Thread: Evacuating your cash to a place of safety

Just supposing, hypothetically speaking, a fellow heard the Chancellor's warnings, remembered what happened last time a Labour government collapsed and was therefore considering fleeing Blighty for foreign shores. I'd (err, I mean he'd) be leaving behind the income from pensions, investments and a modest property empire.

He'd need to have a UK bank account somewhere to receive this cash. He'd also need a local bank account to provide a steady flow of funny money to keep him in booze, Viagra and Phillipino love slaves.

What's the best/cheapest way to get your UK income transferred from a British bank to a foreign bank on a regular basis? Some of the pensioners on here who have retired abroad must have to arrange this.

I'd be grateful for any suggestions or info.

While you're waiting, a bit of musing.

With the ability to use a UK debit card in a foreign ATM, is there that much need for a foreign account unless you have to resort to cheques?

If you set up a standing order from your bank to pay into your credit card account at a level that keeps it in the black (unforeseen topping up can be done by a cheque in the post), then you have cash and credit both sorted.

I've worked abroad for months on end and this has worked for me. Moving abroad permanently is just a bit longer (hopefully).

I presume you're considering moving to a place that has ATMs and not somewhere that barters in beads that can only be bought by cheque?

Inside Europe, the Swiss banks charge virtually nothing to accept money regardless of source. There may be a minimum deposit of around 20,000 SFR for new customers and they offer accounts in most currencies and credit/debit cards to take money out. Transaction costs are lower than Channel Islands/IoM offshore for moving money around and the exchange rates are better than UK banks. Go for a Kantonal bank rather than the more well known banks such as UBS/ Credit Suisse/Julius Baer etc. For the super rich there are even more Swiss banks that will look after your money.On the down side the interest rates in Swiss accounts are low compared to Germany/Holland/Belgium.You also need to look at avoiding withholding tax where ever you have your money. Maybe transfer to Switzerland initailly , then transfer to a high interest Channel Island account or fund and syphon the profits back to switzerland and live off that. It really depends on how much you have

An ATM card would be no good if a government imposed a limit on taking money out of the country, as the Liablair party once did years back. Even if you could get it out, the last thing you would want to do is leave a trail of what you are spending and where.

A friend of mine tells me that ofshore companies with nominee directors are the way to do these things, jurisdictions such as Mauritius encourage the setting up of IBCs (International Business Corporations) and don't pass out details to anyone. The trouble is that decent banks are very tetchy about who they deal with, and anonymous banking appears to be practically non existent unless you are a Swiss resident.

Most foreign banks will be happy to open an account in a foreign country if you are legally resident in that country (have an address and a work permit/insurance card - which you can get over the counter in Spain) or are doing business in that country. Nothing to stop a person from using a business centre address or a PO box as a residential address.

But don't be fooled by the internet scams advertising anonymous banking (EGold, EPassport, or exotic sounding banks like FMBE or FIBI) their reputations aren't good. An outfit like Santander, HSBC or Millenium Bank will be far safer.

Perhaps others have different ideas or experiences to share. All hypothetically, of course.

Originally Posted by putteesinmyhands

While you're waiting, a bit of musing.

With the ability to use a UK debit card in a foreign ATM, is there that much need for a foreign account unless you have to resort to cheques?

If you set up a standing order from your bank to pay into your credit card account at a level that keeps it in the black (unforeseen topping up can be done by a cheque in the post), then you have cash and credit both sorted.

I've worked abroad for months on end and this has worked for me. Moving abroad permanently is just a bit longer (hopefully).

I presume you're considering moving to a place that has ATMs and not somewhere that barters in beads that can only be bought by cheque?

I thought most ATMs were expensive abroad - except for Nationwide which was advertising its foreign ATM services as free.

Litotes

AM,

You have just reminded me that there is a programme on Radio 4 this Saturday (06 Sep 0 about the Winter of Discontent in 1978. Usual BBC bias, I imagine, but as I was there, I might listen to it! :(

2100hrs BST, IIRC.

Litotes

Swiss Francs yes - you can open an account at HSBC. No interest paid though. Also gold and silver are cheap. I've bought more silver this morning via ETF PHAG (physical silver). I also hold physical bullion in the form of Eagles and Maples in gold an silver and obviously a few Krugers.

Originally Posted by putteesinmyhands

While you're waiting, a bit of musing.

With the ability to use a UK debit card in a foreign ATM, is there that much need for a foreign account unless you have to resort to cheques?

Yes, you get arse-raped by sh1t exchange rates and I know Visa also tacks on their own charges. Cnuts.

I take my entire pay-packet to the pub every Friday. Safest place I know and if you want proof, A bloke tried to mug me on the way home once. He got feck-all of me!

Originally Posted by Silver_Bull

Swiss Francs yes - you can open an account at HSBC. No interest paid though. Also gold and silver are cheap. I've bought more silver this morning via ETF PHAG (physical silver). I also hold physical bullion in the form of Eagles and Maples in gold an silver and obviously a few Krugers.

If you have gold physically in your possession it can make it difficult to sell on quickly; (quality, amount etc) try Bullion Vault ( no link do your own research you lazy B'stards). Bullion in hand for the odd Global Breakdown should be limited and collectable; such as Royal Mint Silver Coins.
Of course this is MHO.

Originally Posted by Litotes

Originally Posted by putteesinmyhands

While you're waiting, a bit of musing.

With the ability to use a UK debit card in a foreign ATM, is there that much need for a foreign account unless you have to resort to cheques?

If you set up a standing order from your bank to pay into your credit card account at a level that keeps it in the black (unforeseen topping up can be done by a cheque in the post), then you have cash and credit both sorted.

I've worked abroad for months on end and this has worked for me. Moving abroad permanently is just a bit longer (hopefully).

I presume you're considering moving to a place that has ATMs and not somewhere that barters in beads that can only be bought by cheque?

I thought most ATMs were expensive abroad - except for Nationwide which was advertising its foreign ATM services as free.

Litotes

With some credit cards topping up can be done via a telephone call all you need is your UK debit card. 5 minutes of tapping in numbers and the cash is moved from one to the other. Dead easy.

I have an offshore account with the Co-op in Guernsey, they give you an international number to use and you can also do the internet service, quick and easy no mess service, you get a visa card too!

Originally Posted by Letterwritingman

If you have gold physically in your possession it can make it difficult to sell on quickly; (quality, amount etc) try Bullion Vault ( no link do your own research you lazy B'stards). Bullion in hand for the odd Global Breakdown should be limited and collectable; such as Royal Mint Silver Coins.
Of course this is MHO.

I use goldmoney as well as the ETF's. But there's nothing like a roll of silver eagles in your sweaty palms :D

I have explored the Swiss option in the past ... I may have to do so again.

Who CAN you trust with the cash? Especially when most of mine is stuck outside the Compensation Scheme limits [IoM £15k, for example].

Been there and been stung rotten by the EGold scam, wouldn't touch these "bullion" linked outfits again for all the tea in China. Don't know too much about ETFs, though, would appreciate learning more form people with experience in using them.

Swiss francs work for me, Kanton banks the best, bugger all interest but safe as Tony Bliar's retirement fund.