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Money

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EWmums

EWfood

ewmoda

Offshore Bank Accounts

494

Posts

EW EXPLORER

Latest post on 03 August 2011 - 11:35

DH and I would like to move our money offshore where we do not get stung for tax and currently don't want to send it home to Oz because the $ is ridiculous and we are losing out. We basically want a little nest egg somewhere that is safe so if in case anything happens to DH in particular (touch wood it doesnt) then DS and I can access money when we need it.

TIA

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1280

Posts

EW OLDHAND

Latest post on 03 August 2011 - 16:51

I can highly recommend Lloyds TSB Isle of Man. We've had an account there for the past 5 years & they've been great - the interest rates on offshore accounts are pathetic though! The TSB office on Al Wasl Rd opened the account for us - very helpful. We've also just opened another with HSBC Isle of Man as we now bank with HSBC locally (in Doha) & we don't pay for transfers to the off-shore account (usually approx AED140 to do an overseas transfer). I believe Anglo Irish are offering better rates if that is what you are looking for.

1280

Posts

EW OLDHAND

Latest post on 03 August 2011 - 16:50

The first deposit is normally 5,000 - in whatever currency you open the account in, USD or GBP They have upped it to 10 000. I'm looking into these things as well and so far no luck. Barclays bank in Cayman Island seems to be a good option so far... Hi - just to let you know I have checked with Anglo irish and the info you have been given is incorrect, it is still 5,000 initial deposit to open the account.

25

Posts

EW NEWBIE

Latest post on 03 August 2011 - 15:35

I can highly recommend Lloyds TSB Isle of Man. We've had an account there for the past 5 years & they've been great - the interest rates on offshore accounts are pathetic though! The TSB office on Al Wasl Rd opened the account for us - very helpful. We've also just opened another with HSBC Isle of Man as we now bank with HSBC locally (in Doha) & we don't pay for transfers to the off-shore account (usually approx AED140 to do an overseas transfer).

1848

Posts

EW EXPERT

Latest post on 03 August 2011 - 15:22

The first deposit is normally 5,000 - in whatever currency you open the account in, USD or GBP They have upped it to 10 000. I'm looking into these things as well and so far no luck. Barclays bank in Cayman Island seems to be a good option so far...

1280

Posts

EW OLDHAND

Latest post on 03 August 2011 - 15:19

Kim's is right, I was advised to put money offshore and I went with the Isle of Man, Anglo Irish - pretty good so far!

7

Posts

EW NEWBIE

Latest post on 03 August 2011 - 15:11

Hi Aussie Pup Jersey, Guernsey or Isle of Man would be the best place for sure because they have the best protection rates. A friend of mine is actually working in Dubai with this kind of thing. Let me know if you want me to put youu in touch :) Kim

200

Posts

EW NEWBIE

Latest post on 03 August 2011 - 14:55

Hi AussiePup, i know someone who sends all their money to HSBC in Jersey in the Channel Islands in USD as soon as he gets it into his HSBC acct in the UAE. As it is in USD you don't lose out as the AED is pegged to it. All you will pay is a transfer fee. They think it's wonderful and easy at the same time. Anyway we are trying to keep as much invested in USD until the AUD goes down. We are praying for the day the Oz $ goes down too.. mortgages are stinging right now :(

1280

Posts

EW OLDHAND

Latest post on 03 August 2011 - 13:55

The first deposit is normally 5,000 - in whatever currency you open the account in, USD or GBP

1617

Posts

EW EXPERT

Latest post on 03 August 2011 - 11:55

any of the international banks (HSBC, Citibank, etc) will have offshore accounts but the minumum amount for opening accounts might be quite large.

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