# Offshore Bank Account



## hlnio99 (Oct 29, 2014)

Hi Forumers,

I am currently a UK residence and I am moving to Dubai soon to start my new job. I have been planning to open an offshore bank account and I am wondering if anyone could share their experience and perhaps give recommendation on which bank/account I should go for?

I have just applied for a HSBC premier account in the UK recently so a logical choice would be HSBC. However, I am a bit hesitant using them as a large balance has to be maintained (at least £60k) which could potentially pose problems in managing my finance. An alternative would be Barclays iBank service which requires much less balance (i.e. £5k). 

I will mainly be using the offshore account for parking my money in GBP as there is a good chance I will be moving back to the UK at some point and also, it seems that depositing money in a offshore bank is safer than in a country where its neighbours are politically unstable (relatively). 

Just thought I would listen to your views and advices before I approach these banks so I could talk more "intelligently"


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## Gavtek (Aug 23, 2009)

I use Lloyds TSB International based in Isle Of Man, you can open accounts in GBP, USD, EUR or all 3 and just need to maintain a balance of $5k across all 3. You also get debit cards for each account too.

I transfer most of my savings to the USD account as it is pegged to AED and maintain an emergency relocation balance in the GBP account.


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## twowheelsgood (Feb 21, 2013)

Ask your employer who they bank with as they can usually get you a better deal.


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## LesFroggitts (Dec 30, 2013)

Standard Bank IOM (note not Standard Chartered), multiple currencies available - full internet banking service, provides a security token (code generator) for authorising transfers etc, Debit Card tied to the account - but not a Credit Card.


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