Gib/offshore accounts

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Paddy Pumpkin
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Re: Gib/offshore accounts

Postby Paddy Pumpkin » Mon Sep 30, 2019 10:04 pm

qe2ex wrote:
Paddy Pumpkin wrote:
If it is EUR deposits you are after then let me know and I will tell you what is available throughout Europe...don't deposit in Spanish banks


Why not?


The poor interest rates. The over zealous money laundering and funds freezing carried out by the banks.
The arbitrary practice of the hacienda to freeze accounts while they spend a few years to figure out the reason the froze the account was wrong.

Given there is a totally open market in Europe and 20+ other countries to choose from I cannot see any reason to keep a single cent in Spain more than is necessary.

Manchesteral
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Re: Gib/offshore accounts

Postby Manchesteral » Tue Oct 01, 2019 3:15 am

Paddy Pumpkin wrote:
Manchesteral wrote:Without going into personal reasons why, I can recommend Queensgate bank and trust, Georgetown, Grand Cayman.

If you do decide to use Cayman Islands banking I suggest, if you are non resident there, a category A or B bank.


Given there is no deposit insurance scheme it would not be high on my list of places to deposit money.


I've been using the Cayman Islands since 1988, not a problem , why should that change after 30 years ?

qe2ex
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Re: Gib/offshore accounts

Postby qe2ex » Tue Oct 01, 2019 6:32 am

Paddy Pumpkin wrote:
qe2ex wrote:
Paddy Pumpkin wrote:
If it is EUR deposits you are after then let me know and I will tell you what is available throughout Europe...don't deposit in Spanish banks


Why not?


The poor interest rates. The over zealous money laundering and funds freezing carried out by the banks.
The arbitrary practice of the hacienda to freeze accounts while they spend a few years to figure out the reason the froze the account was wrong.

Given there is a totally open market in Europe and 20+ other countries to choose from I cannot see any reason to keep a single cent in Spain more than is necessary.


I see. Do you have any recommendations for the average wage slave paid in EUR that you'd like to share?

Paddy Pumpkin
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Re: Gib/offshore accounts

Postby Paddy Pumpkin » Tue Oct 01, 2019 7:23 am

Manchesteral wrote:
Paddy Pumpkin wrote:
Manchesteral wrote:Without going into personal reasons why, I can recommend Queensgate bank and trust, Georgetown, Grand Cayman.

If you do decide to use Cayman Islands banking I suggest, if you are non resident there, a category A or B bank.


Given there is no deposit insurance scheme it would not be high on my list of places to deposit money.


I've been using the Cayman Islands since 1988, not a problem , why should that change after 30 years ?


You have had a good run, Caledonian bank lasted 44years before it went bust with depositors losing money.

I have never had a car accident in 20 years of driving but I have I insurance. Apart from it being mandatory, would you drive your car without insurance and risk having an accident that could give u a bill that could see every possession you own taken from you?

The Island almost went bust in 2009 and the UK refused to bail it out. The country has no financial backer (unlike smaller EU countries I.e. Cyprus).

Keep your money in Europe, or Singapore both of which have deposit protection schemes that are bigger than they will need and are capable of paying out in the event of any bank failure

Paddy Pumpkin
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Re: Gib/offshore accounts

Postby Paddy Pumpkin » Tue Oct 01, 2019 7:27 am

qe2ex wrote:
Paddy Pumpkin wrote:
qe2ex wrote:
Why not?


The poor interest rates. The over zealous money laundering and funds freezing carried out by the banks.
The arbitrary practice of the hacienda to freeze accounts while they spend a few years to figure out the reason the froze the account was wrong.

Given there is a totally open market in Europe and 20+ other countries to choose from I cannot see any reason to keep a single cent in Spain more than is necessary.


I see. Do you have any recommendations for the average wage slave paid in EUR that you'd like to share?


For every day current account I would use Ferratum bank in Malta, N26 in Germany or Revolut (although as of yet no deposit protection with Revolut, but their multi currency offering is such a winner that I take the risk...but never have much money there)


All of the above offer totally free banking, English speaking and really easy process to open an account.

katy
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Re: Gib/offshore accounts

Postby katy » Tue Oct 01, 2019 11:34 am

A programme on BBC re. bank fraud covered Revolut. Not the banks fault of course but it was about difficulties of speaking to a live person or their lack of response in urgent situations.

qe2ex
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Re: Gib/offshore accounts

Postby qe2ex » Tue Oct 01, 2019 12:19 pm

Paddy Pumpkin wrote:
qe2ex wrote:
Paddy Pumpkin wrote:
The poor interest rates. The over zealous money laundering and funds freezing carried out by the banks.
The arbitrary practice of the hacienda to freeze accounts while they spend a few years to figure out the reason the froze the account was wrong.

Given there is a totally open market in Europe and 20+ other countries to choose from I cannot see any reason to keep a single cent in Spain more than is necessary.


I see. Do you have any recommendations for the average wage slave paid in EUR that you'd like to share?


For every day current account I would use Ferratum bank in Malta, N26 in Germany or Revolut (although as of yet no deposit protection with Revolut, but their multi currency offering is such a winner that I take the risk...but never have much money there)


All of the above offer totally free banking, English speaking and really easy process to open an account.


Thanks for the suggestions. Been using N26 for some months and agree it works well so far, though there's a fair amount of stories regarding them closing/blocking accounts for not necessarily good reasons too.

Upthemountain
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Re: Gib/offshore accounts

Postby Upthemountain » Tue Oct 08, 2019 12:40 pm

Is it possible and okay to have say N26 to operate all our expenses in Spain (bills etc) and close our Sabadell account as they are making so many charges. Will the new chosen bank transfer all direct debits to water electricity etc automatically or could that potentially be a disaster?

Upthemountain
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Re: Gib/offshore accounts

Postby Upthemountain » Tue Oct 08, 2019 12:40 pm

Is it possible and okay to have say N26 to operate all our expenses in Spain (bills etc) and close our Sabadell account as they are making so many charges. Will the new chosen bank transfer all direct debits to water electricity etc automatically or could that potentially be a disaster?

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gerryh
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Re: Gib/offshore accounts

Postby gerryh » Tue Oct 08, 2019 12:50 pm

Are you resident in Spain?
If so, have you told Sabadell that you are resident.
I have an account with Sabadell and am resident and don't pay any charges.
Cheers
Gerry
Gerry Harris

Upthemountain
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Re: Gib/offshore accounts

Postby Upthemountain » Tue Oct 08, 2019 1:21 pm

Not resident yet Gerry. Have an apartment we used for holidays but have just bought a place to move into permanently in Oct/Nov. their charges are extortionate even though we never have been overdrawn or anywhere near. Thinking of N26 if there are no charges, especially for using debit card.

Paddy Pumpkin
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Re: Gib/offshore accounts

Postby Paddy Pumpkin » Tue Oct 08, 2019 2:54 pm

Some companies are difficult about using non-Spanish bank accounts. My recommendation would be to open the N26 account and suck it and see. The n26 account is totally free so nothing to lose.

If you have GBP income when you move here permanently then Revolut would be a better option for you as you can exchange GBP to EUR (or you can have N26 and Revolut also as they are both free)

When you become resident you could use Openbank (santander internet only bank). It's totally free and website is all in English, but only for residents.

elusive
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Re: Gib/offshore accounts

Postby elusive » Tue Oct 08, 2019 4:37 pm

Upthemountain wrote:Not resident yet Gerry. Have an apartment we used for holidays but have just bought a place to move into permanently in Oct/Nov. their charges are extortionate even though we never have been overdrawn or anywhere near. Thinking of N26 if there are no charges, especially for using debit card.


If you pay in x amount a month think its around 700 or if you are an O.A.P and have a O.A.P account there are no charges with sabadell. Like gerry says when you get your residencia tell the bank as the non resident charge will be stopped


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