Offshore accounts

expatasia

rockitup wrote: »

I had a quite large deposit held with Alliance & Leicester Offshore (IOM) at the time of the Icelandic Banks failing and showing up the weaknesses in the depositor's compensation scheme.

Can anyone work out from this updated page how much the depositors of Kaupthing Singer and Friedlander (Isle of Man) have managed to claw back over and above the 50k?

https://www.dcs.im/dcs/dcs.nsf/220509

rockitup

expatasia wrote: »

Surely Barclays would refer you to Guernsey if applying from overseas for products at London? That just happened to a colleague here.

As for 'stable' Santander (Bradford & Bingley) in IOM I'd not touch them either, besides they are arrogant in demanding (as well as the standard certified ID/address proof) ridiculous levels of evidence of source of wealth/funds ie. want translated wage slips/bank statements etc. No, gracias.


Anybody happen to know how many savers in banks in W Europe have actually got shafted and lost their deposits?

Cheers

I am just going through the account opening process and do read every word on their website. Barclays agreed that I can hold my funds in London to benefit from the £85,000 FSCS limit (hence me posting the info), I am also an Expat in Asia.

I chose Barclays mainly because of their size and also that I can transfer cash between my current, share dealing, spread betting and CFD accounts with least hassle.

Baldur

expatasia wrote: »

Can anyone work out from this updated page how much the depositors of Kaupthing Singer and Friedlander (Isle of Man) have managed to claw back over and above the 50k?

https://www.dcs.im/dcs/dcs.nsf/220509

Examples for eligible single/joint account holders & various deposit amounts are given here - https://www.dcs.im/dcs/dcs.nsf/ExamplesIndex

expatasia

rockitup wrote: »

I am just going through the account opening process and do read every word on their website. Barclays agreed that I can hold my funds in London to benefit from the £85,000 FSCS limit (hence me posting the info), I am also an Expat in Asia.

That surprises me but it is good news. (Unlike other UK banks offshore) will they charge you obligatory monthly fees for maintaining current account and/or savings accounts? Even so it would be worth it for peace of mind reasons I guess. :cool:

northerner77

rockitup wrote: »

I had a quite large deposit held with Alliance & Leicester Offshore (IOM) at the time of the Icelandic Banks failing and showing up the weaknesses in the depositor's compensation scheme.

Santander were also going through the motions of taking over A & L around that time, but when I tried to withdraw large chunks of my savings by CHAPS transfer, 2 transfers were delayed by up to a week.

Ultimately what was given as the concrete reason for the delay(s)?

meatandtwoveg

Scenario...................

I am a permanent resident in Australia, i live there 365 days a year.

I have £100k in a Nationwide International Savings bond, i opened this account before i leave/left the UK.

I have an permanent address in Australia, which is on the account.

I pay no tax to the HMRC, i declare all income to the ATO, as i am a tax resident in Australia, so if the rate is 3.7% gross, i get 3.7% gross interest. But pay tax on this to the ATO.


With the poor exchange rate it works out very well...........

property.advert

meatandtwoveg wrote: »

Scenario...................

I am a permanent resident in Australia, i live there 365 days a year.

I have £100k in a Nationwide International Savings bond, i opened this account before i leave/left the UK.

I have an permanent address in Australia, which is on the account.

I pay no tax to the HMRC, i declare all income to the ATO, as i am a tax resident in Australia, so if the rate is 3.7% gross, i get 3.7% gross interest. But pay tax on this to the ATO.


With the poor exchange rate it works out very well...........

OZ and the UK have some cozy relationship though. Up to you to declare it to the Oz authorities - not really sure how they'd find out about it if you didn't - but if you were in other countries, you could legally not have to pay tax on it.

rockitup

expatasia wrote: »

That surprises me but it is good news. (Unlike other UK banks offshore) will they charge you obligatory monthly fees for maintaining current account and/or savings accounts? Even so it would be worth it for peace of mind reasons I guess. :cool:

Yes, there are fees if your total account relationship is less than £50k and interest rates are not great apart from their regular saver. But as you say for peace of mind and not to worry about how long and how much the IOM and Channel Islands compensation schemes will pay out.

I had a substantial deposit with an Icelandic bank but pulled that out 8 months before they were closed down when I read the early rumours regarding the banking troubles brewing up there, 7% was an attractive interest rate but I slept better with 5%....

rockitup

northerner77 wrote: »

Ultimately what was given as the concrete reason for the delay(s)?

The real reason had to be the tremendous money flows out of the remaining Isle of Man Banks, but the snooty woman I spoke to at A & L said "It will reach your account on the same day that we decide to release the funds"

Needless to say I emptied the rest of my account asap...

expatasia

rockitup wrote: »

The real reason had to be the tremendous money flows out of the remaining Isle of Man Banks, but the snooty woman I spoke to at A & L said "It will reach your account on the same day that we decide to release the funds"

Needless to say I emptied the rest of my account asap...

I've almost never spoken to anybody at an offshore bank but that reminds me of when I phoned Nationwide International a couple of years back after they sent me a brochure. I brought up the depositors compensation scheme topic and the lady shrugged it off with 'we are the biggest building society in the world' and hinted that 'they don't have any money to pay out to depositors in case of a failure' (referring to UK govt and their banks). Bizarre!