Offshore bank account for Cheap Charlie

[monte01]

Does anyone know of an offshore bank account that is not a 'wealth' account, ie one that does not insist that you have a continual balance of a zillion dollars, or charge an arm and two legs each month just for having an account?  An offshore bank account is extremely useful for us expats, but I cannot afford to have my life savings sitting around in a bank account just to achieve some minimum balance rule.  I have been using Barclays but they are increasing their charges dramatically next month, (it will be 40 gbp per month) so I am looking to change.

 

Thanks

 

David

[Upnotover]

I earlier had a Lloyds International account which worked fine for me.  Currently looks like they have a monthly fee of £7.50 and need either a deposit of GBP25K or annual income over GBP50K.  Of course that's not to say they won't increase their fees the moment you open an account.

[monte01]

Thanks Up.  The trouble is I don't want to keep 25k in the account.  The banks are going to get there cut one way or another, either by charging or keeping hold of a large chunk of your money!  Can't blame them too much .... oh maybe I can!

[Stocky]

17 hours ago, monte01 said:

does not insist that you have a continual balance of a zillion dollars

HSBC Singapore Premier account is only SGD200,000 which doesn't need to be sitting in a deposit account attracting 0.1% interest, it can be invested in unit trusts and bonds returning significantly more. Provided the relationship balance remains above the minimum there are no charges on the account or fees on credit cards.

[Tuvoc]

Transferwise borderless account. If you open it whilst still UK resident, you can keep it when you relocate. (assuming you are from the UK). That is what they told me by email.

 

 

[natway09]

Knowing any offshore bank that I have used, (many over the years) cheaper to just keep in a Thai Bank Account which at least pays some interest (not much at present) but zero fees.

I found on many occassions that the fees deducted far exceeded the advantages & even in HK & Singapore they can be savage

[SS1]

2 hours ago, Tuvoc said:

Transferwise borderless account. If you open it whilst still UK resident, you can keep it when you relocate. (assuming you are from the UK). That is what they told me by email.

 

+1 for TransferWise Borderless. Perfect solution to OP's problem and actually a brilliant service. You can also get a debit card for it if you've got a residential address in one of the supported countries. You can hold multiple currencies and transfer funds to Thailand when needed at excellent rates. You can also transfer money easily from Thailand to your borderless account if needed, using the K-bank app. 

[fittobethaied]

Monte, why not put your money in a Bangkok Bank Foreign Currency Deposit Account? I have had one for three years and feel completely safe and happy with it. I can transfer my USD (or your currency) from the US Directly into the account by SWIFT, and the minimum/maximum charge is only 200-500 Baht at Bangkok Bank once it arrives. I have mine in a 12 month Fixed Deposit Savings Account that is recognized by Immigration when I go for my annual extension of stay, and I am drawing 6/10th of 1% interest. They withhold 15% of the interest to pay to the Thai Revenue Department, but each year I get a statement from the bank that I can take to the Revenue Department and get a full refund of the withholding on any gross interest amount paid for the year of under 20,000 Baht. You can do 3, 6, 9 or 12 months, but for less than 12 the interest is less. If you ever want to transfer it back out there is absolutely no problem so long as you keep your Credit Advice document that they issue you by email when your money comes into Thailand. I even have one set up for my Thai wife.  

[AlfHuy]

Bank of mom and dad.

[3STTW]

Singapore is the way to go, I had one in HKG a while back and the fees are horrendous. 
 

Singapore has a minimum deposit regulation of SGD200k as was stated earlier but this can be in any form - cash, gold, bonds, funds or any other investment instruments. Also the customer service is A++, one SMS and I can get my account manager to call back immediately.

.

Another upside is you get full access to all major investment markets outside the EU - including the US. 
 

As you are in Thailand, there are really two alternatives; HSBC or Citibank but I would forget the former on ethical grounds. I can send you relevant contact details if you wish.

 

If the 200k is a bit too much for a cheap Charlie, you can always buy or establish a Singapore company and nominate yourself as a director, this will then allow  you access to standard retail banking in the State. Last time I looked, this process cost <SGD4000. You will need a local co-director but these can be provided by the broker. You also get eligibility for PR status and this can be very handy under certain circumstances.

There are annual costs involved - mainly to comply with corporate performance regulations but the benefits, not to mention the possibilities, are well with it.

[PDPA2024]

On 1/29/2021 at 5:10 PM, monte01 said:

Does anyone know of an offshore bank account that is not a 'wealth' account, ie one that does not insist that you have a continual balance of a zillion dollars, or charge an arm and two legs each month just for having an account?  An offshore bank account is extremely useful for us expats, but I cannot afford to have my life savings sitting around in a bank account just to achieve some minimum balance rule.  I have been using Barclays but they are increasing their charges dramatically next month, (it will be 40 gbp per month) so I am looking to change.

 

Thanks

 

David

Hi David,

 

The cheap (but good) options that I know are Cambodia (ABA bank) and Rep. of Georgia (TBC and Bank of Georgia). Only passport and minimal deposit are required to apply.

 

Don't bother with Singapore and Hong Kong unless you're going to keep 10k USD (7.5k GBP) or more on the balance. It's not easy to open an account there anymore.

 

Also, I wouldn't touch anything with the word "offshore" and "international", but that's me. An offshore bank account is any normal bank account outside your country of residence.

 

There are many FinTech companies now as well, as mentioned above. They're fine for transactional purposes and probably for keeping some chump change as well. TransferWise is definitely easier to use than traditional Internet banking.

 

[sidjameson]

3 hours ago, SS1 said:

 

+1 for TransferWise Borderless. Perfect solution to OP's problem and actually a brilliant service. You can also get a debit card for it if you've got a residential address in one of the supported countries. You can hold multiple currencies and transfer funds to Thailand when needed at excellent rates. You can also transfer money easily from Thailand to your borderless account if needed, using the K-bank app. 

Is there anyway to avoid the Thai Bank extortionate ATM fee with this account?

[PDPA2024]

2 hours ago, sidjameson said:

Is there anyway to avoid the Thai Bank extortionate ATM fee with this account?

Yes, you can ask for cash advance in K-Bank and Bangkok Bank currency exchange kiosks. Last time I did it they didn't charge any fees.

I don't think I've tried this with TransferWise card, but my other foreign cards (including Payoneer) worked fine.

[maprao]

Standard,Bank Isle of Man 5K minimum requirement 

[GrandPapillon]

Thai bank accounts can open for you a USD virtual account or even GBP account, check with them

[LivinLOS]

I have a lot of dealings with offshore consultancy / accounting and banking due to my clients.. Over the last decade I have had to have dealings with 20 plus of these guys all around the globe. 

Theres plenty of options if you have decent assets to bank. If you havent they drop off fast and many normal banks (Barclays, lloyds, HSBC, Santander, Citi, etc etc) have so much additional compliance when dealing with expats / Thailand that its red flags put them off (again, they are all possible if you have a few 100k of a western currency to deposit). I have a personal dislike of HSBC who fleeced me of a few 1000 on a business account out of singapore a few years ago but they are all options based in IoM, Jersey, Sing, Gib, etc if you have money. 

If you do have the money, Barclays Jersey / IoM or Citi (Citigold / Premier, based out of canary warf london but banked technically in IoM) are top tier service and my best recommendations.. Relationship management, wealth advisors, trust administration, very luxury experiences, full red carpet treatment. 

If you only have basic banking needs, the new fintechs like revolut, transferwise, etc are great 'simple current account' options if you have an address in a country they support. I use many and am very happy with revolut and TW for 'current account' needs and Fx on a day to day and travelling basis (purchase cover, insurance, travel insurance, etc). 

Other options less people know about are DSBCF in Lithiuania (I think its about 20 eur a month for the personal accounts) which is a solid options for freelancers (will do payment processing, will open an account for a corporation with nominee shareholder and directors which is near impossible in europe now, etc etc). The big plus here is its an EU based account and IBAN and doesnt raise red flags with european accounting standards like a having an account on islands. Its getting so a western company is asking for an audit by paying someone with an obvious offshore account, so if used in any corporate way, 'island banking' is a big red flag. 

Another one with a small entry requirement is EuroPac bank based in Puerto Rico, I dont much care for the customer service but they are a last resort solution who seem to open accounts for near anyone. There is backing for this by euro pacific capital / Peter Schiff, who is a serious financial name, but I wouldnt like my life savings in there. 

I have nothing but good things to say about a Swiss outfit, CIM Banque. The fees are low, the due diligence on account opening serious enough to feel its not scammy, but not hard and all done online with video calls etc. Its online banking is acceptable and its my top pick for solo entrepreneurs who want a real bank in the first world but dont have min deposits of 50k to 200k for the top tier names. If you need a contact person I have a point within the onboarding team to reach out to. 

I could list a bunch of crappy places I have had poor experiences Andorra, Luxembourg, etc but why bother..

IF your struggling I have a list I will try to post here as a sheet... I have had dealings with many of these on behalf of others. 

Bank	Country	Online Banking	Debit Card	Personal Visit	Initial Deposit
OCBC Bank	Singapore	Yes	Yes	Singapore/ Overseas Branch	SGD 30,000
United Overseas Bank (UOB)	Singapore	Yes	Yes	Singapore Branch	USD/SGD 200,000
Standard Chartered	Malaysia	Yes	Yes	Malaysia Branch	USD 10,000
Pacific Private Bank	Vanuatu	Yes	Yes	No	EUR 1,500
DSBC Financial Europe UAB	Lithuania	Yes	Debit/ Prepaid Card	No	EUR 3,000
CIM Banque	Switzerland	Yes	Credit Card	No	USD/CHF 10,000
Belize Bank International	Belize	Yes	Yes	No	USD 1000
Caye International Bank	Belize	Yes	Yes	No	USD 1000
Euro Pacific Bank	Puerto Rico	Yes	SEPA Citizens	No	USD 500
Bank of Nevis International	Saint Kitts and Nevis	Yes	Yes	No	USD 10,000
Bank of Saint Lucia International	Saint Lucia	Yes	Yes	No	USD 5,000
Afrasia Bank	Mauritius	Yes	Yes	No	USD 10,000
MauBank	Mauritius	Yes	Yes	No	GBP/USD/EUR/CHF/AUD/ZAR 5,000
Bank One	Mauritius	Yes	Yes	No	USD 5,000

 

[ChakaKhan]

Im lucky I worked in LOS long ago and was able to open an account at bank of BKK

 

So when I come back to LOS I actually carried like 7000usd zipped into my shorts under my pants

 

And then dropped into in my almost empty Bank of Bkk account once i landed in in CM.....then have the debit card, so never any fees..

 

Exchange it in lumps at Super rich...one in basement of swampy and a few in CM.....keep a little usd for laos visa runs

 

Ive heard good things about charles schwab for a no fee debit card with FTF withdrawals..

[sas_cars]

16 hours ago, SS1 said:

 

+1 for TransferWise Borderless. Perfect solution to OP's problem and actually a brilliant service. You can also get a debit card for it if you've got a residential address in one of the supported countries. You can hold multiple currencies and transfer funds to Thailand when needed at excellent rates. You can also transfer money easily from Thailand to your borderless account if needed, using the K-bank app. 

How to transfer from K Bank app to Transferwise borderless account? I didn't see an option of adding THB directly.

[PDPA2024]

41 minutes ago, ChakaKhan said:

Im lucky I worked in LOS long ago and was able to open an account at bank of BKK

 

So when I come back to LOS I actually carried like 7000usd zipped into my shorts under my pants

Must've been different times back then. Bangkok Bank, Krungsri and UOB (except in Bangkok) open accounts for everyone, even if you only have 1 baht.

 

15 minutes ago, sas_cars said:

How to transfer from K Bank app to Transferwise borderless account? I didn't see an option of adding THB directly.

You can't due to Thai regulations. Only the other way around. To transfer out THB, try DeeMoney.

[jomtienisgood]

22 hours ago, Stocky said:

HSBC Singapore Premier account is only SGD200,000 which doesn't need to be sitting in a deposit account attracting 0.1% interest, it can be invested in unit trusts and bonds returning significantly more. Provided the relationship balance remains above the minimum there are no charges on the account or fees on credit cards.

Yes. But if I remember correctly you need a sponsor nowadays to open a HSBC account in Singapore?????

[ChakaKhan]

15 minutes ago, redpill17 said:

Must've been different times back then. Bangkok Bank, Krungsri and UOB (except in Bangkok) open accounts for everyone, even if you only have 1 baht.

 

You can't due to Thai regulations. Only the other way around. To transfer out THB, try DeeMoney.

Was over a decade ago...

[jomtienisgood]

1 hour ago, ChakaKhan said:

Was over a decade ago...

You can transfer money from your Th bank-account abroad, I've done it with Kasikorn,  you have to have money in your Bank account coming in from abroad and go to the local MAIN branch.....

[1FinickyOne]

14 hours ago, sidjameson said:

Is there anyway to avoid the Thai Bank extortionate ATM fee with this account?

I have had Thai bank accounts for 20 years - never had an ATM card or fee - - just decline the option to have the card... 

[Matreusse]

On 1/29/2021 at 5:42 PM, Upnotover said:

I earlier had a Lloyds International account which worked fine for me.  Currently looks like they have a monthly fee of £7.50 and need either a deposit of GBP25K or annual income over GBP50K.  Of course that's not to say they won't increase their fees the moment you open an account.

That's all academic as LBI will no longer open accounts for expats resident in Thailand.

[Matreusse]

17 hours ago, fittobethaied said:

Monte, why not put your money in a Bangkok Bank Foreign Currency Deposit Account? I have had one for three years and feel completely safe and happy with it.

He wants an offshore account.

[foreverlomsak]

On 1/29/2021 at 5:10 PM, monte01 said:

Does anyone know of an offshore bank account that is not a 'wealth' account, ie one that does not insist that you have a continual balance of a zillion dollars, or charge an arm and two legs each month just for having an account?  An offshore bank account is extremely useful for us expats, but I cannot afford to have my life savings sitting around in a bank account just to achieve some minimum balance rule.  I have been using Barclays but they are increasing their charges dramatically next month, (it will be 40 gbp per month) so I am looking to change.

 

Thanks

 

David

I currently have a Lloyds International account, they require me to retain a min of 2,500GBP in the account or pay a monthly fee of 20GBP. I also have free SWIFT transfers to Thailand, but the exchange rate used by the Thai Bank is not good and the Thai fees for the transfer are hidden. (I was once charged 750 Baht to transfer money from Bangkok Bank (Bangkok) to my local Bangkok Bank branch.

I am looking at a TransferWise Border Less account looks an excellent alternative, and no mention on min balance, but with only a Thai address, no debit card either.

[Thaifly88]

22 hours ago, Tuvoc said:

Transferwise borderless account. If you open it whilst still UK resident, you can keep it when you relocate. (assuming you are from the UK). That is what they told me by email.

 

 

Transferwise borderless account is the way to go. You can keep multiple currencies for any amount you want. Send your British Pounds or Euro’s to Transferwise and then do conversions within the app to the currencies you require. When you want to use the money you then need to transfer it to a bank in Thailand (or wherever). 
You can keep any amount of money in Transferwise, large or small. 

[SS1]

4 hours ago, sas_cars said:

How to transfer from K Bank app to Transferwise borderless account? I didn't see an option of adding THB directly.

 

Don't add THB - just take the bank details of e.g. your EUR, GBP or USD borderless account and transfer there with a normal international bank transfer using the K-bank app. Pretty cheap fee and good exchange rate.  

 

3 hours ago, redpill17 said:

Must've been different times back then. Bangkok Bank, Krungsri and UOB (except in Bangkok) open accounts for everyone, even if you only have 1 baht.

 

You can't due to Thai regulations. Only the other way around. To transfer out THB, try DeeMoney.

 

You can, see above. Hoewever, it's correct that you cannot use the transferwise service itself to transfer funds out of Thailand. But you can still send money into your borderless account using a normal bank transfer from a Thai bank. When doing it that way, it's basically just a regular intl. bank transfer. 

[SS1]

17 hours ago, sidjameson said:

Is there anyway to avoid the Thai Bank extortionate ATM fee with this account?

 

Just have a local Thai bank account on top of the Borderless and transfer there first. 

[jomtienisgood]

2 hours ago, 1FinickyOne said:

I have had Thai bank accounts for 20 years - never had an ATM card or fee - - just decline the option to have the card... 

Out of curiosity, how do you withdraw money??