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Moving sterling account
Options
Ro2124
Posts: 47 Forumite
Got a bit of a complicated issue with a pound account at the moment- well moved around a lot over the years and got accounts all over the place.
Recently opened some with the online banks like N26, which are useful when you travel a lot.The one causing me the most is hassle is account with Raiffeisen Bank CZ, Czech Republic in Pound Sterling, which I had for years.
Had many problems with them over the years with their restrictive rules, lousy and incompetent customer service,high charges, etc. Eventually with one problem that went on for months without resolution, I finally made a complaint to the Czech banking Ombudsman, who was pretty good and actually found in my favour. So they had to give me free banking for a year, which soon runs out, so I really want rid of this account and crappy bank before that.
Problem is at the moment with this Brexit shambles and the pound bouncing up and down like a bloody yo-yo, have to tread carefully.So want to keep it in pounds for now, until hopefully it stabilizes in the future, so at the moment difficult to find the right solution.
Living in Germany at the moment. Trying British banks is a waste of time, you have to live in Britain to open sterling.
Only exception is Transferwise with whom I also opened an account. Well, they would have been good and could have transferred the money from CZ into Transferwise Sterling account, except one thing that worries me They do not have a deposit protection like normal Banks and as the Sterling amount in the CZ account is quite substantial , concerned about that.Well apparently Transferwise has a "ring fenced" account with Barclays, which they say is safe, but still would have been happier with proper deposit protection scheme.
Well living in Germany at the moment, so with N26 there far as I know its restricted to Euros, whether or not its possible to open an N26 account in Sterling,if not living in UK, I'm not sure. I don't think it is.
Have come across another one, Monese ...Although also does not have a actual deposit protection they do guarantee the actual balance in the account, if things go wrong, is safe and will be repaid in full.
Whether this guarantee is worth anything I don't know, the days you can believe what banks tell you, are gone ,think one should treat promises with caution. Actually thinking about it, it's probably the same as Transferwise and some kind of "ring fenced" effort.
Well ,guess one way to make it a little safer is to open one at Monese as well and then split the CZ Sterling amount , put half in Transferwise and the other half in Monese, then would only lose half if worst would happen and of them goes bust.
Then of course there are other online efforts like Starling, Revolut, Monzo, Bunq and God knows how many others each with their own set of Rules etc ...it's enough to do your head in!
Anyway would be grateful for any useful information about these matters that anyone may have.
Recently opened some with the online banks like N26, which are useful when you travel a lot.The one causing me the most is hassle is account with Raiffeisen Bank CZ, Czech Republic in Pound Sterling, which I had for years.
Had many problems with them over the years with their restrictive rules, lousy and incompetent customer service,high charges, etc. Eventually with one problem that went on for months without resolution, I finally made a complaint to the Czech banking Ombudsman, who was pretty good and actually found in my favour. So they had to give me free banking for a year, which soon runs out, so I really want rid of this account and crappy bank before that.
Problem is at the moment with this Brexit shambles and the pound bouncing up and down like a bloody yo-yo, have to tread carefully.So want to keep it in pounds for now, until hopefully it stabilizes in the future, so at the moment difficult to find the right solution.
Living in Germany at the moment. Trying British banks is a waste of time, you have to live in Britain to open sterling.
Only exception is Transferwise with whom I also opened an account. Well, they would have been good and could have transferred the money from CZ into Transferwise Sterling account, except one thing that worries me They do not have a deposit protection like normal Banks and as the Sterling amount in the CZ account is quite substantial , concerned about that.Well apparently Transferwise has a "ring fenced" account with Barclays, which they say is safe, but still would have been happier with proper deposit protection scheme.
Well living in Germany at the moment, so with N26 there far as I know its restricted to Euros, whether or not its possible to open an N26 account in Sterling,if not living in UK, I'm not sure. I don't think it is.
Have come across another one, Monese ...Although also does not have a actual deposit protection they do guarantee the actual balance in the account, if things go wrong, is safe and will be repaid in full.
Whether this guarantee is worth anything I don't know, the days you can believe what banks tell you, are gone ,think one should treat promises with caution. Actually thinking about it, it's probably the same as Transferwise and some kind of "ring fenced" effort.
Well ,guess one way to make it a little safer is to open one at Monese as well and then split the CZ Sterling amount , put half in Transferwise and the other half in Monese, then would only lose half if worst would happen and of them goes bust.
Then of course there are other online efforts like Starling, Revolut, Monzo, Bunq and God knows how many others each with their own set of Rules etc ...it's enough to do your head in!
Anyway would be grateful for any useful information about these matters that anyone may have.
0
Comments
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Too much paragraph.
Long story short please?0 -
Too much paragraph.
Long story short please?
If i am reading it right:
(and please feel free to correct me if I am not)
OP is living in Germany
Has a CZ bank account with GBP deposited
Wants rid of CZ account, but still wants to keep GBP
Cannot get GBP account as they have no UK address.
Is asking opinions on the likes of Monese, Transferwise, Revolut, etc as an option to transfer the money.0 -
Open an account in the country you reside in, in their currency then!?0
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Open an account in the country you reside in, in their currency then!?
Another option...
https://personal.natwest.com/personal/current-accounts/nonuk_eu_residents_hub.html0 -
If i am reading it right:
(and please feel free to correct me if I am not)
OP is living in Germany
Has a CZ bank account with GBP deposited
Wants rid of CZ account, but still wants to keep GBP
Cannot get GBP account as they have no UK address.
Is asking opinions on the likes of Monese, Transferwise, Revolut, etc as an option to transfer the money.
Yep that about sums it up, guess I did ramble on a bit , on the other hand people complain if you dont say enough, guess one cant win whatever0 -
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Yes thats very interesting, did not know any UK Bank has that option. I will check it out and thanks a lot for the Info.
Just shows sometimes its useful to try forums :-)0 -
I use Revolut. I’m back in UK now but opened it when I lived in Spain. The product is great - good exchange rates etc as long as you don’t have any issues. Customer service is abysmal and they can only be contacted from within the app. I think they have a banking licence now, but the app may still be e-money which does not have deposit protection.0
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Your post was mostly incomprehensible due to the lack of spacing and strung along sentences.
Why is the pound so volatile?
No Brexit fear-mongering please...0 -
Your post was mostly incomprehensible due to the lack of spacing and strung along sentences.
Why is the pound so volatile?
No Brexit fear-mongering please...
Yeah in fact you are correct about that, sadly was bit dodgy how it turned out, actually typed it on another prog as often use speech progs, but when pasting into forum turned out a bit crap, should have edited again, but alas... Anyway other people managed to figure it out , sorry if it was too complicated for you.
As for Brexit I dont need fear mongering, just have to look at Exchange rates to get the idea. Pounds worth diddly crap compared to pre Referendum rate, although slightly improved lately.
Saw yesterday Tesla who intended major investment has decided stuff UK and moved factory to Europe! Yeah brill idea this Brexit, the gift that keeps on giving!0
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