Current Account Abroad

sunny2day2

Hi guys, I'm new here, please play nicely!

I'm moving abroad (Barbados, to be exact) soon, and wanted to know what I should be doing in terms of setting up a new bank account. Presumably I can't use my Barclays UK one as I might get charged for overseas transactions? Would a totally online account be appropriate? Or would I have to investigate Barbadian banks once out there? Can I keep my UK one for use in trips back to England and hold another Barbadian one? I have no idea where to start or what to do - help!!!

pin

Hi

If you are moving for work, are you going to be paid into your UK bank account or will you be paid locally?

If you are going to be paid UK£ into your UK account have a look at Nationwide. When spending with them and withdrawing money they don't have any transaction fees.

sunny2day2

Thanks Pin. We're moving for work but it's only my partner that will be working. I'd still like to have my UK bank account for trips back to England and a Barbadian one to use on a day-to-day basis. My partner will be being paid in Barbados Dollars into a local account and also Euros into an offshore account. Just wondered where I stood in the scheme of things and what I should be doing! :-)

BenL

If you use your barclays acc abroad you will get charged.

I'd say move to nationwide to be on the safe side incase you do need to use your account.

Does anyone else on here have a Nationwide acc and live abroad??

At abbey we had criteria people had to meet to get a foreigh add registered on their acc.

Can't remember exactly but it was something to do with length of account being held.

It costs banks more for you to have an account and live abroad as cards, chequebooks are couriered for security and there are admin overheads.

It may mean that the nationwide acc is not possible to get and then register a foreign add.

Hope this helps a bit.

Ben

[Deleted User]

You should probably also be considering what the tax implications of this are, such as where you will be domiciled, or treated as domiciled, for tax purposes. I assume you would prefer the most tax-efficient/least cost option!