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Offshore Account Advice Needed?
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theboystu
Posts: 1 Newbie
Hi
I work internationally as a contractor and have always been paid via UK companies/agents in GBP, being a UK resident no probs paid straight into my UK account.
I'm starting to be offered work where i will be paid in either USD or Euro. Know what is the easiest way is it to open an offshore account?
I would like to have one account where i could pay in my wages whether they be in GBP/USD or Euros.
I'm a newbie to this so any advice greatfully received.
Stu
I work internationally as a contractor and have always been paid via UK companies/agents in GBP, being a UK resident no probs paid straight into my UK account.
I'm starting to be offered work where i will be paid in either USD or Euro. Know what is the easiest way is it to open an offshore account?
I would like to have one account where i could pay in my wages whether they be in GBP/USD or Euros.
I'm a newbie to this so any advice greatfully received.
Stu
0
Comments
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Go with a HSBC one in Jersey it is what I have. You can stipulate what currecy you would like it in.
http://www.offshore.hsbc.com/1/2/home0 -
Citibank UK do Euro and Dollar accounts but, like HSBC offshore, not a single account for both currencies (without conversion/commission/handling fees, etc.).I would like to have one account where i could pay in my wages whether they be in GBP/USD or Euros.
There appears to be no minimum balance requirement, unlike HSBC offshore.0 -
It depends where you eventually want to live. I worked outside the UK for about 20 years and converted my salary to UK£ each month and sent it back to offshore saving accounts in Jersey, Isle of Man etc. depending on who was paying the best rate as I intended to retire in the UK.
If you save in Euro or US Dollar your subject to exchange rate fluctuations if you transfer it to the UK in a lump sum, you may be lucky and get a good rate but you may not, by converting it each month some months were good some were bad but it evened out over time.
http://www.moneyfacts.co.uk/money/offshore/1/offshore-no-notice.aspx.aspx list the best offshore saving accounts.
If you do want Euro or US Dollar account there is a link towards the top of the page0 -
One thing: don't use Lloyds TSB offshore accounts. I tried to use a dollar account with them, and they were hopeless. Got a real impression of complete disorganization.Now: off-set mortgage *up-and-running*...
*official Mortgage-free wannabe* :beer:
Then: Epic graduate debts paid off, 2006-20090
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