banks banks banks
#1
BE Enthusiast
Thread Starter
Joined: Feb 2008
Posts: 703
banks banks banks
Hi all,
I have a UK bank account (actually, 2 current accounts) and have been banking in the UK for about 18 years. I also have a US checking account which I opened up recently. Ive been doing some reading up and understand it would make sense to open up an offshore account so that it is easier to transfer money from the UK to the US, avoiding hefty fx rates and transfer fees. For example, Lloyds bank do this one.
For those who have been in similar situations, what did you do? Although Ive been reading up, I am still quite confused as people have different opinions but havent gone through the experience.
Thanks
I have a UK bank account (actually, 2 current accounts) and have been banking in the UK for about 18 years. I also have a US checking account which I opened up recently. Ive been doing some reading up and understand it would make sense to open up an offshore account so that it is easier to transfer money from the UK to the US, avoiding hefty fx rates and transfer fees. For example, Lloyds bank do this one.
For those who have been in similar situations, what did you do? Although Ive been reading up, I am still quite confused as people have different opinions but havent gone through the experience.
Thanks
#2
Re: banks banks banks
A lot of people on here seem to use transferwise. You don't need an offshore account to be able to use it.
#3
BE Enthusiast
Thread Starter
Joined: Feb 2008
Posts: 703
Re: banks banks banks
graet thanks.
Seems transferwise, torfx, world first adn xe.com are the ultimate winners.
Seems transferwise, torfx, world first adn xe.com are the ultimate winners.
#4
Re: banks banks banks
There are VERY few good reasons for ANYONE to operate an "off-shore" bank account* unless they enjoy paying relatively large bank fees and/or think that bragging "I have an off-shore bank account" makes them sound important. Needless to say, off-shore banks are always advertising their services and the "advantages" of banking off-shore. IMO it's almost entirely BS.
BTW these days xe.çom seems to be the most expensive of the online FX broker-remitters.
* It makes sense for a few people who need a bank "in the UK" to bank in the IoM because they can open an account with a British "high street bank" when they would be unable to do so at a bank on the British mainland.
#5
Just Joined
Joined: Jun 2014
Posts: 14
Re: banks banks banks
USForex.com works pretty well though it does take up to a week to get the money from one account to the other. Used to use XE.com but they kept asking for the same information (money laundering I suppose) each time which became irritating.