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investing options for UK expat
garnachonovo
Posts: 4 Newbie
Hello,
Struggling to find anything up-to date on existing threads regarding this.
I am due to be overseas for around 2 years. From Uk law it appears I cannot put anything into UK ISAs / open new UK savings accounts whilst I am overseas.
I was wondering about recommendations for investment platforms/banks to allow me to grow my savings, at a better return than the current savings rates, whilst I am overseas.
Thanks in advance
Struggling to find anything up-to date on existing threads regarding this.
I am due to be overseas for around 2 years. From Uk law it appears I cannot put anything into UK ISAs / open new UK savings accounts whilst I am overseas.
I was wondering about recommendations for investment platforms/banks to allow me to grow my savings, at a better return than the current savings rates, whilst I am overseas.
Thanks in advance
0
Comments
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Are you referring to investments or savings? You mention both
Where overseas are you going to be? It can make a big difference - e.g. if its EU or US for example.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Living around West Africa for work. Don't really want to invest in anything locally as I have a poor understanding of how things work here. Talking more about an investing platform, as I don't think I can access any preferential savings rates whilst living abroad. Thanks0
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When I lived in West Africa I found it virtually impossible to open accounts with investment providers anywhere. So do that before you go. Once a general investment account is open you are free to add more funds to it while you are abroad, but as you noted you are not allowed to put money into an ISA.garnachonovo said:Living around West Africa for work. Don't really want to invest in anything locally as I have a poor understanding of how things work here. Talking more about an investing platform, as I don't think I can access any preferential savings rates whilst living abroad. Thanks
You should also consider the currency in which you receive your salary, and the currency in which you will invest. You might find a cost-efficient way to convert currency before paying in to your investment platform, otherwise choose a platform that supports multiple currencies and does not charge an unreasonable amount to convert between them.2 -
Thanks for this. Unfortunately I have just started my time out here so fear I have missed the boat!0
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Do you happen to have an account with HSBC UK? It has a funds platform and offers stockbroking. It tends to be more tolerant than other banks of expats.garnachonovo said:Thanks for this. Unfortunately I have just started my time out here so fear I have missed the boat!
Otherwise perhaps a provider in e.g., the Channel Islands might offer you something.0 -
yes HSBC seems to have a very user friendly investment interface, but sadly not eligible from countries here0
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