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Old Aug 8th 2016, 9:11 pm
  #1  
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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
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Old Aug 8th 2016, 9:21 pm
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Default 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.
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Old Aug 8th 2016, 9:36 pm
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Default Re: banks banks banks

graet thanks.
Seems transferwise, torfx, world first adn xe.com are the ultimate winners.
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Old Aug 8th 2016, 10:20 pm
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Default Re: banks banks banks

Originally Posted by nudda View Post
.... 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. .....
I have no idea why you would think that, nor how anyone could get away with such an absurd argument.

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.
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Old Aug 9th 2016, 7:27 pm
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Default 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.
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