overseas accounts

ambepc

Hello everyone...I have just decided to sign up here as I am intereseted in finding out how I can save money in US dollars as I plan to emigrate in the future and would like to build up substantial savings abroad. Do I need to open an account overseas and is this possible to do if you live in the UK? Also how would it work?

bendix

Most UK banks will have US$ savings accounts. Just ask them.

It's simple.

The money will be held in the UK by the UK bank, but it will be in dollar denominated currency.

ambepc

would I have to make deposits in dollars or pounds? Also I would like to have an account abroad in the country I intend to emigrate to as I travel alot there and would like to avoid all the exchange rate palaver

rockitup

ambepc wrote: »

would I have to make deposits in dollars or pounds? Also I would like to have an account abroad in the country I intend to emigrate to as I travel alot there and would like to avoid all the exchange rate palaver

I have had Sterling and US Dollar current and savings accounts with Citibank London for some years. Also I opened up accounts and a brokerage account with Citibank in the US with sufficient ID like passport, bank statements etc.

Beware of opening accounts with US Banks where you find it near impossible to transfer out money online, I had this problem with Wachovia (now Wells Fargo). You would then have to rely on cheques which can cost you heavily in fees if paying these in to a UK bank.

With Citibank I transfer online immediately through their Global Transfer service which is free ($ to $) and between £ a/c to $ a/c in the UK at good rates (50 pips from mid bank rate if over £50k) Somtimes marginally better rates can be got from Currency Brokers but they can be compared on the day.

ambepc

rockitup wrote: »

I have had Sterling and US Dollar current and savings accounts with Citibank London for some years. Also I opened up accounts and a brokerage account with Citibank in the US with sufficient ID like passport, bank statements etc.

Beware of opening accounts with US Banks where you find it near impossible to transfer out money online, I had this problem with Wachovia (now Wells Fargo). You would then have to rely on cheques which can cost you heavily in fees if paying these in to a UK bank.

With Citibank I transfer online immediately through their Global Transfer service which is free ($ to $) and between £ a/c to $ a/c in the UK at good rates (50 pips from mid bank rate if over £50k) Somtimes marginally better rates can be got from Currency Brokers but they can be compared on the day.

thanks for the info....i want to leave the uk for many personal and traumatic reasons... i am desperately saving every penny i have to move towards my goal as soon as possible in the here and now..for the sake of my health and wellbeing of my children.
I have recently managed to budget my income in severe harsh ways in order to try and save save about £7 or 8k a year and thats by going without a lot of basic things which make life worth living...like going out and treats and holidays etc.I figured i need to sacrifice in the short term in order to reap the benefits in the long term.I earn minimum wage as a cleaner and am a single parent ....I get working and child tax credits and child benefit which supplements my meagre wage. I am a very thrifty person and am adept at making a little go a long way... years of practice living on a low income!!! Hence I can make huge annual savings...I hope!!

So for that reason I need to find out if it is possible to open an account overseas and keep creditors from finding out about any savings i may be able to accumulate. I have looked on the internet and am very wary of a lot of things like security and that authorities may question my ability as a low income minimum wage worker on tax credits to save such amounts without understanding the huge sacrifices i would have made in order to accomplish this. does any one have any deep knowledge about the world of overseas banking? If so please PM me as i need to understand this area as fully as possible. mny thanks.

bendix

Well well well.

So, you want to save in an overseas account to avoid creditors? Nice one. I look forward to seeing a lot of very helpful replies to this. Unfortunately, I won't be contributing to that help.