Offshore accounts (IOM, Chan Is.) Non UK resident

JayEl3

please dont insult me I'm a bit new to these topics (I wrote only a couple of weeks ago)...

would really like some advice from someone..for understanding some basics about offshore accounts - I've checked out Skipton, then on Mann; IOM Bank, Conister, Barclays Int.
(seen on Wallstreetmojo). 

basically I'm coming into some money (c 300k) I want to deposit all, bits, some in a couple of places as savings with easy access or access at 10 days most. Im non UK resident.
I understand to keep each to a max of 50k (security limit).
The likelihood is I'll keep these funds for 1 year or 2 until I buy a property where Im resident (Italy). So basically just safe guarding finance for a short term. Interest would be great but im looking at just keeping funds safe more than anything else..
Am I right in assuming if i needed to completely withdraw everything/ close accounts (to my current bank nominated) I can just do that? is there a specific account name for this type of fund /option?
Im worried about putting money away and then only being able to withdraw small amounts, or very few times per year or even worse having money "locked in" and not all accessible. Sure I'd have to transfer to my bank in Italy and not the UK  - dont have an account there anymore  

Would there be anyone resident in europe in a similar situation with some experience on this? seems not many ppl here tbh...
Obviously a very easy and quick way of opening an account would be wicked! 

I wanted to ask ppl here because it could be more transparent than requesting the info from the banks in question. they could be vague about specifics.
Skipton looks quite a nice bet... but I'll need a couple more accounts as I'll go over 50k. does anyone have other options, or are they pretty much the same?

Sorry for all the questions, as I said I'm quite new to this...

chars!

eskbanker

JayEl3 said:

The likelihood is I'll keep these funds for 1 year or 2 until I buy a property where Im resident (Italy)

If you live in Italy and intend to spend the money there, why not just open savings accounts there for it now?

redux

eskbanker said:

JayEl3 said:

The likelihood is I'll keep these funds for 1 year or 2 until I buy a property where Im resident (Italy)

If you live in Italy and intend to spend the money there, why not just open savings accounts there for it now?

That makes sense to me too. Otherwise there is currency risk in the picture. Great if the pound gets stronger in the mean time, but annoying if it weakens again

wmb194

JayEl3 said:

please dont insult me I'm a bit new to these topics (I wrote only a couple of weeks ago)...

would really like some advice from someone..for understanding some basics about offshore accounts - I've checked out Skipton, then on Mann; IOM Bank, Conister, Barclays Int.
(seen on Wallstreetmojo). 

basically I'm coming into some money (c 300k) I want to deposit all, bits, some in a couple of places as savings with easy access or access at 10 days most. Im non UK resident.
I understand to keep each to a max of 50k (security limit).
The likelihood is I'll keep these funds for 1 year or 2 until I buy a property where Im resident (Italy). So basically just safe guarding finance for a short term. Interest would be great but im looking at just keeping funds safe more than anything else..
Am I right in assuming if i needed to completely withdraw everything/ close accounts (to my current bank nominated) I can just do that? is there a specific account name for this type of fund /option?
Im worried about putting money away and then only being able to withdraw small amounts, or very few times per year or even worse having money "locked in" and not all accessible. Sure I'd have to transfer to my bank in Italy and not the UK  - dont have an account there anymore  

Would there be anyone resident in europe in a similar situation with some experience on this? seems not many ppl here tbh...
Obviously a very easy and quick way of opening an account would be wicked! 

I wanted to ask ppl here because it could be more transparent than requesting the info from the banks in question. they could be vague about specifics.
Skipton looks quite a nice bet... but I'll need a couple more accounts as I'll go over 50k. does anyone have other options, or are they pretty much the same?

Sorry for all the questions, as I said I'm quite new to this...

chars!

Isn't this just a repeat of your last thread but with a little more data ie. you plan to buy in Italy and you don't have an account in the UK? (Which means NS&I is out.)

Generally, if you're looking to buy something in euros fairly soon but your money is in sterling you'd be best to convert it to euros as there's a risk that the exchange rate will move against you and scupper your plans.

On account restrictions, just read the T&Cs. With instant and easy access accounts there wouldn't normally be any but you could run into a bank's daily transfer restrictions on certain payment types, though. You'd have to check this.

https://forums.moneysavingexpert.com/discussion/6446073/savings-accounts-overseas-resident/p1

Albermarle

please dont insult me I'm a bit new to these topics (I wrote only a couple of weeks ago)...

Somewhat strange comment.

You posted a couple of weeks ago and received some helpful replies, so why would you expect to be insulted?

In fact this forum is in the main quite polite/friendly/helpful, for an internet forum anyway !

BeachNut

Conister has poor customer service these days. You can submit an application and hear nothing back, even if you're an existing customer.

JayEl3

wmb194 said:

JayEl3 said:

please dont insult me I'm a bit new to these topics (I wrote only a couple of weeks ago)...

would really like some advice from someone..for understanding some basics about offshore accounts - I've checked out Skipton, then on Mann; IOM Bank, Conister, Barclays Int.
(seen on Wallstreetmojo). 

basically I'm coming into some money (c 300k) I want to deposit all, bits, some in a couple of places as savings with easy access or access at 10 days most. Im non UK resident.
I understand to keep each to a max of 50k (security limit).
The likelihood is I'll keep these funds for 1 year or 2 until I buy a property where Im resident (Italy). So basically just safe guarding finance for a short term. Interest would be great but im looking at just keeping funds safe more than anything else..
Am I right in assuming if i needed to completely withdraw everything/ close accounts (to my current bank nominated) I can just do that? is there a specific account name for this type of fund /option?
Im worried about putting money away and then only being able to withdraw small amounts, or very few times per year or even worse having money "locked in" and not all accessible. Sure I'd have to transfer to my bank in Italy and not the UK  - dont have an account there anymore  

Would there be anyone resident in europe in a similar situation with some experience on this? seems not many ppl here tbh...
Obviously a very easy and quick way of opening an account would be wicked! 

I wanted to ask ppl here because it could be more transparent than requesting the info from the banks in question. they could be vague about specifics.
Skipton looks quite a nice bet... but I'll need a couple more accounts as I'll go over 50k. does anyone have other options, or are they pretty much the same?

Sorry for all the questions, as I said I'm quite new to this...

chars!

Isn't this just a repeat of your last thread but with a little more data ie. you plan to buy in Italy and you don't have an account in the UK? (Which means NS&I is out.)

Generally, if you're looking to buy something in euros fairly soon but your money is in sterling you'd be best to convert it to euros as there's a risk that the exchange rate will move against you and scupper your plans.

On account restrictions, just read the T&Cs. With instant and easy access accounts there wouldn't normally be any but you could run into a bank's daily transfer restrictions on certain payment types, though. You'd have to check this.

https://forums.moneysavingexpert.com/discussion/6446073/savings-accounts-overseas-resident/p1

Yes it's an update on my original thread!!! 

JayEl3

Albermarle said:

please dont insult me I'm a bit new to these topics (I wrote only a couple of weeks ago)...

Somewhat strange comment.

You posted a couple of weeks ago and received some helpful replies, so why would you expect to be insulted?

In fact this forum is in the main quite polite/friendly/helpful, for an internet forum anyway !

Basically for that reason. I'm partly repeating myself, that's why I hoped nobody would tell me off. Just confused I have 2 types of bureaucracy that's all. UK and EU. 

wmb194

JayEl3 said:

wmb194 said:

JayEl3 said:

please dont insult me I'm a bit new to these topics (I wrote only a couple of weeks ago)...

would really like some advice from someone..for understanding some basics about offshore accounts - I've checked out Skipton, then on Mann; IOM Bank, Conister, Barclays Int.
(seen on Wallstreetmojo). 

basically I'm coming into some money (c 300k) I want to deposit all, bits, some in a couple of places as savings with easy access or access at 10 days most. Im non UK resident.
I understand to keep each to a max of 50k (security limit).
The likelihood is I'll keep these funds for 1 year or 2 until I buy a property where Im resident (Italy). So basically just safe guarding finance for a short term. Interest would be great but im looking at just keeping funds safe more than anything else..
Am I right in assuming if i needed to completely withdraw everything/ close accounts (to my current bank nominated) I can just do that? is there a specific account name for this type of fund /option?
Im worried about putting money away and then only being able to withdraw small amounts, or very few times per year or even worse having money "locked in" and not all accessible. Sure I'd have to transfer to my bank in Italy and not the UK  - dont have an account there anymore  

Would there be anyone resident in europe in a similar situation with some experience on this? seems not many ppl here tbh...
Obviously a very easy and quick way of opening an account would be wicked! 

I wanted to ask ppl here because it could be more transparent than requesting the info from the banks in question. they could be vague about specifics.
Skipton looks quite a nice bet... but I'll need a couple more accounts as I'll go over 50k. does anyone have other options, or are they pretty much the same?

Sorry for all the questions, as I said I'm quite new to this...

chars!

Isn't this just a repeat of your last thread but with a little more data ie. you plan to buy in Italy and you don't have an account in the UK? (Which means NS&I is out.)

Generally, if you're looking to buy something in euros fairly soon but your money is in sterling you'd be best to convert it to euros as there's a risk that the exchange rate will move against you and scupper your plans.

On account restrictions, just read the T&Cs. With instant and easy access accounts there wouldn't normally be any but you could run into a bank's daily transfer restrictions on certain payment types, though. You'd have to check this.

https://forums.moneysavingexpert.com/discussion/6446073/savings-accounts-overseas-resident/p1

Yes it's an update on my original thread!!! 

Okay, it's just confusing because you started from scratch without referencing your other thread and you could have just continued the other thread.

Anyway, it occurs to me that if you're in Italy and you want to keep the money in sterling you could open an account with Fineco*, which is an Italian bank that offers multi currency accounts with great FX conversion rates and stockbroking. You could then buy short dated gilts or invest in money market funds in sterling. The only thing it doesn't offer at the moment is conventional savings accounts.

*It also offers accounts in the UK.

JayEl3

wmb194 said:

JayEl3 said:

wmb194 said:

JayEl3 said:

please dont insult me I'm a bit new to these topics (I wrote only a couple of weeks ago)...

would really like some advice from someone..for understanding some basics about offshore accounts - I've checked out Skipton, then on Mann; IOM Bank, Conister, Barclays Int.
(seen on Wallstreetmojo). 

basically I'm coming into some money (c 300k) I want to deposit all, bits, some in a couple of places as savings with easy access or access at 10 days most. Im non UK resident.
I understand to keep each to a max of 50k (security limit).
The likelihood is I'll keep these funds for 1 year or 2 until I buy a property where Im resident (Italy). So basically just safe guarding finance for a short term. Interest would be great but im looking at just keeping funds safe more than anything else..
Am I right in assuming if i needed to completely withdraw everything/ close accounts (to my current bank nominated) I can just do that? is there a specific account name for this type of fund /option?
Im worried about putting money away and then only being able to withdraw small amounts, or very few times per year or even worse having money "locked in" and not all accessible. Sure I'd have to transfer to my bank in Italy and not the UK  - dont have an account there anymore  

Would there be anyone resident in europe in a similar situation with some experience on this? seems not many ppl here tbh...
Obviously a very easy and quick way of opening an account would be wicked! 

I wanted to ask ppl here because it could be more transparent than requesting the info from the banks in question. they could be vague about specifics.
Skipton looks quite a nice bet... but I'll need a couple more accounts as I'll go over 50k. does anyone have other options, or are they pretty much the same?

Sorry for all the questions, as I said I'm quite new to this...

chars!

Isn't this just a repeat of your last thread but with a little more data ie. you plan to buy in Italy and you don't have an account in the UK? (Which means NS&I is out.)

Generally, if you're looking to buy something in euros fairly soon but your money is in sterling you'd be best to convert it to euros as there's a risk that the exchange rate will move against you and scupper your plans.

On account restrictions, just read the T&Cs. With instant and easy access accounts there wouldn't normally be any but you could run into a bank's daily transfer restrictions on certain payment types, though. You'd have to check this.

https://forums.moneysavingexpert.com/discussion/6446073/savings-accounts-overseas-resident/p1

Yes it's an update on my original thread!!! 

Okay, it's just confusing because you started from scratch without referencing your other thread and you could have just continued the other thread.

Anyway, it occurs to me that if you're in Italy and you want to keep the money in sterling you could open an account with Fineco*, which is an Italian bank that offers multi currency accounts with great FX conversion rates and stockbroking. You could then buy short dated gilts or invest in money market funds in sterling. The only thing it doesn't offer at the moment is conventional savings accounts.

*It also offers accounts in the UK.

thanks very much! sorry yes. I had issues and made a new thread. Very kind for your replies, its helped lots thanks you!