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Banking

Discussion in 'Teaching abroad' started by spanboy, Jan 6, 2019.

  1. spanboy

    spanboy Occasional commenter

    This year we've decided to 100% liquidate all our assets in Spain and close any UK and Spanish bank accounts for various reasons (not Brexit). We can't see ourselves returning to work in European countries after becoming accustomed to much higher salaries elsewhere in the World, with more power to save, given teaching packages/bonuses etc. Though never say never...

    My question is: any advice on where to put the money from sales of properties and savings from future income? I guess we will need some sort of account to work from, be it a purely online one or whatever. Obviously we have accounts where our salary goes (currently China) but I would feel happier if we had more of a secure, international account (if there is such a thing) which we could use irrespective of our location. We're happy to lodge with a bank paying little interest and don't want to enter into any great risks.

    Anyone in (or have been in) this position also, and able to offer suggestions? Many thanks.
     
  2. SecondPlace

    SecondPlace Occasional commenter

    I had a UK bank account that I closed when I left the UK, and I wish I hadn't as it's not possible to open an account as a non-resident. This may be different if you own property in the UK, but I don't. That's something to think about, although you state various reasons. For me, I would like to have the option of the UK, as it feels safer than some other places.

    I would suggest looking offshore - Isle of Man. They have banks that I think will do what you require. How easy it is to open the accounts I don't know.

    Or maybe Switzerland, although you may require a large sum to open an account.
     
    spanboy likes this.
  3. spanboy

    spanboy Occasional commenter

    Thanks - I still have an account with HSBC in the UK with about 10 quid in. No property there. Thanks for your suggestions. Will look into IOM. Cheers
     
  4. gulfgolf

    gulfgolf Established commenter

    Make sure to keep the account active. If you don’t occasionally do some banking, they’ll close it.
     
    Helen-Back and spanboy like this.
  5. sparklesparkle

    sparklesparkle Established commenter

    UK accounts are guaranteed for losses up to £85k, if they're part of the Financial Compensation Scheme. That would be more important to me than chasing risky returns elsewhere. If it were me, I'd leave the money in the HSBC account until you have a plan for it.
     
    576 likes this.
  6. amysdad

    amysdad Established commenter

    If you've got an HSBC account in the UK then speak to them - they have an international banking section which would allow you to have the bulk of the funds offshore but operate it as a UK account. Lloyds Bank have something similar.
     
  7. miketribe

    miketribe Established commenter

    We had quite a bit of trouble opening an account in England a couple of years ago, so I would certainly recommend keeping your existing account active. We used to have accounts in IoM & Gibraltar, but with the reporting regulations, we didn’t see any point in keeping them open...
     
  8. sparklesparkle

    sparklesparkle Established commenter

    An offshore account may not be protected by the Financial Compensation Scheme. I would ask for an assurance in writing before converting your account to an offshore one.
     
  9. the hippo

    the hippo Lead commenter Community helper

    I still have a bank account in the UK. Okay, there is not a huge pile of cash in that account, I but I still find it helpful for one or two odds and ends.
     
    Helen-Back and Mermaid7 like this.
  10. Rott Weiler

    Rott Weiler Star commenter Forum guide

    The Financial Compensation Scheme only covers UK banks authorised in the UK by the Prudential Regulation Authority (and branches of EU/EEA banks operating in the UK). Offshore subsidiaries are not covered - IoM Channel Islands etc. You can check the banks covered here.

    https://www.bankofengland.co.uk/pru...ations/financial-services-compensation-scheme
     
  11. sparklesparkle

    sparklesparkle Established commenter

    I don't need to but for the OP I'd say it's essential.
     

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