accounts with Lloyds, when I did it.

Be aware that offshore accounts don't have the same protection as onshore ones with UK banks.

Time for me to find a decent offshore savings account though - think I have enough in liquid assets now.
There are reasonable depositor protection schemes in the Isle of Man and Channel islands.
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Old Mar 30th 2011, 9:53 am
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Default Re: Offshore Cash Money

Originally Posted by Meow View Post
Why? That's just throwing money away. As I said you can open account wth smaller sums and lower charges if you deal with someone who has an agency for banks that offer offshore accounts. It really isn't that hard or complicated.
OK, but surely someone who acts as that intermediary will want to charge me?

I'm interested in the types of accounts you've mentioned, just a case of finding them when I'm on the ground out there next week?
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Old Mar 30th 2011, 9:56 am
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Default Re: Offshore Cash Money

Originally Posted by Scamp View Post
OK, but surely someone who acts as that intermediary will want to charge me?

I'm interested in the types of accounts you've mentioned, just a case of finding them when I'm on the ground out there next week?
No, I won't.

Do I have to spell it out for you? I have agencies with such banks, as well as being able to give you any other financial advice you'll need.

I do rather more in life than arguing about carbohydrates.
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Old Mar 30th 2011, 9:56 am
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Default Re: Offshore Cash Money

Originally Posted by Meow View Post
There are reasonable depositor protection schemes in the Isle of Man and Channel islands.
don't get me started on that one...!

There is no way that the Isle of Man could honor those schemes if there was a major insolvency there - the scheme is unfunded and if you read the small print it is very loosely worded. But, it's the best out there and where I stick my money.

For what it's worth, I don't pay any fees and the interest rates are reasonable.
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Old Mar 30th 2011, 9:57 am
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Default Re: Offshore Cash Money

Originally Posted by Meow View Post
No, I won't.

Do I have to spell it out for you? I have agencies with such banks, as well as being able to give you any other financial advice you'll need.

I do rather more in life than arguing about carbohydrates.
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Old Mar 30th 2011, 9:57 am
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Default Re: Offshore Cash Money

Originally Posted by Meow View Post
There are reasonable depositor protection schemes in the Isle of Man and Channel islands.
My father banks with Lloyds offshore and they've shifted from managing through Jersey to IOM.
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