Bridgeman Posted January 9, 2014 Share Posted January 9, 2014 We are permanent residents in Australia, but not citizens and still have money in a savings account in the UK. Due to the rubbish interest rates we were thinking of an offshore account. However I have heard that the offshore banks do not allow Australians to open offshore accounts. Does this mean we would not be able to open an offshore account? Does anyone know if this is true and what the definition of 'Australian' would be - do they mean citizens or would be be allowed to open an account as we still have British passports. Link to comment Share on other sites More sharing options...
Guest The Pom Queen Posted January 22, 2014 Share Posted January 22, 2014 I have no idea but am interested. It may be worth asking Alan Collett he knows everything :wink: Link to comment Share on other sites More sharing options...
Marisawright Posted January 22, 2014 Share Posted January 22, 2014 We are permanent residents in Australia, but not citizens and still have money in a savings account in the UK. Due to the rubbish interest rates we were thinking of an offshore account. However I have heard that the offshore banks do not allow Australians to open offshore accounts. I was just thinking about this, if we move to the UK. I'm British and I opened an account with Barclays in Jersey when I lived in Africa. However that was 40 years ago and I can't remember a thing about how I did it! I just had a look at HSBC's Jersey website and it says they "service" Australia whatever that means. Since Jersey now shares its account details like any other EU bank, I'm not sure there's a lot of benefit having an offshore account any more? Link to comment Share on other sites More sharing options...
Bridgeman Posted January 22, 2014 Author Share Posted January 22, 2014 Just an update. Having spoken to several banks in the Channel Islands and Isle of Man we were informed that Australia does not allow residents to open offshore bank accounts. It doesn't matter that the money is in the UK they would not allow us to open an account as we are currently in Australia. Link to comment Share on other sites More sharing options...
Marisawright Posted January 22, 2014 Share Posted January 22, 2014 Just an update. Having spoken to several banks in the Channel Islands and Isle of Man we were informed that Australia does not allow residents to open offshore bank accounts. It doesn't matter that the money is in the UK they would not allow us to open an account as we are currently in Australia. Drat. Link to comment Share on other sites More sharing options...
northshorepom Posted January 23, 2014 Share Posted January 23, 2014 The interest rates on offshore accounts are still pretty rubbish, so you haven't missed out on much. And there are always annual service charges to pay One of my bank accounts in the IoM (I opened it when working overseas but based in the UK, to simplify tax affairs) is still live but I wouldn't bother opening another, nor send much money there With the recent improvements in Forex rates I have started bringing money over here in tranches and investing in Australian savings accounts and shares instead. I couldn't bring myself to do it at <1.5$ to the pound, but at >1.85 as it is now it's much less painful....there's still downside risk of course if rates continue to move in the same direction, hence bringing it in chunks Link to comment Share on other sites More sharing options...
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