Offshore Banking

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Dazza
Low Seater

Joined: Feb 02, 2006
Posts: 3071
Location: In the city of cold steel

Posted: July 13, 2006 - 04:17 AM
Post subject: Offshore Banking

Hey,

Need some advice on this subject so would be appreciated.

I already have a BOC account, but have made enquires into opening an offshore account with my Current UK bank Lloyds to stick some back up and emergency funds in.

I understand that it can be 3 currencies Pound, Euro and US Dollar, and it will be based on The Isle Of Man.

They advise that they can supply me with a cash card and cheque book which I can use in Shanghai at ATMs etc.

And I will use my BOC account for salary earned in Shanghai.

Questions are:-

How many of you here use this method of banking from UK preferably?

Is there any problem drawing money from the local Banks?

I assume it will convert into RMB?

Are there any other advantages.

Tthey are sending me loads of guff in the post tomorrow, Just wanting to check that its ok to bank by this method while in China.

Thanx

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hammerforlife
Fire-eater

Joined: May 24, 2004
Posts: 2701

Posted: July 13, 2006 - 09:23 AM

Excuse my ignorance but what advantages does this give you over a normal UK bank account? They will pay interest on savings tax free but a UK bank will do that if you are working as an expat and apply for it. You've obviously looked into it so I would be interested to hear.

I'm sure when you withdraw funds here it will be an RMB equivalent.