I Nearly Did It......

[citizen33]

Offshore bank accounts can be quite expensive to run if you are not super rich

Rubbish....I run an offshore account out of Singapore and I am not super rich and my banking costs are free

Perhaps you would be so kind, sir, as to give us details of the bank and its deposit requirements for free banking. If you check the UK banks, which I imagine would be the first place the OP would look, you will see that offshore accounts are either not free or have rather large deposit requirements. However, I would be most grateful to receive details of other possibilities. I stand by my comment that the Flexaccount would be a good option for the first year or two.

Citibank international personal banking, Orchard Road, Singapore....Maintain US$ 20,000 minimum balance..No bank fees..

Thank you for this information. This option is certainly more competitive than the Citybank International Personal Banking Product advertised in the UK and based in Jersey. Here the conditions for free banking are as follows:

"There is no monthly service charge for the first year of account opening if your balance is between US$50,000 and US$100,000.

To continue to bank for free with Citibank International Personal Bank, the ongoing minimum balance required is US$100,000. After the first 12 months a monthly fee of US$50 will apply for balances that fall below US$100,000."

I do notice that the Singapore accounts (you don't say what type you have) do have service charges for most types of exchange transactions ($20 in many cases).

This route is certainly worth considering. However, my own view remains that offshore accounts can be expensive, and that the Flexaccount (which can be opened with £100 GBP and offers a very favorable exchange rate with no fees on ATM withdrawals) is worth considering while one is testing the water. "Rubbish"? I will let others decide.

[jamesthefirst]

............, I nearly moved to Thailand. In July this year after years of pondering I finally decided to pack up and live the dream, only to lose my bottle at the last moment within only days of leaving.

The fly in the ointment was that to fund my overseas life and a prospective business I had to sell my home. That would mean that if for any reason I couldn't renew my Visa or was deported (possibly at a whim) I would have nowhere to live back in the UK. I have only one living relative in the UK and he was reluctant to support me in such an eventuality.

I had a possible business partner already lined up in an established business and even the possibility of romance and more. I have Thai friends in Bangkok aswell. Ever since then I have been in a no-mans land wondering whether I should have done it or not.

I would appreciate any opinoins anyone might have especially regarding the "ease" at which I see some people residing in Thailand, yet the varied warnings about re-entry visas etc not being granted.

Thanks

Nothing ventured, nothing gained.

Then again,

The grass is always greener on the other side.

But if you don't go, when you're old and shriveled, having not been laid for years etc, I'm sure you'll think what could have been.

[astral]

You didn't say how big your home is, where it is located or what its worth . If its in London and more than a 1 bedroomed flat you could easily downsize to a large studio flat , come out here with say 6-7000 pounds for starters and leave the rest in a bank in England to draw on if you need it. That way at least you will always have a roof over your head in the U.K in case you need medical treatment or you don't like it here. Its not a good idea to turn up here with a large wad of money as there are plenty of con artists here who would fleece you without a second thought. Slowly slowly catcha the monkey.!!

It is not easy to sell in the present UK housing market.

[zorro1]

Just do it or your nickname will be "Nearly"

[Soutpeel]

I do notice that the Singapore accounts (you don't say what type you have) do have service charges for most types of exchange transactions ($20 in many cases).

This route is certainly worth considering. However, my own view remains that offshore accounts can be expensive, and that the Flexaccount (which can be opened with £100 GBP and offers a very favorable exchange rate with no fees on ATM withdrawals) is worth considering while one is testing the water. "Rubbish"? I will let others decide.

My account is a US$ chequing account, interest bearing, can hold multiple currency sub-accounts under the main account, ie GBP, Euro, Sing $ etc..think there about 6 or 7 currencies you can hold, and currencies can be deposited directly into the sub-accounts, No ATM fees, but saying that, if using SCB in Thailand for a withdrawal you get hit with THB 20.0 a withdrawal, but this is from the SCB end not Singapore. Also have a brokerage account under the same account, only limitation is that you can only trade US stock markets...

The biggest selling point for me is the customer service you get, HSBC and a most of the other banks offering offshore accounts could learn something, Have my own personal banker on the end of the phone and will effect any instructions I give them. Security is excellent, if they pick something up on the system, which appears strange...ie cash being withdrawn in countries outside Singapore or Thailand, I will get a phone call within 10 minutes of the transaction checking.

Was with HSBC for years with an offshore account and they are f*kcing usless, customer service is dire and as regard the fees they charge, they should be wearing a bandits mask...

[jayjayjayjay]

Wow, someone thinking as I am. I am currently repairing everything I can on my home, trying to sell a small airplane and 2 cars in order to do the "one-year test" at living and teaching in Thailand. I've already held the proverbial yard sale selling everything I don't want or need from many years of consuming, then donated the leftover and trashed what the Salvation Army didn't want. I already own a home in Thailand, have a teaching job lined up and my wife (Thai) just gained her USA citizenship and we are awaiting her US passport.

What led me down this path was my old company let me go after 22 years of faithful service so it isn't like I quit a good job or anything to do this, they made the decision for me, I just have to make it happen. I can afford to do this without selling anything more or even renting out my house but I would feel much better having another 30-40 K in the bank and someone else making my mortgage payment in my absence.

I agree...rent the house to someone and try it for a year. I might just do it anyway for the experience (I managed a factory of 100 employees in Thailand for 3 years so know what working in Thailand is like) and to get into the Thai Social Security system so I can have medical coverage for life as I do plan on retiring in LOS and having medical coverage is a big part of retirement.

Go for it but "protect" your interests should the experiment not work out!

Regards,

Steve

Steve, why not bring the small plane out here? Private flying is hitting it big in Thailand now. In Chiangmai alone there are 3 small fields, two of them you can buy land and build your house on the airstrip land and park your plane next 2 your house. If your into flying could be a new hobby/business to enjoy here(sort of like a cheap version of JumboAir) ie. you dont have to have a 737!!!

[harrry]

Wow, someone thinking as I am. I am currently repairing everything I can on my home, trying to sell a small airplane and 2 cars in order to do the "one-year test" at living and teaching in Thailand. I've already held the proverbial yard sale selling everything I don't want or need from many years of consuming, then donated the leftover and trashed what the Salvation Army didn't want. I already own a home in Thailand, have a teaching job lined up and my wife (Thai) just gained her USA citizenship and we are awaiting her US passport.

What led me down this path was my old company let me go after 22 years of faithful service so it isn't like I quit a good job or anything to do this, they made the decision for me, I just have to make it happen. I can afford to do this without selling anything more or even renting out my house but I would feel much better having another 30-40 K in the bank and someone else making my mortgage payment in my absence.

I agree...rent the house to someone and try it for a year. I might just do it anyway for the experience (I managed a factory of 100 employees in Thailand for 3 years so know what working in Thailand is like) and to get into the Thai Social Security system so I can have medical coverage for life as I do plan on retiring in LOS and having medical coverage is a big part of retirement.

Go for it but "protect" your interests should the experiment not work out!

Regards,

Steve

I believe the tax on a plane is huge not like that on boats.

Steve, why not bring the small plane out here? Private flying is hitting it big in Thailand now. In Chiangmai alone there are 3 small fields, two of them you can buy land and build your house on the airstrip land and park your plane next 2 your house. If your into flying could be a new hobby/business to enjoy here(sort of like a cheap version of JumboAir) ie. you dont have to have a 737!!!

[Lusso]

Thanks everyone for your contributions. I feel much more able to make plans now and feel more at ease with my decision.

Cheers for now

[LuckyFive8888]

Thanks everyone for your contributions. I feel much more able to make plans now and feel more at ease with my decision.

Cheers for now

not so fast dude... think about the romance part, that may screw up everything in the end.

Edited September 30, 2008 by LuckyFive8888

[klikster]

I had a possible business partner already lined up in an established business and even the possibility of romance and more. I have Thai friends in Bangkok aswell. Ever since then I have been in a no-mans land wondering whether I should have done it or not.

If you are planning on taking a large chunk of your savings and investing in a business with a Thai girl .. don't!

Take some time off, come spend a month or so .. tell the girl that you have no money .. note her reaction.

Is the established business a bar?