U.K. Bank accounts after 31/12/2020

Headers
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Re: U.K. Bank accounts after 31/12/2020

Post by Headers »

I have been investigating various alternatives. Today’s was NatWest International based on Jersey. They have an operating licence for most of the eu countries but not all. They have criteria for an account. The minimum deposit of 5000 was much lower than I thought it would be. They have banking protection like in the U.K. 85k limit.
They offer online, cheques and paying in facilities.

They are being inundated with requests for info at the moment.

I now need to check if our pension providers will pay into a jersey based sterling account.

They recognise the use of transferwise for moving from one currency to another.

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Re: U.K. Bank accounts after 31/12/2020

Post by Timoth »

I have used NatWest Jersey since 1972; an excellent bank thus far which functions as any British mainland bank. My account has no capital requirement placed on it. May it never change!

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Re: U.K. Bank accounts after 31/12/2020

Post by JohnnyD »

Headers wrote:
Fri Oct 02, 2020 1:45 pm
I have been investigating various alternatives. Today’s was NatWest International based on Jersey. They have an operating licence for most of the eu countries but not all. They have criteria for an account. The minimum deposit of 5000 was much lower than I thought it would be. They have banking protection like in the U.K. 85k limit.
They offer online, cheques and paying in facilities.

They are being inundated with requests for info at the moment.

I now need to check if our pension providers will pay into a jersey based sterling account.

They recognise the use of transferwise for moving from one currency to another.
Is this the Select Account on the natwestinternational site? I can't see where it says mon £5000 anywhere?

JD

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Re: U.K. Bank accounts after 31/12/2020

Post by rabbit »

Headers wrote:
Fri Oct 02, 2020 1:45 pm
I have been investigating various alternatives. Today’s was NatWest International based on Jersey. They have an operating licence for most of the eu countries but not all. They have criteria for an account. The minimum deposit of 5000 was much lower than I thought it would be. They have banking protection like in the U.K. 85k limit.
They offer online, cheques and paying in facilities.

They are being inundated with requests for info at the moment.

I now need to check if our pension providers will pay into a jersey based sterling account.

They recognise the use of transferwise for moving from one currency to another.
"They recognise the use of transferwise for moving from one currency to another."
I don't understand this comment. Transferwise are independent of them why would they have any say as to where you transfer your money other than anti money laundering?

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Re: U.K. Bank accounts after 31/12/2020

Post by Fitter »

Aardvark wrote:
Fri Oct 02, 2020 12:02 pm
And most of the expats in the area are minted, so ripe for the picking for a greedy bank like Barclays.
Barclays is already established in Monaco - the minimum bank deposit required to get a letter of financial good standing for residency is a cool million euro's.
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Re: U.K. Bank accounts after 31/12/2020

Post by curtis »

I tried to ring my bank last night at midnight. There was a twenty minute wait as a surfeit of calls owing to Covid (apparently).
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Re: U.K. Bank accounts after 31/12/2020

Post by JohnnyD »

curtis wrote:
Fri Oct 02, 2020 5:37 pm
I tried to ring my bank last night at midnight. There was a twenty minute wait as a surfeit of calls owing to Covid (apparently).
Midnight.....is that wise Mr Mainwaring?

:lol:

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Re: U.K. Bank accounts after 31/12/2020

Post by Aardvark »

Fitter wrote:
Fri Oct 02, 2020 4:14 pm
Aardvark wrote:
Fri Oct 02, 2020 12:02 pm
And most of the expats in the area are minted, so ripe for the picking for a greedy bank like Barclays.
Barclays is already established in Monaco - the minimum bank deposit required to get a letter of financial good standing for residency is a cool million euro's.
Not surprising. I recall reading that some years ago they had to pay an eye-watering fine for their role in a money laundering case in Central America.

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Re: U.K. Bank accounts after 31/12/2020

Post by Headers »

JohnnyD wrote:
Fri Oct 02, 2020 2:44 pm
Headers wrote:
Fri Oct 02, 2020 1:45 pm
I have been investigating various alternatives. Today’s was NatWest International based on Jersey. They have an operating licence for most of the eu countries but not all. They have criteria for an account. The minimum deposit of 5000 was much lower than I thought it would be. They have banking protection like in the U.K. 85k limit.
They offer online, cheques and paying in facilities.

They are being inundated with requests for info at the moment.

I now need to check if our pension providers will pay into a jersey based sterling account.

They recognise the use of transferwise for moving from one currency to another.
Is this the Select Account on the natwestinternational site? I can't see where it says mon £5000 anywhere?



JD
I went through the criteria with NatWest International Jersey today. 5k held in the bank account is one of their qualifying criteria. Apparently It has very recently been reduced from 25k. Did they see this coming?

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Re: U.K. Bank accounts after 31/12/2020

Post by Headers »

rabbit wrote:
Fri Oct 02, 2020 2:53 pm
Headers wrote:
Fri Oct 02, 2020 1:45 pm
I have been investigating various alternatives. Today’s was NatWest International based on Jersey. They have an operating licence for most of the eu countries but not all. They have criteria for an account. The minimum deposit of 5000 was much lower than I thought it would be. They have banking protection like in the U.K. 85k limit.
They offer online, cheques and paying in facilities.

They are being inundated with requests for info at the moment.

I now need to check if our pension providers will pay into a jersey based sterling account.

They recognise the use of transferwise for moving from one currency to another.
"They recognise the use of transferwise for moving from one currency to another."
I don't understand this comment. Transferwise are independent of them why would they have any say as to where you transfer your money other than anti money laundering?
I just wanted to make sure that I had the same level of access as I currently have. I’ve never used an offshore account. It could have had some wierd restriction on it.

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