PETERTHEEATER Posted October 8, 2013 Share Posted October 8, 2013 I have a Sterling current account with Cooperative Bank, Guernsey but have been informed by them that they are closing the Branch by early next year (downsizing!). I am bewildered by some of the websites of other banks in the Channel Islands and Isle of Man offering offshore Sterling accounts to expatriates and some of them require very large minimum deposits. I want a Current Account (joint) with VISA Debit Cards and a chequebook and Internet access into which I can pay my UK pensions and rents and transfer out to Thailand as required. I have spoken to a couple of banks who advertise superior customer relations but seem to be dealing with idiots and keep getting hived off with 'someone will call you back within 24 hours' Can anyone please recommend a bank with a reasonable minimum account balance requirement? Link to comment Share on other sites More sharing options...
nonthaburial Posted October 8, 2013 Share Posted October 8, 2013 You haven't stipulated whether you wish to keep your account in the Channel Isles. I was in a similar situation a number of years back and as I was then living in BKK, I flew to HK and opened up an offshore account with both the Standard Chartered and HKSBC, bot have worked perfectly well for me. If HK is not an option you can try Singapore 1 Link to comment Share on other sites More sharing options...
terrytan Posted October 8, 2013 Share Posted October 8, 2013 I opened an account on line with Citibank in Singapore who provide all that service, I didn't have to leave Thailand either Link to comment Share on other sites More sharing options...
Arkady Posted October 9, 2013 Share Posted October 9, 2013 I investigated this recently for someone else and found the Co-op bank in the CI was the only one in the UK with a modest minimum deposit requirement. The others in in the CI and I of M seemed to all required 25k stg or thereabouts. HK and S'pore usually don't require much more than 1,000 USD for a multicurrency account. The only problem is that they are not part of the UK clearing system. This could mean that your counterparties have to set up an overseas remittance to you at a cost, rather than than transfer automatically within the UK clearing system and similar for outward remittances. You also could not also not write sterling cheques or have a sterling debit card. They can issue credit cards but they might not be in sterling. I have sterling accounts with Lloyds, CI, and with Citibank and HSBC in HK. If your balance is ever too high with any of them they will put a barely financially literate financial adviser on your case to call you up and harass you to do risky short term fx trades (Citibank) or to invest in opaque structured products which provide high fees to the bank (all of them) and point out the risks to investors only in tiny small print not mentioned by the FA. When this starts happening, you need to make a substantial transfer to another bank to shake them off. Banking is not what it used to be. Link to comment Share on other sites More sharing options...
PETERTHEEATER Posted October 9, 2013 Author Share Posted October 9, 2013 Mmm, thanks for the responses. I should have preferred an offshore account in CI or IOM having been expat for decades. I do have a fixed address in the UK but not sure of the tax liability postion if I tried to open a UK onshore account plus the problems of verifying identity and address there. Link to comment Share on other sites More sharing options...
jimmybkk Posted October 9, 2013 Share Posted October 9, 2013 Don't bother with HSBC. Just received a letter informing me I have to close my HSBC Expat (Jersey) account unless I upgrade to a Premier Account which requires that I maintain a balance of GBP 60,000. Bye bye HSBC... Link to comment Share on other sites More sharing options...
NanLaew Posted October 9, 2013 Share Posted October 9, 2013 I was doing some recent research on offshore UK banking and http://www.caterallen.co.uk/sterling-bank-account-for-individuals'>Cater Allen Bank came up in a search. I recall they have presence in CI and IoM and offer Sterling or US Dollar accounts. I also recall reading somewhere else that their service was quite good although that was prior to becoming part of Santander. I think that the lowest minimum opening deposit for some banks is £5000 with their 'standard' accounts and much larger deposits and balances for 'premium' accounts. Then there's variable fees depending on minimum balance maintained and/or size and/or frequency of regular deposits. Most have some form of debit card for ATM use and also have online banking. Also note that normally residents of the banks domicile are barred from opening or holding accounts there. Link to comment Share on other sites More sharing options...
PETERTHEEATER Posted October 9, 2013 Author Share Posted October 9, 2013 I was with HSBC offshore (Jersey) for over 40 years and they closed my accounts with no notice and I had no firefight to get another current account which is why I am with Cooperative. So, I am unsurpried that HSBC is now upping the ante and will never bank with them again on principal. There custome service stinks! My fear is that all the offshore CI and IOM banks currently offering accounts with modest minimum deposits will also follow the same path by shutting down small accounts that are seen (and probably are) non-profitable. I shall take a look at Cater Allen, thanks for the pointer. Link to comment Share on other sites More sharing options...
Soutpeel Posted October 9, 2013 Share Posted October 9, 2013 I have sterling accounts with Lloyds, CI, and with Citibank and HSBC in HK. If your balance is ever too high with any of them they will put a barely financially literate financial adviser on your case to call you up and harass you to do risky short term fx trades (Citibank) or to invest in opaque structured products which provide high fees to the bank (all of them) and point out the risks to investors only in tiny small print not mentioned by the FA. When this starts happening, you need to make a substantial transfer to another bank to shake them off. Banking is not what it used to be. If this is happening and its p*ssing you off may I suggest you transfer to Citi account to Singapore, in all the years I have been with them, never once had a financial advisor contact me peddling anything on the investment front, and i hold quite a significant amount of cash with them The only time I have had any finanical advice off them was on some stuff I specfically asked about, they provided the literature, looked at it decided not yet, they followed up asked if interested, said not at this time, never heard anything again about it Link to comment Share on other sites More sharing options...
PETERTHEEATER Posted October 9, 2013 Author Share Posted October 9, 2013 Just had a call back from Isle of Man Bank in IOM. They are associated with National Westminster Bank. Their websites are similar and lead you round in circles when using the 'Offshore' tab. Anyway, he says he has had dozens of calls from Coop Bank Guernsey customers enquiring the same thing as me. Bottom line, yes, they do offshore but minimum balance is 25k.Usual crap abput having your own financial advisor! Keep looking! Link to comment Share on other sites More sharing options...
chiang mai Posted October 9, 2013 Share Posted October 9, 2013 Perhaps consider using Nationwide Int in IOM as your base account with feeds/transfers to a local Thai bank? Link to comment Share on other sites More sharing options...
PETERTHEEATER Posted October 9, 2013 Author Share Posted October 9, 2013 (edited) Thanks. I shall look at them too. They do only Savings account. I need a Current Account Edited October 9, 2013 by PETERTHEEATER Link to comment Share on other sites More sharing options...
al007 Posted October 9, 2013 Share Posted October 9, 2013 try LLoyds TSB I O M for a premier account they rquire a stement that you have net worth over 100,000 I think self certified there after free international transfers, like I send to sterling account with Bank Bangkok, then change no fee into batt I have visa debit card with lloyds linked to UK clearing system instantaneous transfers like between them and RBS no fees either way, my RBS account has UK address been there a few years if balance drops below 2500 there is a monthly charge every 4/5 weeks i send some money round in a circle like 10,000 to 15000 to just keep them all happy My lloyds TSB has my thailand address and was opened without ever going there Link to comment Share on other sites More sharing options...
ralph81 Posted October 10, 2013 Share Posted October 10, 2013 Try Standard Bank Offshore, out of the Isle of Man. I opened all online, perfect service so far. Check online. Best Regards, Link to comment Share on other sites More sharing options...
regedit Posted October 10, 2013 Share Posted October 10, 2013 My lloyds TSB has my thailand address and was opened without ever going there Was this opened before 2013 ? Link to comment Share on other sites More sharing options...
davee58 Posted October 28, 2013 Share Posted October 28, 2013 The CoOperative bank Guernsey has now updated their website, they are giving the required 30 days termination notice as detailed in their small print. Further to our communication regarding the closure of the Co-operative Bank Guernsey Branch we have continued to develop our plans to close our banking operation on Guernsey. On the 11th October 2013 we sent letters to customers advising them that we are issuing notice of our intention to close all Co-operative Offshore Fixed Term Deposit accounts held at the Guernsey branch. Customers have until close of business on Friday 22nd November 2013 to close their account(s). You will receive interest up to the account closure date. We will also pay £100 as a goodwill gesture to customers who contact us with instructions to close their Offshore Fixed Term Deposit account(s) before close of business on Friday 15th November 2013. I really cannot see any "goodwill gesture" there. Currently my fixed term deposits with the bank are all paying over 3%, under the current climate I will struggle to find 2% elsewhere. Plus the hassle of certified passport copies, and the lost interest days whilst transferring the funds. Link to comment Share on other sites More sharing options...
Crossy Posted October 28, 2013 Share Posted October 28, 2013 try LLoyds TSB I O M for a premier account they rquire a stement that you have net worth over 100,000 I think self certified there after free international transfers, like I send to sterling account with Bank Bangkok, then change no fee into batt I have visa debit card with lloyds linked to UK clearing system instantaneous transfers like between them and RBS no fees either way, my RBS account has UK address been there a few years if balance drops below 2500 there is a monthly charge every 4/5 weeks i send some money round in a circle like 10,000 to 15000 to just keep them all happy My lloyds TSB has my thailand address and was opened without ever going there Yup, same for me Lloyds TSB IOM. Sterling, USD and Euro accounts with Visa debit card for each. Required minimum balances are achievable too. Easy account opening over the net (in 2010, hopefully still reasonably easy). Link to comment Share on other sites More sharing options...
topt Posted October 29, 2013 Share Posted October 29, 2013 try LLoyds TSB I O M for a premier account they rquire a stement that you have net worth over 100,000 I think self certified there after free international transfers, like I send to sterling account with Bank Bangkok, then change no fee into batt I have visa debit card with lloyds linked to UK clearing system instantaneous transfers like between them and RBS no fees either way, my RBS account has UK address been there a few years if balance drops below 2500 there is a monthly charge every 4/5 weeks i send some money round in a circle like 10,000 to 15000 to just keep them all happy My lloyds TSB has my thailand address and was opened without ever going there Yup, same for me Lloyds TSB IOM. Sterling, USD and Euro accounts with Visa debit card for each. Required minimum balances are achievable too. Easy account opening over the net (in 2010, hopefully still reasonably easy). I opened a $USD savings account last year with them and had to send hard copy paperwork to finalise the application so not quite as easy now but you do not have to go there - yet ;-) As I remembered someone else said that they would not open a new account for someone living in Thailand I specifically asked my "account manager" when I spoke to him last week and he said as far as he was aware Thailand was still a country they were committed to so it should not be a problem. PS - and now just Lloyds International - no TSB in the name. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now