Fixed Deposits With Uk Banks

[camerata]

I see that Barclays International are targetting expats with ads for accounts with 5.80% interest now, but don't give many details. Anyone know how this works from overseas and whether it's a good deal or not?

[rak sa_ngop]

These are the current fixed term rates for Bank of Scotland International. I have several of these accounts opened from my Thai address.

The only problem I have opening new accounts is getting the certified copies of passport, utility bills etc with my Thai address for money laundering regulations. Last time they accepted my Thai electricity bill translated into English and stamped by the translation service (500 baht). If you need a certified copy of your passport certified however, either do it in England by a professional person/company, or you have to go to the British Embassy in BKK. The actual requirements seem to vary from bank to bank.

http://www.bankofscotland-international.co...e/our-rates.asp

Guaranteed Reserve Account

Effective from 13th July 2007

Minimum balance Annual gross* AER** Annual gross* p.a. Monthly gross* p.a.

3 years £10,000 6.45% 6.45% 6.27%

2 years £10,000 6.45% 6.45% 6.27%

1 year £50,000 6.45% 6.45% 6.27%

1 year £10,000 6.40% 6.40% 6.22%

6 months £50,000 6.04% 5.95% N/A

6 months £10,000 5.88% 5.80% N/A

[samran]

just contact them and they'll send you the forms with the required ID they need from you.

As these banks are all based in the Channel Islands (ie bloody hard to get to) application can always be done remotely, by mail. It will just take time as authorised documents will need to be sent there.

For you, so long as you aren't resident in the EU (which we know you aren't) there shouldn't be any catches tax wise, so long as you don't repatriate the interest earnings back to LOS in the year that they are earned.

[camerata]

For you, so long as you aren't resident in the EU (which we know you aren't) there shouldn't be any catches tax wise, so long as you don't repatriate the interest earnings back to LOS in the year that they are earned.

Tell me more. How would one repatriate the interest legally? What would be the best way to get the capital or interest back to Thailand? It seems like money can be deposited by SWIFT transfer but how to withdraw it conveniently?

[samran]

For you, so long as you aren't resident in the EU (which we know you aren't) there shouldn't be any catches tax wise, so long as you don't repatriate the interest earnings back to LOS in the year that they are earned.

Tell me more. How would one repatriate the interest legally? What would be the best way to get the capital or interest back to Thailand? It seems like money can be deposited by SWIFT transfer but how to withdraw it conveniently?

income earned offshore which doesn't come from Thailand isn't taxable unless it is repatriated into thailand the year it is earned.

if you wait to transfer it the next financial year, it will be considered savings, and thus, tax free.

[naka]

For you, so long as you aren't resident in the EU (which we know you aren't) there shouldn't be any catches tax wise, so long as you don't repatriate the interest earnings back to LOS in the year that they are earned.

Tell me more. How would one repatriate the interest legally? What would be the best way to get the capital or interest back to Thailand? It seems like money can be deposited by SWIFT transfer but how to withdraw it conveniently?

Depends how much you want to withdraw "conveniently".

You could always open say a 3, 6, 12 month term deposit plus a normal bank account

and have a standing order where they auto transfer xxxx into your normal account

at each (auto) renewal. Then you can draw on these funds by debit card

at a local ATM.

Naka.

[camerata]

These are the current fixed term rates for Bank of Scotland International. I have several of these accounts opened from my Thai address.

Five minutes ago I had a call from Bank of Scotland to say that I couldn't open any accounts with them because "Thailand is a high-risk country" with unsafe banking practices. Nothing personal, they said, but no can do.

Does anyone know of another offshore bank where I can definitely open an account from Thailand at this time?

[JAS21]

These are the current fixed term rates for Bank of Scotland International. I have several of these accounts opened from my Thai address.

Five minutes ago I had a call from Bank of Scotland to say that I couldn't open any accounts with them because "Thailand is a high-risk country" with unsafe banking practices. Nothing personal, they said, but no can do.

Does anyone know of another offshore bank where I can definitely open an account from Thailand at this time?

A&L International..Isle of Mann..6.4% internet banking..instant access..Have just opened a joint one and one for just my self..yes I live here in BK now

[cmsally]

These are the current fixed term rates for Bank of Scotland International. I have several of these accounts opened from my Thai address.

Five minutes ago I had a call from Bank of Scotland to say that I couldn't open any accounts with them because "Thailand is a high-risk country" with unsafe banking practices. Nothing personal, they said, but no can do.

Does anyone know of another offshore bank where I can definitely open an account from Thailand at this time?

I don't understand what Thai banking practices have to do with their application process.

If you are living offshore, can prove your identity and address, there shouldn't be a problem.

[JAS21]

These are the current fixed term rates for Bank of Scotland International. I have several of these accounts opened from my Thai address.

Five minutes ago I had a call from Bank of Scotland to say that I couldn't open any accounts with them because "Thailand is a high-risk country" with unsafe banking practices. Nothing personal, they said, but no can do.

Does anyone know of another offshore bank where I can definitely open an account from Thailand at this time?

I don't understand what Thai banking practices have to do with their application process.

If you are living offshore, can prove your identity and address, there shouldn't be a problem.

See my post above..all I had to supply was a copy of my passport and original house bills....nothing certified

[rak sa_ngop]

These are the current fixed term rates for Bank of Scotland International. I have several of these accounts opened from my Thai address.

Five minutes ago I had a call from Bank of Scotland to say that I couldn't open any accounts with them because "Thailand is a high-risk country" with unsafe banking practices. Nothing personal, they said, but no can do.

Does anyone know of another offshore bank where I can definitely open an account from Thailand at this time?

I was an existing customer from Halifax International days. I changed my banking address to Thailand to get round the EU taxation disclosure requirements. The fixed rate accounts I set up from Thailand were funded by an internal transfer from my UK savings account at Bank of Scotland. So no dealings with Thai banks involved. Not sure why they rejected your application. Maybe if your funds are coming from Thailand there is a worry concerning the provenance of your (and other Thai investors) money.

You don't have Thaksin as a middle name do you?

[camerata]

Not sure why they rejected your application. Maybe if your funds are coming from Thailand there is a worry concerning the provenance of your (and other Thai investors) money.

This wasn't even an application. I just filled in their standard form for more information. All they know about me is that I reside in Thailand. Pity, because they have a good range of accounts on offer.

[camerata]

A&L International..Isle of Mann..6.4% internet banking..instant access..Have just opened a joint one and one for just my self..yes I live here in BK now

Thanks. This looks very promising and A&L has less strict requirements on documentation.

A&L requires its offshore accounts to be linked to a nominated bank in the UK or elsewhere for withdrawals. Since I wouldn't want to nominate my Thai bank, can anyone recommend bank accounts in the UK (current or savings) that can be opened from overseas and are convenient for an expat to use?

[samran]

A&L International..Isle of Mann..6.4% internet banking..instant access..Have just opened a joint one and one for just my self..yes I live here in BK now

Thanks. This looks very promising and A&L has less strict requirements on documentation.

A&L requires its offshore accounts to be linked to a nominated bank in the UK or elsewhere for withdrawals. Since I wouldn't want to nominate my Thai bank, can anyone recommend bank accounts in the UK (current or savings) that can be opened from overseas and are convenient for an expat to use?

To open a bank account as a foreinger in the UK proper (let alone one who isn't there) is an absolute nightmare, and even worse given money laundering laws mean that unless you are direct decentants of someone from the Battle of Hastings, its going to be a nightmare to open up a normal high street account (been there, bought the T-shirt).

The benefit of the local account (of course) is that they are fee free!

Having said that you could try talking to HSBC who may be open one in London for you. They do it a bit for Aussie working holiday makers before they leave OZ, but this requires a substantial deposit.

The other thing you could do is open up another UK strerling offshore account (easy to do with say HSBC) and link that to your A&L account. It will still work under the BACS transfer system so all transfers between sterling accounts should be free.

[JAS21]

A&L International..Isle of Mann..6.4% internet banking..instant access..Have just opened a joint one and one for just my self..yes I live here in BK now

Thanks. This looks very promising and A&L has less strict requirements on documentation.

A&L requires its offshore accounts to be linked to a nominated bank in the UK or elsewhere for withdrawals. Since I wouldn't want to nominate my Thai bank, can anyone recommend bank accounts in the UK (current or savings) that can be opened from overseas and are convenient for an expat to use?

Try to open a Nitionwide Flex account..there are many threads on how useful this is in Thailand.

[camerata]

Try to open a Nitionwide Flex account..there are many threads on how useful this is in Thailand.

I'll check it out, thanks. Did you make your initial deposit with A&L in sterling or baht? I wonder if it's possible to send the money in baht and get some fantastic offshore exchange rate when it's converted to sterling at the receiving end?

[matt888]

i am having trouble getting the facts on how to become/or if i am eligable for an offshore account, i am a british citizen but have been living here and around asia on a tourist visa for 3 years now.

i have a quite a large amount of money in a UK bank getting crap (and taxed) interest, and something has to be done ASAP !!!!

please can someone explain to me the steps (if its possible) for me to aquire an offshore saving account such as A&L-

[matt888]

from what i understand i need to apply to become a non-resident in the UK, is that possible when i am on tourist visa's or do they only take the amount of time your in the UK consideration ?

again any help/advice would be mpst appreciated.

thanks

[camerata]

from what i understand i need to apply to become a non-resident in the UK, is that possible when i am on tourist visa's or do they only take the amount of time your in the UK consideration ?

again any help/advice would be mpst appreciated.

thanks

I don't think anyone can actually apply. If you aren't resident in the EU these offshore accounts won't withhold tax. But if you were to return to the UK and start paying tax, the IRS would probably consider you to have been "domiciled" in the UK the whole time. It's complicated. Check out this topic.

[camerata]

i am having trouble getting the facts on how to become/or if i am eligable for an offshore account, i am a british citizen but have been living here and around asia on a tourist visa for 3 years now.

i have a quite a large amount of money in a UK bank getting crap (and taxed) interest, and something has to be done ASAP !!!!

please can someone explain to me the steps (if its possible) for me to aquire an offshore saving account such as A&L-

There should be no problem applying. If you aren't resident in the EU you won't have interest withheld. But you will have to provide evidence of your fixed address in Thailand, such as a utility bill or bank statement in your name. For A&L, you can find the details here.

[cmsally]

You can become non resident for tax purposes in the UK, it is done with the Inland Revenue.

It is a help if you have letting income and you will be filling in a different section of your tax return.

Check the inland revenue website for tax thresholds for non residents.

As far as I remember to apply for an offshore bank acct you do not need to prove that you are non resident for tax purposes in the UK ( I might be wrong on this as I opened mine a fair while ago and some regulations have recently changed.)

You do need proof of identity and proof of address. If you find documents lacking you can go to the Embassy for certified copy of passport and proof of residence.

One thing I have always found is that it is easier to open an offshore acct if you already have an onshore acct. with the same bank , seems to make process easier.

[lotus eater]

I've just been in the process ofopening an account with Nationwide Int, Isle of Man, Though I have long had an account with Nationwide in England the account opning with their offshore subsidiary is no different for me from what it would be for anyone else.

All the offshore banks want certified copies of passports and proof of address. On the latter, they said they'd accept a bank statement to the address. I'd be interested to know if someone has used that, or got their thai bank to send them something acceptable. I just have the svings book from SCB, and it doesn't have my address in it.

Otherwize what's the easiest document to get/use for proof of address? If I have to go to the British consulate in Chiang Mai, what document does it want to see to write an acceptable 'proof' for the bank opening an account?

I am presently in France and can get the passport certification done here; I intend to do the thai address bit when I get back at month end. Through sheer inertia and distraction I've been allowed tax to be deducted on my money lying in England with Nationwide - can't afford to let that continue.

Appreciate all info.

[naka]

The information you need is here.

HMRC Non-Residents

Pay attention to the forms P85 and R105.

Naka.

[lotus eater]

Was hoping someone would give me suggestions on the easiest places to get my passport copy certified and a proof of address acceptable for the purposes of opening offshore accounts eg in the Isle of Man. Some on the thread seem to have such accounts.

I'm returning to Chiang Mai next month and want to get this paperwork done and sent off. The consulate for the certification, I suppose. But for the proof of address?

Would really appreciate any practical advice.

[rak sa_ngop]

Was hoping someone would give me suggestions on the easiest places to get my passport copy certified and a proof of address acceptable for the purposes of opening offshore accounts eg in the Isle of Man. Some on the thread seem to have such accounts.

I'm returning to Chiang Mai next month and want to get this paperwork done and sent off. The consulate for the certification, I suppose. But for the proof of address?

Would really appreciate any practical advice.

Do you have your utility bills in your own name? If so you can get a translation of the bill with a red stamp from the translation company and this may be acceptable (500 baht in BKK). It worked for me with The Bank of Scotland International.

[endure]

You won't be able to open a Flexaccount unless you're resident in the UK.

[camerata]

Was hoping someone would give me suggestions on the easiest places to get my passport copy certified and a proof of address acceptable for the purposes of opening offshore accounts eg in the Isle of Man. Some on the thread seem to have such accounts.

I'm returning to Chiang Mai next month and want to get this paperwork done and sent off. The consulate for the certification, I suppose. But for the proof of address?

The offshore banks all have slightly different regulations, which are detailed in their Terms & Conditions. A&L, for example, will allow you to have your passport copy certified by your own employer. Other banks require a lawyer or bank officer to do it. Your embassy is probably the most expensive place to go and the most hassle. For proof of address, they usually ask for an original document which they return to you. Often it can be be a credit card statement, which is more likely to be in English (eg. Amex, Citibank) than a utility bill or bank statement.

[lotus eater]

Was hoping someone would give me suggestions on the easiest places to get my passport copy certified and a proof of address acceptable for the purposes of opening offshore accounts eg in the Isle of Man. Some on the thread seem to have such accounts.

I'm returning to Chiang Mai next month and want to get this paperwork done and sent off. The consulate for the certification, I suppose. But for the proof of address?

The offshore banks all have slightly different regulations, which are detailed in their Terms & Conditions. A&L, for example, will allow you to have your passport copy certified by your own employer. Other banks require a lawyer or bank officer to do it. Your embassy is probably the most expensive place to go and the most hassle. For proof of address, they usually ask for an original document which they return to you. Often it can be be a credit card statement, which is more likely to be in English (eg. Amex, Citibank) than a utility bill or bank statement.

I'm here on retirement visa so there is no employer for the certification of passport. My credit card is a UK based one and doesn't have a thai billing address. My thai bank account is the usual savings account with a book - so again no statement with address is sent. The only option seems to be a thai utility bill with a translation.

[camerata]

In answer to my original post, I'd say that the best deals for what I need at present are the A&L eSaver Offshore Issue 1 account (6.4% interest) and the Nationwide International Base Rate Tracker Premium account (5.95% interest and can pay in/out by cheque). Companies that ask for your nationality and say they'll call you (Bank of Scotland, Barclays, etc) either don't want to do business with Thailand residents or don't even bother to call.

Opening the account is pretty straightforward. I just made my first SWIFT deposit from a small bank in Bangkok where no one spoke English and they had to call head office several times to get instructions. It took about an hour and in they end they needed a copy of passport, work permit and the bank book I withdrew the money from, plus a statement of my salary from my employer. The rate for the pound was 68.8125 but they gave me a special rate of 68.6 because it was a substantial amount. Cost of the SWIFT was 1250 baht. They said if I send more than $20,000 at a time there is an extra form to fill in.

Thailand residents who want to protect assets in the Isle of Man or Guernsey with a UK Will might want to read this topic. It isn't difficult to do.