Looking For UK Offshore Band Account

[peterpop]

The Co-op Bank in Guernsey has just anounced that it will be closing as early as perhaps January 2014. I have a JOINT ACCOUNT there which is important for my widow to receive pension and investment savings [eventually] from UK sources.

I have been refused a JOINT ACCOUNT by Nationwide and Barclays and Lloyds want stupid amounts left on deposit. Can anyone suggest a UK Bank who can provide me with an inexpensive Joint Account. I have been resident in Thailand for a long time, I am retired and married to a Thai Lady.

NB My private pensions and property agent in UK will only make free BACS payments into a UK Bank. If I start talking to them about overseas payments they cannot cope.

I am sure others must have covered this ground. I thought I was sorted until CO-OP went off the rails.

[lamydu]

Join a specialised company in offshore account. I know FBSB, but there are many concurrents, so see and try. I have an account but no in England.

Is it so necessary for you to have your account based in UK ?

Barclays perhaps ?

Sincerely

[partington]

The OP has already said Barclays is not suitable because they want such a large amount as a minimal deposit to be allowed to open one of their offshore accounts, and that he needs to be in the UK system to get free BACS payments!!

I am in the same position. I also had a Co-op account, and now have to find a substitute. There are incredibly few basic accounts available anymore that would allow you to do the necessary banking within the UK system, if you have comparatively small amounts of money to handle, e.g. rental and pension income, and bills to pay.

I've just applied for a Nationwide International Instant Access account that seems suitable. I couldn't find another basic offshore current account that required less than £25000 as an initial deposit.

Can I ask the OP : why did Nationwide refuse you a joint account? Did they give a reason?

I'm wondering if they'll refuse mine (single account though)!

[Rumpole]

I'm in the same boat, re Co-operative, Guernsey. Did the Co-op offer to transfer your offshore accounts to another branch? I've been with them for over 12 years, and am happy enough with the service.

I also need an account within the UK / British system to use the BACS & Faster Transfer services. Given that the comparative advantages of banking in the various British offshore locations have been diluted and eroded in recent years, coupled with the hurdles involved nowadays in trying to open a new account with a different institution while living overseas (many banks simply won't allow it), I would not particularly mind transferring my account to an onshore Co-operative branch.

[topt]

The OP has already said Barclays is not suitable because they want such a large amount as a minimal deposit to be allowed to open one of their offshore accounts, and that he needs to be in the UK system to get free BACS payments!!

I am in the same position. I also had a Co-op account, and now have to find a substitute. There are incredibly few basic accounts available anymore that would allow you to do the necessary banking within the UK system, if you have comparatively small amounts of money to handle, e.g. rental and pension income, and bills to pay.

I've just applied for a Nationwide International Instant Access account that seems suitable. I couldn't find another basic offshore current account that required less than £25000 as an initial deposit.

Can I ask the OP : why did Nationwide refuse you a joint account? Did they give a reason?

I'm wondering if they'll refuse mine (single account though)!

Did you mean 25k or 2.5k?

I cannot speak for Barclays but Lloyds has no monthly charges on their standard current account if you keep more than 2.5k in your account and a monthly charge if less. I cannot see anything that says a minimum of 25k (or any amount)to open - or maybe I did not look hard enough?

[yoshiwara]

I assume there is a reason why HSBC isn't on your list?

Long shot: try Metro Bank.

[QROPS]

I have an offshore account with Standard Bank in the Isle of Man, maybe you could try them?

[Orac]

On a related subject, does anyone have any recent experience of opening an offshore account and the paperwork required particularly the proof of address. I just asked at K-Bank where I have an account and they cannot provide me with a statement showing my address apparently and the utility bills here do not have my name on them.

[partington]

I'm in the same boat, re Co-operative, Guernsey. Did the Co-op offer to transfer your offshore accounts to another branch? I've been with them for over 12 years, and am happy enough with the service.

I also need an account within the UK / British system to use the BACS & Faster Transfer services. Given that the comparative advantages of banking in the various British offshore locations have been diluted and eroded in recent years, coupled with the hurdles involved nowadays in trying to open a new account with a different institution while living overseas (many banks simply won't allow it), I would not particularly mind transferring my account to an onshore Co-operative branch.

There is a distinct possibility the Co-op will be wound up as a bank if the bail-in deal goes wrong, so may not be the best choice was my thought.

Did you mean 25k or 2.5k?

I cannot speak for Barclays but Lloyds has no monthly charges on their standard current account if you keep more than 2.5k in your account and a monthly charge if less. I cannot see anything that says a minimum of 25k (or any amount)to open - or maybe I did not look hard enough?

If we are talking about Lloyds Offshore, for their current account they have this eligibility:

"To be eligible you need a gross annual income of £50,000*. For joint accounts at least one of the applicants needs a gross annual income of £50,000*.

Alternatively you can also be eligible if you have £25,000* to deposit (solely or jointly) with Lloyds TSB International within 3 months of opening your account.

'

http://www.lloydstsb-offshore.com/international-current-accounts/

They do have offshore savings accounts, with I think £5000 minimum deposit: I don't think you can use them exactly like a current account , e.g. set up standing orders etc, but this may be OK, I agree. You can certainly pay in and pay out within the UK system. This is very similar to the Nationwide account but their minimum deposit is £1!

[QROPS]

On a related subject, does anyone have any recent experience of opening an offshore account and the paperwork required particularly the proof of address. I just asked at K-Bank where I have an account and they cannot provide me with a statement showing my address apparently and the utility bills here do not have my name on them.

I've recently opened up my account with Standard Bank in the last two weeks, the only papers I needed was off course the application form, copy of passport and a letter from my financial adviser saying that had seen my apartment.

My atm card arrived on my desk this morning.

[partington]

On a related subject, does anyone have any recent experience of opening an offshore account and the paperwork required particularly the proof of address. I just asked at K-Bank where I have an account and they cannot provide me with a statement showing my address apparently and the utility bills here do not have my name on them.

Internet bill should have your name and address, but you might have to get a translation. Better is if you have any correspondence with a bank, building society, or a government department in the UK, to your Thai address, but I realise this is difficult if you re trying to open a bank account in the first place! I used a statement from my Co-op account as proof of address.

As a last resort, you can inform the UK pensions department of your Thai address, and then ask for a pension forecast. You can do this at any age. Once they send it, you can use it as proof of address, as it is from a government department.

[topt]

I'm in the same boat, re Co-operative, Guernsey. Did the Co-op offer to transfer your offshore accounts to another branch? I've been with them for over 12 years, and am happy enough with the service.

I also need an account within the UK / British system to use the BACS & Faster Transfer services. Given that the comparative advantages of banking in the various British offshore locations have been diluted and eroded in recent years, coupled with the hurdles involved nowadays in trying to open a new account with a different institution while living overseas (many banks simply won't allow it), I would not particularly mind transferring my account to an onshore Co-operative branch.

There is a distinct possibility the Co-op will be wound up as a bank if the bail-in deal goes wrong, so may not be the best choice was my thought.

Did you mean 25k or 2.5k?

I cannot speak for Barclays but Lloyds has no monthly charges on their standard current account if you keep more than 2.5k in your account and a monthly charge if less. I cannot see anything that says a minimum of 25k (or any amount)to open - or maybe I did not look hard enough?

If we are talking about Lloyds Offshore, for their current account they have this eligibility:

"To be eligible you need a gross annual income of £50,000*. For joint accounts at least one of the applicants needs a gross annual income of £50,000*.

Alternatively you can also be eligible if you have £25,000* to deposit (solely or jointly) with Lloyds TSB International within 3 months of opening your account.

'

http://www.lloydstsb-offshore.com/international-current-accounts/

They do have offshore savings accounts, with I think £5000 minimum deposit: I don't think you can use them exactly like a current account , e.g. set up standing orders etc, but this may be OK, I agree. You can certainly pay in and pay out within the UK system. This is very similar to the Nationwide account but their minimum deposit is £1!

Thanks I missed that when I was looking - I guess if you had 25k you could open it and then pull most of it back out in the first month...I guess probably better though if you can find a way to open a domestic (onshore) option.

[Orac]

I'm in the same boat, re Co-operative, Guernsey. Did the Co-op offer to transfer your offshore accounts to another branch? I've been with them for over 12 years, and am happy enough with the service.

I also need an account within the UK / British system to use the BACS & Faster Transfer services. Given that the comparative advantages of banking in the various British offshore locations have been diluted and eroded in recent years, coupled with the hurdles involved nowadays in trying to open a new account with a different institution while living overseas (many banks simply won't allow it), I would not particularly mind transferring my account to an onshore Co-operative branch.

There is a distinct possibility the Co-op will be wound up as a bank if the bail-in deal goes wrong, so may not be the best choice was my thought.

Did you mean 25k or 2.5k?

I cannot speak for Barclays but Lloyds has no monthly charges on their standard current account if you keep more than 2.5k in your account and a monthly charge if less. I cannot see anything that says a minimum of 25k (or any amount)to open - or maybe I did not look hard enough?

If we are talking about Lloyds Offshore, for their current account they have this eligibility:

"To be eligible you need a gross annual income of £50,000*. For joint accounts at least one of the applicants needs a gross annual income of £50,000*.

Alternatively you can also be eligible if you have £25,000* to deposit (solely or jointly) with Lloyds TSB International within 3 months of opening your account.

'

http://www.lloydstsb-offshore.com/international-current-accounts/

They do have offshore savings accounts, with I think £5000 minimum deposit: I don't think you can use them exactly like a current account , e.g. set up standing orders etc, but this may be OK, I agree. You can certainly pay in and pay out within the UK system. This is very similar to the Nationwide account but their minimum deposit is £1!

Thanks I missed that when I was looking - I guess if you had 25k you could open it and then pull most of it back out in the first month...I guess probably better though if you can find a way to open a domestic (onshore) option.

The Lloyds website looks like you can open with 25k but if your balance goes below that they charge £20 a month.

[topt]

Did you mean 25k or 2.5k?

I cannot speak for Barclays but Lloyds has no monthly charges on their standard current account if you keep more than 2.5k in your account and a monthly charge if less. I cannot see anything that says a minimum of 25k (or any amount)to open - or maybe I did not look hard enough?

If we are talking about Lloyds Offshore, for their current account they have this eligibility:

"To be eligible you need a gross annual income of £50,000*. For joint accounts at least one of the applicants needs a gross annual income of £50,000*.

Alternatively you can also be eligible if you have £25,000* to deposit (solely or jointly) with Lloyds TSB International within 3 months of opening your account.

'

http://www.lloydstsb-offshore.com/international-current-accounts/

They do have offshore savings accounts, with I think £5000 minimum deposit: I don't think you can use them exactly like a current account , e.g. set up standing orders etc, but this may be OK, I agree. You can certainly pay in and pay out within the UK system. This is very similar to the Nationwide account but their minimum deposit is £1!

Thanks I missed that when I was looking - I guess if you had 25k you could open it and then pull most of it back out in the first month...I guess probably better though if you can find a way to open a domestic (onshore) option.

The Lloyds website looks like you can open with 25k but if your balance goes below that they charge £20 a month.

I read that as below £2,500 which was where I cam from with my initial query?

Under charges and fees -

Monthly balance

Subscription fee

Sterling account

Above £2,500 FREE

Under £2,500 £20 per month

[changnaam]

On a related subject, does anyone have any recent experience of opening an offshore account and the paperwork required particularly the proof of address. I just asked at K-Bank where I have an account and they cannot provide me with a statement showing my address apparently and the utility bills here do not have my name on them.

I've recently opened up my account with Standard Bank in the last two weeks, the only papers I needed was off course the application form, copy of passport and a letter from my financial adviser saying that had seen my apartment.

My atm card arrived on my desk this morning.

That sounds pretty easy, I thought they would need more evidence than that for proof that you live here? Can you PM details of the guy who helped you set up the account, I would like to ask a few questions to see if it would be useful for me,

Cheers

[QROPS]

On a related subject, does anyone have any recent experience of opening an offshore account and the paperwork required particularly the proof of address. I just asked at K-Bank where I have an account and they cannot provide me with a statement showing my address apparently and the utility bills here do not have my name on them.

I've recently opened up my account with Standard Bank in the last two weeks, the only papers I needed was off course the application form, copy of passport and a letter from my financial adviser saying that had seen my apartment.

My atm card arrived on my desk this morning.

That sounds pretty easy, I thought they would need more evidence than that for proof that you live here? Can you PM details of the guy who helped you set up the account, I would like to ask a few questions to see if it would be useful for me,

Cheers

I'll drop you a PM in the morning as I'm on the eastern seaboard for the day and don't have the chaps business card with me.

[peterpop]

The OP has already said Barclays is not suitable because they want such a large amount as a minimal deposit to be allowed to open one of their offshore accounts, and that he needs to be in the UK system to get free BACS payments!!

I am in the same position. I also had a Co-op account, and now have to find a substitute. There are incredibly few basic accounts available anymore that would allow you to do the necessary banking within the UK system, if you have comparatively small amounts of money to handle, e.g. rental and pension income, and bills to pay.

I've just applied for a Nationwide International Instant Access account that seems suitable. I couldn't find another basic offshore current account that required less than £25000 as an initial deposit.

Can I ask the OP : why did Nationwide refuse you a joint account? Did they give a reason?

I'm wondering if they'll refuse mine (single account though)!

They refused to open a JOINT ACCOUNT with my Thai wife. I provided lawyer certified ID but they would not proceed. That was for my UK account already in existance. The OFFSHORE situation was just too expensive.

Yesterday I discovered the the Royal Bank of India will open an a/c if I keep 1000 pds on deposit but I have not sought details of a Joint a/c yet

[yoshiwara]

There is a distinct possibility the Co-op will be wound up as a bank if the bail-in deal goes wrong, so may not be the best choice was my thought.

The worst that might happen with the Co-op Bank is that the accounts are shifted to another bank if the Co-op itself closes up shop in the banking sector.

[partington]

There is a distinct possibility the Co-op will be wound up as a bank if the bail-in deal goes wrong, so may not be the best choice was my thought.

The worst that might happen with the Co-op Bank is that the accounts are shifted to another bank if the Co-op itself closes up shop in the banking sector.

Please tell me how you know this to be the case!

[partington]

The OP has already said Barclays is not suitable because they want such a large amount as a minimal deposit to be allowed to open one of their offshore accounts, and that he needs to be in the UK system to get free BACS payments!!

I am in the same position. I also had a Co-op account, and now have to find a substitute. There are incredibly few basic accounts available anymore that would allow you to do the necessary banking within the UK system, if you have comparatively small amounts of money to handle, e.g. rental and pension income, and bills to pay.

I've just applied for a Nationwide International Instant Access account that seems suitable. I couldn't find another basic offshore current account that required less than £25000 as an initial deposit.

Can I ask the OP : why did Nationwide refuse you a joint account? Did they give a reason?

I'm wondering if they'll refuse mine (single account though)!

They refused to open a JOINT ACCOUNT with my Thai wife. I provided lawyer certified ID but they would not proceed. That was for my UK account already in existance. The OFFSHORE situation was just too expensive.

Yesterday I discovered the the Royal Bank of India will open an a/c if I keep 1000 pds on deposit but I have not sought details of a Joint a/c yet

OK, I see your problem - UK offshore accounts are quite often restricted to UK citizens.

It may be that trying a non-UK based bank like the Standard Bank IOM recommended above would succeed..?

[KittenKong]

Can I ask the OP : why did Nationwide refuse you a joint account? Did they give a reason?

They refused to open a JOINT ACCOUNT with my Thai wife. I provided lawyer certified ID but they would not proceed. That was for my UK account already in existance. The OFFSHORE situation was just too expensive.

I think you will find Nationwide Onshore didnt want to open the account because you/she are not UK resident. They should have just directed you to Nationwide Offshore who would normally open the account without difficulty and who, as mentioned, only have a GBP1 minimum balance for the instant access account. This would also allow you to use their internet banking to switch balances to accounts paying higher interest rates, as suitable.

Otherwise there are several onshore UK banks that will accept non-resident customers. Not least the Indian banks as you mentioned, and not all of them have high minimum balance requirements.

[partington]

Can I ask the OP : why did Nationwide refuse you a joint account? Did they give a reason?

They refused to open a JOINT ACCOUNT with my Thai wife. I provided lawyer certified ID but they would not proceed. That was for my UK account already in existance. The OFFSHORE situation was just too expensive.

I think you will find Nationwide Onshore didnt want to open the account because you/she are not UK resident. They should have just directed you to Nationwide Offshore who would normally open the account without difficulty and who, as mentioned, only have a GBP1 minimum balance for the instant access account. This would also allow you to use their internet banking to switch balances to accounts paying higher interest rates, as suitable.

Otherwise there are several onshore UK banks that will accept non-resident customers. Not least the Indian banks as you mentioned, and not all of them have high minimum balance requirements.

Yes this is true. I've checked the Nationwide International website, and it is NOT a requirement to be a British citizen to open an account there.

It would make sense to try there. They treat existing UK Nationwide customers as new customers, so you will have to apply on those terms.

[canuckoverseas]

Santander private bank in Jersey is reliable, been using them for over ten years (before they were Abbey), however you'll need more than 25k.

[Rumpole]

There is a distinct possibility the Co-op will be wound up as a bank if the bail-in deal goes wrong, so may not be the best choice was my thought.

The worst that might happen with the Co-op Bank is that the accounts are shifted to another bank if the Co-op itself closes up shop in the banking sector.

Please tell me how you know this to be the case!

I only really use it as a pass-through account anyway, for collecting or making payments via the UK system. I'll take a chance on it being wound-up, as presumably one is still covered by the UK Depositors' Protection Scheme. I shall be returning to the UK for an extended visit next year, so would try to make alternative arrangements then, as I currently have the same problem as other posters regarding proof of address.

I really don't fancy the idea of dealing with an Indian bank, but there have been other useful suggestions on this thread. Another interesting possibility, for anyone who doesn't specifically need a UK institution, is Keytrade Bank, based in Belgium and Luxembourg.

[yoshiwara]

There is a distinct possibility the Co-op will be wound up as a bank if the bail-in deal goes wrong, so may not be the best choice was my thought.

The worst that might happen with the Co-op Bank is that the accounts are shifted to another bank if the Co-op itself closes up shop in the banking sector.

Please tell me how you know this to be the case!

Very simple. It would be more expensive to let the Co-op go belly up than arrange an orderly exit. Its not rocket science.

[QROPS]

I really don't fancy the idea of dealing with an Indian bank, but there have been other useful suggestions on this thread. Another interesting possibility, for anyone who doesn't specifically need a UK institution, is Keytrade Bank, based in Belgium and Luxembourg.

Earlier this year I opened an account with BCEE (Banque et Caisse D'Epargne de L'Etat Luxembourg) in Luxembourg and the requirements were, contract of employment, plus you had to show your registration card from their equivalent of the town hall.

How you would go about doing this whilst not being there I'm not so sure. They do have many private banks there but you will need 500K Euro to open a basic account.

[regedit]

LLoyds offshore told me that they changed their policy earlier this year and are no-longer accepting new applicants based in Thailand (ie. with a Thai address). This was still the status as of August 2013.

[partington]

LLoyds offshore told me that they changed their policy earlier this year and are no-longer accepting new applicants based in Thailand (ie. with a Thai address). This was still the status as of August 2013.

This is a bit scary!

I know some banks don't like to send cards to Thailand because of the high fraud risk, but a lot of the savings accounts don't even have cards associated with them.

Did Lloyds give you a reason?

[QROPS]

Standard Bank send cards in a matter of days via DHL.

[socrates28]

Interesting thread - much appreciated