Deleted
Deleted Member
Posts: 0
Likes:
|
Post by Deleted on Feb 20, 2016 8:25:51 GMT 7
What's the rant with offshore banking?
It's a big thing in every John Grisham novel, but what's the real story? Forget ethics and morals. If I put in my paltry hundred bucks a week, will it make more than at my local bank? Will they even talk to me about starting an account with a hundred bucks? Most important, if I don't pay taxes on it here, do I have to pay taxes in the Cayman Islands or the Bahamas, etc.? I have a Swiss bank account but I though of trying other options out.
|
|
|
|
Post by Soutpeel on Feb 20, 2016 8:44:41 GMT 7
The "offshore banks" of John Grisham et al don't really exist
How ever from a tax perspective, you can side step taxes....for example I have a an "offshore" account in Singapore and as I am not a resident of Singapore, I am not obliged to pay any taxes in Singapore, regards the "deal" you get with them as regards interest, no different from your own account...eg these days the interest rates suck...
There are some countries that offer quite high interest rates on certain currencies, but one would question how stable these countries are with regard to putting your money with them...
if in reality we are talking a hundred bucks a week, you will struggle getting an "offshore account" as typically they want a significant chunk of change off you to open the account, I stand to be corrected by Fletch, but believe with the likes of Citi in Singapore, they want you to hold around Sing dollar 200k with them, I know to get the Citi gold account, ie no bank fees and a few other perks they want USD 150k on deposit with them
|
|
naam
Crazy Mango
Posts: 46 
Likes: 57
|
Post by naam on Feb 20, 2016 10:12:51 GMT 7
no taxes in Singapore on your investment income/capital gains even when resident. gold accounts (plural) Citi:  |
|
|
|
Post by Soutpeel on Feb 20, 2016 10:15:13 GMT 7
no taxes in Singapore on your investment income/capital gains even when resident. gold accounts (plural) Citi: gone up...its USD 200k now... |
|
AyG
Crazy Mango Extraordinaire
Posts: 5,871
Likes: 4,555
|
Post by AyG on Feb 20, 2016 10:22:11 GMT 7
if in reality we are talking a hundred bucks a week, you will struggle getting an "offshore account" as typically they want a significant chunk of change off you to open the account It depends upon the type of account. For example, with Nationwide International (Isle of Man) the minimum amount is GBP 1.00 - no annual charge. However, you don't get a debit card or chequebook, and all withdrawals to Thailand are made by SWIFT, which is expensive. It suits me as a place to accumulate income received throughout the year and then make a single transfer to Thailand. That, plus accounts in the UK and Thailand are all I need. For "full service" offshore accounts you do have to deposit a lot of money, or buy a lot of their funds. |
|
naam
Crazy Mango
Posts: 46
Likes: 57
|
Post by naam on Feb 20, 2016 10:24:25 GMT 7
Citi SG = bunch of clowns! we were looking to spread our cash (too much in one bank). 4 emails, 3 times called at home by marketing lady speaking Singlish at machine gun speed. can't answer any question concerning trading respectively custodial fees.
last mail i got was yesterday ending "As spoken, please kindly let me know if you have a confirmed date and time you and your wife would like to come down to Singapore for your account opening."
|
|
|
|
Post by Soutpeel on Feb 20, 2016 10:37:06 GMT 7
if in reality we are talking a hundred bucks a week, you will struggle getting an "offshore account" as typically they want a significant chunk of change off you to open the account It depends upon the type of account. For example, with Nationwide International (Isle of Man) the minimum amount is GBP 1.00 - no annual charge. However, you don't get a debit card or chequebook, and all withdrawals to Thailand are made by SWIFT, which is expensive. It suits me as a place to accumulate income received throughout the year and then make a single transfer to Thailand. That, plus accounts in the UK and Thailand are all I need. For "full service" offshore accounts you do have to deposit a lot of money, or buy a lot of their funds. To be honest you dont really get too much with a "full service" account either...as mentioned I have a Citi account, other than the no banking fee's, the only thing worthwhile is direct access to the "relationship manager"...none of the press "1" for English, Press "2" etc if you want them to do something, Cant really fault Citi for their customer service in Singapore always responsive and proactive and if there are issues which in my case was caused by "other parties" they do their best to sort things out A couple of years ago I had the Citi bank great credit card fiasco going on, caused by DHL Thailand and I am sure Citi was getting sick of me phoning up telling them DHL had sent the CC back to them "again"....and can you cancel the card you sent and send me a new one...and all because...DHL had transcribed my mobile phone number wrong and switched the last 2 digits in their all singing / dancing computer system...  .....which resulted in Uncle Soutie chasing his credit card through all the DHL depots in Thailand |
|
|
|
Post by Soutpeel on Feb 20, 2016 10:38:54 GMT 7
Citi SG = bunch of clowns! we were looking to spread our cash (too much in one bank). 4 emails, 3 times called at home by marketing lady speaking Singlish at machine gun speed. can't answer any question concerning trading respectively custodial fees. last mail i got was yesterday ending "As spoken, please kindly let me know if you have a confirmed date and time you and your wife would like to come down to Singapore for your account opening." Citi SG or Citi IPB SG ?...two "different" banks....been with Citi IPB for many years and cant fault their customer service honestly. |
|
smokie36
Vigilante
Posts: 15,745
Likes: 9,150
|
Post by smokie36 on Feb 21, 2016 21:51:28 GMT 7
Foreign Currency Account at Standard Chartered pays 3% at the moment which isn't bad way to store your cash till the rate improves.
|
|
naam
Crazy Mango
Posts: 46
Likes: 57
|
Post by naam on Feb 23, 2016 17:17:09 GMT 7
Foreign Currency Account at Standard Chartered pays 3% at the moment which isn't bad way to store your cash till the rate improves. what currency? cowrie shells? shrink heads? Angolan Kwanza? |
|
naam
Crazy Mango
Posts: 46
Likes: 57
|
Post by naam on Feb 23, 2016 17:19:53 GMT 7
Citi SG = bunch of clowns! we were looking to spread our cash (too much in one bank). 4 emails, 3 times called at home by marketing lady speaking Singlish at machine gun speed. can't answer any question concerning trading respectively custodial fees. last mail i got was yesterday ending "As spoken, please kindly let me know if you have a confirmed date and time you and your wife would like to come down to Singapore for your account opening." Citi SG or Citi IPB SG ?...two "different" banks....been with Citi IPB for many years and cant fault their customer service honestly. Business Development Manager Customer Franchise Development International Personal Bank Citibank Singapore Ltd 23 Church Street, #07-01 Capital Square, Singapore 049481 Company Reg. No. : 200309485K |
|
smokie36
Vigilante
Posts: 15,745
Likes: 9,150
|
Post by smokie36 on Feb 23, 2016 21:14:23 GMT 7
Foreign Currency Account at Standard Chartered pays 3% at the moment which isn't bad way to store your cash till the rate improves. what currency? cowrie shells? shrink heads? Angolan Kwanza? GBP old chap. |
|
|
|
Post by rgs2001uk on Feb 23, 2016 21:22:15 GMT 7
what currency? cowrie shells? shrink heads? Angolan Kwanza? GBP old chap. Details please, I want some of that. |
|
smokie36
Vigilante
Posts: 15,745
Likes: 9,150
|
Post by smokie36 on Feb 23, 2016 21:27:12 GMT 7
Details please, I want some of that. You need to deposit in Sterling....when you want you can withdraw the Sterling and convert to Baht. Pretty simple really. |
|
|
|
Post by Fletchsmile on Feb 24, 2016 10:07:57 GMT 7
Details please, I want some of that. You need to deposit in Sterling....when you want you can withdraw the Sterling and convert to Baht. Pretty simple really. Is that StanChart Thailand with one of their promotional rates to attract GBP FCY deposits they run from time to time or are you talking StanChart Singapore? |
|
.....which resulted in Uncle Soutie chasing his credit card through all the DHL depots in Thailand
