Opening an offshore account

Candidasa

Hello!
Im new to the forum and looking for some guidance on opening an offshore account. I am currently nr/nor in the UK. I have lived in Indonesia for 11 years and have sold the remainder of the lease on my property here. I do not want the purchaser to put the money in the UK but in an offshore account. Can i open an account..say in Guernsey...before i ask for the money to be transferred there (around £30,000) or do you need a certain amount to put in to open the account. If the latter it is a problem for me as I dont have much money to open the account. Can I open the account from here?..I am not in the UK
Help!
Thank you!

Anthorn

The obvious bank to go for is Barclays which does both international and offshore bank accounts in several locations and currencies for non-residents as does some other banks both in U.K. and U.S.A. Barclays also have an online international bank account but that is subject to a £50,000 minimum balance.

http://www.res-non-dom.barclays.com/open-non-resident-bank-account/

missile

Most banks will allow you to open an account online, e.g. see here> http://www.rbsinternational.com/offshore/current-accounts/apply.ashx

You will have to provide evidence to satisfy the money laundering regulations.

Presumably you have a bank in Indonesia? Get the money paid in there and use a currency exchange provider to convert and move the cash to a.n.other account wherever and whenever you want.

gt94sss2

It depends what you are looking for but I would have thought that HSBC was a more obvious choice than Barclays.

HSBC operate retail banks both offshore and in Indonesia - and if you have HSBC accounts in different countries, you benefit from free/discounted money transfers between your accounts.

You are supposed to have a minimum balance to open many of the offshore accounts but if you ask HSBC they may give you 6 months to meet any eligibility critera (i.e. any deposits including the funds you are expecting)

Regards
Sunil

RetiredInThailand

Candidasa wrote: »

Hello!
Can i open an account..say in Guernsey...before i ask for the money to be transferred there (around £30,000) or do you need a certain amount to put in to open the account. If the latter it is a problem for me as I dont have much money to open the account. Can I open the account from here?..I am not in the UK

It sounds as though a savings account would be of more use to you than a current (bank) account.

As such I would be inclined to go with Nationwide International who will certainly open an account prior to the initial deposit being received. You can then have your house sale proceeds transferred there for free via BACS/FPS from within the UK or for a small fee from Indonesia via SWIFT.

Unlike the high-street bank names already given they pay a reasonable interest rate and have low charges.

You will need to prove your identity (certified copy of passport) and address (certified copy of utility bill etc). All this is clearly explained on their website.

Of all the offshore UK banking names Nationwide must be one of the least irritating to deal with, as are LloydsTSB. Santander (ALIM) are far and away the most irritating.

Candidasa

I do not have an Indonesian bank account.
HSBC sounds a good option if they give you 6 months to deposit the funds.
I nwill contact them.
Thank you!