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General => The Common Room => The Lighter Side => Topic started by: Debbie in B.C. on Friday 30 December 05 18:43 GMT (UK)
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Good Morning all,
Off topic, but I'm hoping there are some bank employees here, that can give me some help.
I want to open a sterling account in a U.K. bank, but don't really know who offers the best rates of interest, and the cheapest monthly fees. Ideally, fee free would be the best, as I want the account mainly for holiday money, and direct deposit of pensions.
I have checked a few web sites, Bank of Scotland, AngloIrish, and Halifax, but all three require minimum investments of £5000 or £10,000 to open an offshore account. Ouch!!
The Bank of Scotland main site notes that their regular accounts are only for people living in the U.K., so that counts us out.
Lloyds bank doesn't have the minimum investment, but charges £7.50 per month for a savings account.
Can anyone offer some ideas?
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Debbie
I think a lot depends on what you want the account to do - are the pensions UK based? Or are you transferring from Canada? Will you be making regular transfers from Canada?
Sadly, International transfers may attract fees. Does your bank in Canada have any advice for you?
Cheers, RuthieB
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Hi RuthieB,
The pensions will be U.K. - when we qualify for them, we still have a few years to go there. But mainly I want it for holiday money, and being able to access an account in the U.K. for purchases online.
I haven't asked my bank here in Canada for any advice, I thought it would be like here - open an account, stick money in and do everything online. LOL!
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Hi Debbie,
Some info below from Barclays about offshore banking.
Not something I get asked about much working in a small town branch in the middle of England ;D
http://www.barclays.com/internationalpersonal/ib_3_0_int_pers.htm
Hope this helps
Carol
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Thanks Carol - Barclays requires a minimum £10,000 deposit. That's a bit rich for us. :)
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My experience, as a Canadian who sometimes visits Britain, is that all their banking fees are very high compared to ours, and that they charge (a lot) for absolutely everything. I would doubt that you could get the kind of account you're looking for. You would probably be better off to get the cheques mailed to you and deposit them in your account in Canada; it might be worthwhile to have a Canadian account in a bank which is affiliated with the cheque issuer in England - the banks all have their "cousins" abroad. When you travel, use credit cards; it's about the cheapest way, all things considered. I know you'll be losing on the exchange going both ways, but, if you add it up, you're probably better off this way.
I used to have an account in the US, but I closed it because they were charging me a monthly fee just for NOT using the account! When I had first opened it, it made sense, but not any more.
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Have you tried, www.hsbc.co.uk. They are quite flexible. While I was living abroad they were the only bank that allowed me to open an account, even though I was not living in the uk at that time. Many banks want you to be a resident and to have lived in the uk for at least 6 months before yon can open an account with them.
gjil
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Have you tried, www.hsbc.co.uk. They are quite flexible. While I was living abroad they were the only bank that allowed me to open an account, even though I was not living in the uk at that time. Many banks want you to be a resident and to have lived in the uk for at least 6 months before yon can open an account with them.
gjil
Good idea! I hadn't thought about them. They have a presence in Canada, and are more flexible on a lot of things; being a foreign bank themselves, they are more understanding, I think.
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Thanks loo & gjil for the good ideas!
I will have a look at HSBC, in fact, there is a branch just up the road from me, so I will call in and speak with them.
The residency requirement from the U.K. banks was a real stumbling block! I didn't think there would have been any problems as most of my family in England have accounts out here in Canada, and I opened a US account in Hawaii a couple of years ago. It never occurred to me that opening an account in Britain would be so difficult, or expensive for a non resident.
Happy New Year to everyone!!
Once again, my pals at Rootchat come to my rescue.
Deb :)
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When my daughter was born, a lot of relatives sent money to buy a present. I thought it would be better not to waste this by buying something we didn't need just yet, but to put it into an account, where grandparents etc can put money in.
No such luck. I can't open an account for her as we are not resident in the UK.
My parents cannot open an account for her without her birth cert (not a problem); her passport (she doesn't have a british one, as the costs are ridiculously high, so she has a German one, which they won't accept); and a letter of Custody or Guardianship. So needless to say, she doen't have a UK account.
I only managed to keep an account at the Bank I have used for over 30 years, simply because I have had it that long. I have to use my parents address for correspondence purposes. However I could still be liable for criminal charges for money laundering - apparently according to international law. Funny that my bank (one of the larger internationals) in Germany knows nothing about this.
I think its the UK trying to keep up its isolationist position again. Sorry I can't help at all Debbie. Good luck.
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I think its the UK trying to keep up its isolationist position again
LOL!! I hear you!!
I never did have any luck getting an account. HSBC looked promising, but it didn't pan out, I wrote to Nat West, and they sent me all the banking rules for Australia - goodness knows why, I did tell them I lived in Canada. ???
And Barclays said they would be happy to open an account, "could I just pop in to my local branch to fill in the forms"..... seeing that my closest branch is about 5000 miles away, I think I will give that a miss. tee hee!!
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Hi Debbie,
Do the British have Credit Unions? There used to be Friendly Societies but I am not sure what role they played in the financial world.
My husband went on a teaching exchange many years ago and it was a problem then to establish an account in order for his salary to be transferred from Canada to Britain. One needed letters of recommendation and referral. ( Rather as though one were joining a gentleman's club. )
Beth >:(
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The fees for opening and stringent requirements to apply (passport, birth certficate etc) are all part of the UK laws to prevent money laundering.
About six months ago myself and my mum decided we'd open a joint savings account to save up for having some house improvements done. We both have current accounts with the same small branch of a major bank just down teh road from us. Mum has had her for 30 years I have had mine for 16.
We decided the simplest thing would be to open joint account with them but they STILL required us to take in passports, proof of address, two recent bills, before letting us set account up.
All the other banks we tried (we had shopped around for higher interest accounts) had said we'd have trouble as I'd recently moved back home and there were currently no bills in my name.
It's ridiculous but it's to stop people opening up bank account to commit fraud.
We even went through a similar rigmarole trying to open accounts for brothers children so they could get their allowance from his pension after his death - the bank wanted to be told approximately how much money would be paid into it before they were 18!! Well they were 1, 3 and 5 so we made a stupid guess.
My suggestion would be to contact the company that will paying your pension and see if they can't recommend a bank they use - I'm sure you can't be the first occurrence they've had. Or see about having them pay you in your own currency - then you won't have to pay exchange on it.
Zoe
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Whatever you do Debbie, don't go to Lesannes bank or you'll lose all your money LoL
Barbara 8)
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:D ;D Just reading this and came to your post Barbara.
Exactly what was going through my mind. :D
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Might be harder now since the bank job in Tunbridge when £25-40 million pounds in used notes was stolen.
Jean
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Might be harder now since the bank job in Tunbridge when £25-40 million pounds in used notes was stolen.
Jean
Wasn't me M'lud
Barbara 8)
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;D Oh, what a shame... Now they know how it feels...... :-X
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You tell 'em Lesanne :D
Barbara 8)
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Have you considered Citibank? They have a presence in most countries in the world including the UK & Canada.
Al
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Has there been any advance on this topic Please.
My son recently emigrated to USA and has had trouble with his Civil Service pension contributions via Nationwide.
from experience they are a Building Society and not a clearing Bank but that is the only UK account he has.
Shall be interested to know if Lesanne had any results?
Regards Spring
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As a result , they no longer have my custom. 8)
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I can't open an account for her as we are not resident in the UK.
D, if anyone wants to open an account for your little lass, they can just open it in their own name and e.g. if there is a passbook, simply write on the inside "This is for Child's Name". I read about this in one of my firm's handouts that it does from time to time. It was all to do with trusts for children and it said that this will mean the money is held in trust for her, and when she's 18 she will be entitled to receive it "absolutely", i.e. I think that means in full. I personally would not be all that happy about handing over large sums to 18 year olds - my niece is not getting a sniff of any money until she's 25 at least. Come to think of it, knowing our Charlotte, 40 would be better!
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Hello Debbie
It's simple, just pay your money into an account set up by me
Trust me
M
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Have you tried, www.hsbc.co.uk. They are quite flexible. While I was living abroad they were the only bank that allowed me to open an account, even though I was not living in the uk at that time. Many banks want you to be a resident and to have lived in the uk for at least 6 months before yon can open an account with them.
gjil
Hiya gjil,
The very bank that sprang to my mind. I looked down the list.
Lo and behold you posted the message suggesting this great bank .
I live in Ireland (the UK part). Have a look at the Bank of Ireland too.
http://www.internetnews.com/bus-news/article.php/132061
Have a good Bank Holiday. :D
All the Best, Chris