# Recommendation of offshore account



## Macroen (Jul 18, 2008)

Hi there, I am in the process of opening an offshore account and was just wondering which bank (in which country) would you recommend and why? 

And regarding the credit crisis: to which amount is your account insured? I understand that there are lots of accounts available for different type of people but I just want some general understanding.

Thanks in advance.


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## boyinblue (Nov 8, 2009)

why would you like to open an offshore account in the first place? anyways euro is the currency one should go with nowadays.


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## Macroen (Jul 18, 2008)

boyinblue said:


> why would you like to open an offshore account in the first place? anyways euro is the currency one should go with nowadays.


Because of the laws and regulations here in Dubai. It is either sending it back to my home country The Netherlands or an offshore account (also in euro / dollar / pound). And why should I go only with euros? One can always buy a weak currency and wait a bit till it gets stronger...


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## vincetruong (May 10, 2009)

AIB has Isle of Man insurance and is also the only offshore bank that is govt insured as well (by Ireland through Oct 2010, I believe). They also provide funds in local currency as you travel without dealing with a loss through conversion rates. Rates for their services are competitive.

Standard Bank from S. Africa is alright as well but doesn't have the benefits mentioned above.


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## boyinblue (Nov 8, 2009)

> Because of the laws and regulations here in Dubai. It is either sending it back to my home country The Netherlands or an offshore account (also in euro / dollar / pound). And why should I go only with euros? One can always buy a weak currency and wait a bit till it gets stronger...


That would be a kinda risk in todays fragile economic environment.. euro is still stable gulf, china is planing to shift their funds to euros too.. you better check with vincetruong cause he would be pro in doing this stuff..


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## vincetruong (May 10, 2009)

*Currency Issues*



boyinblue said:


> That would be a kinda risk in todays fragile economic environment.. euro is still stable gulf, china is planing to shift their funds to euros too.. you better check with vincetruong cause he would be pro in doing this stuff..


I'm not a currency player but its worth noting that currency is a combination of a government's policy, debt to GDP and interest rates. Obviously the dollar and sterling have been hurting and the EUR looks stronger. However, based on external debt to GDP, a country's ability to pay off its debt without further quantitative easing (printing money and furthering lowering its currency), the EU is not in great shape. Many of the top 20 highest debtors are EU countries. 

Again, this is not a forecast of currency because that's beyond my expertise. Just pointing out something that is often overlooked re: the EU and the EUR.


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## Macroen (Jul 18, 2008)

Thanks for all the answers. However I want to focus on the original question: which offshore account / bank is recommended? Obviously here in Dubai, it is quite risky to have large amounts of Dirhams on at a local bank because of Sharia Law and / or bank accounts that can be frozen by the banks themselves. 

I was just wondering if I should send money home or to an offshore account? Cheers


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## Elphaba (Jan 24, 2008)

Macroen said:


> Thanks for all the answers. However I want to focus on the original question: which offshore account / bank is recommended? Obviously here in Dubai, it is quite risky to have large amounts of Dirhams on at a local bank because of Sharia Law and / or bank accounts that can be frozen by the banks themselves.
> 
> I was just wondering if I should send money home or to an offshore account? Cheers



The issue for many people sending money back to a hime country is that they can end up paying tax, so for many it is better to send it to an offshore account. There are numerous good accounts, so it is impossible to say without knowing how much money you have, access required etc. Some banks are only good for large amounts, others offer simple accounts for smaller sums.

-


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## mayotom (Nov 8, 2008)

Macroen said:


> Thanks for all the answers. However I want to focus on the original question: which offshore account / bank is recommended? Obviously here in Dubai, it is quite risky to have large amounts of Dirhams on at a local bank because of Sharia Law and / or bank accounts that can be frozen by the banks themselves.
> 
> I was just wondering if I should send money home or to an offshore account? Cheers


Hi Macroen,

I recently opened an offshore account in Gibraltar, well 3 accounts Euro/Dollar/Sterling as I have business in all three currencies. the account is with Loyds Offshore division, the lady that takes care of my account also takes care of Netherlands, she has been very helpful, the process was much easier than opening accounts at home, you just need proof of income and proof of address. Its all internet based, so works great for me. 


.


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## Macroen (Jul 18, 2008)

Thanks all, will let you know what happens.


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## Macroen (Jul 18, 2008)

Vince, what do you mean with AIB:
1). AIB - Allied Irish Banks (http://www.aib.ie)
2). AIB - Anglo Irish Bank (Offshore Personal Savings Accounts : Anglo Irish Bank IoM)

I suppose the second one, but just what to double check. Cheers.


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## Macroen (Jul 18, 2008)

Macroen said:


> Vince, what do you mean with AIB:
> 1). AIB - Allied Irish Banks (http://www.aib.ie)
> 2). AIB - Anglo Irish Bank (Offshore Personal Savings Accounts : Anglo Irish Bank IoM)
> 
> I suppose the second one, but just what to double check. Cheers.


When I copied the link it already said offshore accounts....  missed that one..


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