Job Discussion Forums

bc2rlh · Joined: 22 Nov 2004 Posts: 17 Location: UK

Good Day,

I am in the process of moving between countries (UK - France) and will be looking into teaching in the future so am just using France as a base until I find a teaching job elsewhere.

I'm trying to figure out what would be the best plan for my money as it's currently in UK ISA's, Savings etc. I tried looking into online banks such as Egg and Smile but both have said I need to be a UK resident. I can't get a French Bank Account without a permanent address - which I won't have until next March.

I think I might of read somewhere in these forums about people using Offshore Bank Accounts. Does anyone have more information on this and if they think it's a good and safe idea? Well, it's got to be safer than lugging about money with me everywhere.

Any info would be great.

Thanks.

dmb · Joined: 12 Feb 2003 Posts: 8397

google 'offshore banking' you'll get loads of info.

monty97 · Joined: 12 May 2003 Posts: 24 Location: Hong Kong

Nationwide, Alliance & Leicester and Northern Rock all have offshore operations based in the Isle of Man and Jersey. No need to be a UK resident and they pay tax-free interest.

Check out the latest savings rates on:

www.thisismoney.co.uk
www.moneyfacts.co.uk

lozwich · Joined: 25 May 2003 Posts: 1536

Every offshore bank account I've looked at (read: Barclays and HSBC) insist on a minimum balance that is way more than I've ever known any EFL teacher to have! I think HSBC wanted 10,000 pounds! Shocked

Guy Courchesne · Joined: 10 Mar 2003 Posts: 9650 Location: Mexico City

Lloyd's (in Mexico) has some very flexible plans, starting with 1000 peso deposits (100 usd). They also have mutual funds starting at 5000 dollar entrance rates.

tedkarma · Posted: Sat Sep 03, 2005 12:29 am Post subject:

In these "modern times" - I'm not sure anyone really needs an "offshore" account anymore. I found that the credit union I have belonged to back home for 25 years - does everything just fine for me. Everything online, paperless statements, online billpay, international ATM, MasterCard and Visa, easy to wire funds to . . . what more can I ask?

The few times I did look into offshore accounts their fees - rates - minimums - all seemed a bit excessive when compared to what my local bank/credit union does. And their financial products were not really any more sophisticated than my credit union! (I think they are looking for the US$100,000+++ per year international expats)

All that said - I also have a bank account at the "First Internet Bank" (www.firstib.com) - who also does almost everything for free. It's an Indianna based bank in the US.

Check in your own home town. Sometimes you can get set up just by using your parent's or a relative's address - set all the paper work to online statements (paperless) and you're all set. My experience has been that these places are much more service oriented towards us little guys.

I've also found it is easier for my local real estate investments to connect directly with my local bank - than if I was using an "offshore."

Volodiya · Posted: Sun Sep 04, 2005 4:13 am Post subject:

I feel like I could "go to the bank" on Tedkarma's advice and experience in financial matters, whenever he shares them on these forums.

For middle income Americans, at least, the benefits of offshore accounts aren't worth the trouble, in my opinion. The current U.S. tax laws very much favor those whose main source of income is "foreign earned", and the offshore banks offer nothing extra in terms of convenience and do, indeed, charge rather high fees for almost any transaction you want to mention.