# Planning for a Move in 2 years



## thetink (Apr 10, 2010)

Hi, just wondered if I could have your opinion on:
1. Which English banks are happy for you to keep an account in the UK despite residing permanently in Cyprus?
2. People's experience of forex accounts or off shore banking.


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## Geraldine (Jan 3, 2009)

1. HSBC is one bank.


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## PatandDave (Jul 15, 2012)

thetink said:


> Hi, just wondered if I could have your opinion on:
> 1. Which English banks are happy for you to keep an account in the UK despite residing permanently in Cyprus?
> 2. People's experience of forex accounts or off shore banking.


We are staying with Barclays and have spoken with our personal banker who has given us advise and best deals etc for transferring funds etc!


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## 5Stingray5 (Dec 21, 2012)

thetink said:


> Hi, just wondered if I could have your opinion on:
> 1. Which English banks are happy for you to keep an account in the UK despite residing permanently in Cyprus?
> 2. People's experience of forex accounts or off shore banking.


Are you giving up your UK address?


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## thetink (Apr 10, 2010)

Hi, possibly yes, although may buy an investment property in UK. But would rent that out and I intend to rent in Cyprus.


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## 5Stingray5 (Dec 21, 2012)

thetink said:


> Hi, possibly yes, although may buy an investment property in UK. But would rent that out and I intend to rent in Cyprus.


That is the most sensible thing to do in this financial climate. UK rent will usually cover the cost of renting in Cyprus.


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## berni109 (May 28, 2010)

2 yrs in to the future is much too long for this type of planning given the current economic situation.
cyprus may be out of the euro by then. (yes i know they have supposedly just fixed this)
you may not want money in cyprus banks (but then maybe the uk will be just as bad).

My understanding is that unless you have a uk address its illegal for banks to maintain a uk account for you.
Last time i looked you could not beat currencyfair for transfers


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## Guest (Mar 25, 2013)

berni109 said:


> 2 yrs in to the future is much too long for this type of planning given the current economic situation.
> cyprus may be out of the euro by then. (yes i know they have supposedly just fixed this)
> you may not want money in cyprus banks (but then maybe the uk will be just as bad).
> 
> ...


German banks are safe


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## Veronica (Apr 5, 2008)

Vegaanders said:


> German banks are safe


ANDERS!!!!!!!!!!!!!!!!! Wash your mouth out


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## Veronica (Apr 5, 2008)

berni109 said:


> 2 yrs in to the future is much too long for this type of planning given the current economic situation.
> cyprus may be out of the euro by then. (yes i know they have supposedly just fixed this)
> you may not want money in cyprus banks (but then maybe the uk will be just as bad).
> 
> ...


You can have a bank account in the Uk, you just can't have a high interest savings account.
Most expat pensioners keep their Uk accounts for their pensions to be paid into.


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## berni109 (May 28, 2010)

I stand corrected - but i dont think you cant hold an ISA or national savings.

but see this from 2010 - may have changed since then

THE BRITISH Banking Association has launched an online service listing the UK banks that allow overseas residents to hold an account. 

There is no legal restriction stopping banks accepting customers with foreign addresses, but the overwhelming majority of Britain’s 336 banks are unwilling to offer domestic banking services for residents who do not have an address in the UK because of concerns over fraud prevention and extra administrative costs. 

Many of the problems that non-UK residents have are because of complex money-laundering regulations that were introduced in 1993. 

Updates in 2003 and 2007 made banks look again at the non-resident business as they introduced more checks. 

The BBA has recognised that there is a real problem for people wanting to invest in the UK. 

At the moment, its account-finder service which can be found here only lists three banks accepting international customers: Barclays, HSBC and Lloyds TSB.


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## berni109 (May 28, 2010)

http://www.bba.org.uk/media/article/bank-account-access-in-the-uk-for-non-residents

looks like these are all specific expat accounts which require big deposits and monthly charges.

how do you get a normal no charge current account in the uk if you are resident in cyprus?


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## Veronica (Apr 5, 2008)

berni109 said:


> http://www.bba.org.uk/media/article/bank-account-access-in-the-uk-for-non-residents
> 
> looks like these are all specific expat accounts which require big deposits and monthly charges.
> 
> how do you get a normal no charge current account in the uk if you are resident in cyprus?


Most people already have one before they move here. We had our Barclays account for many years before we moved here and simply kept it going when we moved as my husband had some private pensions which were being paid into it.
I don't know how easy it would be to open a Uk account if you are already living abroad but I think that HSBC does have a branch in Nicosia so that might be a solution.


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## thetink (Apr 10, 2010)

Thanks for all your opinions. 2 years may seem a ling way off but there is a lot of planning to do and I need all the help I can get. I have accounts in the UK since I haven't left yet and will be having pensions paid into accounts eventually when I am old enough to claim them. I may have rental money being paid into the same account and I am interested in the cheapest and most secure way to transfer it to a Cypriot account. Can anyone recommend the best option please - I am assuming this would be a forex type account?


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## Kalimera (Oct 19, 2011)

thetink said:


> Thanks for all your opinions. 2 years may seem a ling way off but there is a lot of planning to do and I need all the help I can get. I have accounts in the UK since I haven't left yet and will be having pensions paid into accounts eventually when I am old enough to claim them. I may have rental money being paid into the same account and I am interested in the cheapest and most secure way to transfer it to a Cypriot account. Can anyone recommend the best option please - I am assuming this would be a forex type account?


Moneycorp


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## davidogden (Oct 9, 2012)

I have used Nat west bank for many years even with adresses in Malaysia and Philippines the only problem arises when cards need replacing they will not send them to the philippines so i send them to friends or family to forward them to me. Most Couriers will not accept cards so just classify them as documents.


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## davidogden (Oct 9, 2012)

and Yes MoneyCorp is good for transfers from UKto other countries lathough they have just hanged thier bank from Barclays to HSBC with the result they can no longer sell me philippines peso's will be checking how competive rates for Euro's are may need to search for new middleman as I think Barclays had keener rates. You need to do your sums and like everthing review what is happening as things change certianly in the banking area


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## PeteandSylv (Sep 24, 2008)

I have been very happy with the service from Currency Fair who give good exchange rates and where the only charge is €3 for withdrawals.

For a UK bank account First Direct, rated one of the best for service, has worked very well for me and gave no problems in accepting a Cyprus address with a box No., something some of the others baulk at.

Pete


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## Veronica (Apr 5, 2008)

When we moved here Barclays bank had absolutely no problems with sending our statements etc to a P.O. box.


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## dave22 (Mar 18, 2013)

Hi we are with the RBS in the UK and the Alfa Bank here in Cyprus Thank goodness we did not choose one of the Cypriot Banks


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## PeteandSylv (Sep 24, 2008)

dave22 said:


> Hi we are with the RBS in the UK and the Alfa Bank here in Cyprus Thank goodness we did not choose one of the Cypriot Banks


Aah yes. RBS the bank saved from bankruptcy by the British taxpayer.

Now it gets more complicated. Are you with Alfa Bank, the Russian bank who may not be extending the best interest rates from now on or indeed may enact revenge as one Russian official has called for or are you with Alpha Bank the Greek Bank rescued from bankruptcy by the EU.

Your _thank goodness_ comment suggests that your balance may be in excess of €100k or it would not make any difference. Should you be sharing that information on a public forum?

Pete


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## dave22 (Mar 18, 2013)

All i surrgested was 2 Banks ,, Whats the big deal we dont want a surron or how much i have in thed bank someting i never mentioned??????????????????????????????????


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## PeteandSylv (Sep 24, 2008)

dave22 said:


> All i surrgested was 2 Banks ,, Whats the big deal we dont want a surron or how much i have in thed bank someting i never mentioned??????????????????????????????????


You actually posted more than a suggestion of 2 banks. Read your last sentence.

I queried your Alfa bank choice as to whether it was Alfa Bank or Alpha Bank.

Reminding people that giving away presumptive financial details on the open internet is against all security and identity theft advice is often considered useful.

Apologies for this.

Pete

P.S. What's a surron?


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## dave22 (Mar 18, 2013)

PeteandSylv said:


> You actually posted more than a suggestion of 2 banks. Read your last sentence.
> 
> I queried your Alfa bank choice as to whether it was Alfa Bank or Alpha Bank.
> 
> ...


I never gave away any financial details you seem to be taking things out of contex it my bussiness which Alfa/Alpha I have had no option but to report your previos comments


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## PeteandSylv (Sep 24, 2008)

dave22 said:


> I never gave away any financial details you seem to be taking things out of contex it my bussiness which Alfa/Alpha I have had no option but to report your previos comments


I'm so sorry you have taken offence at what I thought was good advice.

I also apologise for querying whether you meant Alfa or Alpha Bank but it could have been either as the typing/spelling in your posts is not too good.

I am also sorry that you don't understand that the banking restrictions being applied by the government will apply to all the banks in Cyprus and as long as you hold a balance under €100k it matters not one hoot whether your bank has an ultimate Cyprus ownership or not.

Pete

P.S. Still haven't figured out surron. Please help.


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## thetink (Apr 10, 2010)

I never meant to cause disagreements - I just want advice. An am grateful for all the positive advice posted.


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## berni109 (May 28, 2010)

As i said originally and has since been reiterated - look at several currency transfer options and compare with 'currency fair'. I have not found better rates or charges.

If you do find better please let us all know.
thanks


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## MacManiac (Jan 25, 2012)

dave22 said:


> I never gave away any financial details you seem to be taking things out of contex it my bussiness which Alfa/Alpha I have had no option but to report your previos comments


It's been a long week and perhaps things are being taken out of context, or are we all losing our sense of humour? This forum is a friendly and helpful oasis usually and long may that continue. Otherwise it's pistols at twenty paces :boxing:


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