Opening an overseas bank account?

[Deleted User]

Paranoid maybe, but seeing the poor people fleeing Kiev, and having witnessed the currency collapse in Argentina, I’m wondering how to put some savings abroad.  Any such bank accounts available to us that provide a debit card you can use around the world, and whatever happens to the UK and the pound I’ll be protected?

cx6

I would imagine that if anything 'happened to the UK' that other banks abroad would be affected. That is why the gold price is up.

Thrugelmir

[Deleted User] said:

Paranoid maybe, but seeing the poor people fleeing Kiev, and having witnessed the currency collapse in Argentina, I’m wondering how to put some savings abroad.  

Wouldn't that be the last thing you'd do?  

[Deleted User]

I have friends who do have multi currency bank accounts that are designed for frequent travellers which are a cheaper than just using your U.K. card abroad.  Not sure if these accounts are actually based abroad though.   Personally I think the euro and us dollar are much safer bets than the pound at the moment - we have Brexit exacerbating inflation, and a government and population addicted to cheap borrowing.

wmb194

[Deleted User] said:

Paranoid maybe, but seeing the poor people fleeing Kiev, and having witnessed the currency collapse in Argentina, I’m wondering how to put some savings abroad.  Any such bank accounts available to us that provide a debit card you can use around the world, and whatever happens to the UK and the pound I’ll be protected?

Fineco is an Italian bank with an ability to use multi currencies, is available to UK residents and has an office in London. IIRC it offers sterling and euro denominated debit cards.

Daliah

[Deleted User] said:

Paranoid maybe, but seeing the poor people fleeing Kiev, and having witnessed the currency collapse in Argentina, I’m wondering how to put some savings abroad.  Any such bank accounts available to us that provide a debit card you can use around the world, and whatever happens to the UK and the pound I’ll be protected?

Which foreign currency did you have in mind?

[Deleted User]

Daliah said:

[Deleted User] said:

Paranoid maybe, but seeing the poor people fleeing Kiev, and having witnessed the currency collapse in Argentina, I’m wondering how to put some savings abroad.  Any such bank accounts available to us that provide a debit card you can use around the world, and whatever happens to the UK and the pound I’ll be protected?

Which foreign currency did you have in mind?

US dollars, euros, or Swiss francs

Daliah

Sportacus said:

Daliah said:

Sportacus said:

Paranoid maybe, but seeing the poor people fleeing Kiev, and having witnessed the currency collapse in Argentina, I’m wondering how to put some savings abroad.  Any such bank accounts available to us that provide a debit card you can use around the world, and whatever happens to the UK and the pound I’ll be protected?

Which foreign currency did you have in mind?

US dollars, euros, or Swiss francs

How will these currencies be safer than Sterling? Which currency sets the safety standard in your opinion?

adindas

[Deleted User] said:

I have friends who do have multi currency bank accounts that are designed for frequent travellers which are a cheaper than just using your U.K. card abroad.  Not sure if these accounts are actually based abroad though.   Personally I think the euro and us dollar are much safer bets than the pound at the moment - we have Brexit exacerbating inflation, and a government and population addicted to cheap borrowing.

Having multi currency bank accounts and having AC account in foreign bank are two different things.

chiang_mai

Overseas bank accounts are increasingly more difficult to open because of FATCA and money laundering rules, but it's easy enough if you have a longer stay visa. Banks here in Thailand are making foreigners jump through hoops in order to open an account and most will not transact with any mainland US bank or account. Foreign currency accounts are OK for some but they are not cheap, banks here charge an annual holding fee plus FOREX commission in lieu of exchange if the funds are not converted into local currency at some point. Several countries offer non-resident bank accounts which absolve the account holder of any local tax obligations and are far easier to open than resident accounts but not everyone has heard of them.

adindas

chiang_mai said:

Overseas bank accounts are increasingly more difficult to open because of FATCA and money laundering rules, but it's easy enough if you have a longer stay visa. Banks here in Thailand are making foreigners jump through hoops in order to open an account and most will not transact with any mainland US bank or account. Foreign currency accounts are OK for some but they are not cheap, banks here charge an annual holding fee plus FOREX commission in lieu of exchange if the funds are not converted into local currency at some point. Several countries offer non-resident bank accounts which absolve the account holder of any local tax obligations and are far easier to open than resident accounts but not everyone has heard of them.

If you search this forum there are quite a few discussion that N26, DKB Bank, Comdirect Bank, KBC bank used to offer Euro bank account for Non residence.Some UK residence have managed to open it. But it is not far easier to open than the people who has residency right in the respective country.