Further to information supplied regarding the closure of Barclays accounts for those resident outside the UK, there are a couple of options available:
1 Bank
of Cyprus UK. They have an online international account. I understand that anti
money laundering documents can be stamped at a Cyprus branch of Bank Of Cyprus.
This is an online application via the Bank of Cyprus UK website.
2
Standard Bank Isle of Man. A copy of their banking brochure can be obtained from Cathi on toffee@primehome.com. For most
enquiries the Optimum account has been the most suitable – details in the
brochure. This is a paper based application. FM Group International are able to
check / certify and courier the application and other documents across to
Standard Bank for any applicants. The account has a Sterling Cheque Book
available and a debit card. Expect
application forms to be thorough.
3. Natwest International have two accounts, one free and one at
£15pm. http://www.natwestinternational.com/nw/offshore-banking/current-accounts/g1/compare-our-range.ashx
You can have two types of service.
A.
Relationship managed service: at least £75,000 annual income mandated to the
account or more than £50,000 to deposit.
B.
Non-relationship managed service This is for customers with at least £40,000
annual income mandated to the account or £25,000 to deposit.
4. Lloyds International has an account at £7.50pm
https://international.lloydsbank.com/international-current-account/
This is
for customers with at least £50,000 annual income mandated to the account or
£25,000 to deposit.
Of
course there may be other banking options available. If
anyone needs assistance or would like to proceed with Standard Bank Isle of Man,
then please contact admin@fmgroupinternational.com
or call 26 600 213. I addition, FM Group International can assist with certification of documentation for the Lloyds account.
If
residents are moving money across from Sterling to Euro it is recommended
that they do not use their banking institution and contact a specialist currency
exchange firm such as Currency Solutions who are based in Paphos tel 26 813 613.
Many
thanks to FM Group International for the above information.
Another Option from 3D Global Financial Services:
Another Option from 3D Global Financial Services:
I work for
3D Global Financial Services (last 11 years) and previously worked for 11 years
for Lloyds Bank & Lloyds International (latterly with responsibility for
Cyprus, Greece and Netherlands).
Since 2009
I have been working with Nedank Private Wealth (then Branded as Fairbairn
Private Bank) who offer accounts domiciled in UK, Jersey and Isle of Man. I
prefer the Isle of Man option but UK also has advantages. The account is a true
current account with all usual UK facilities cheque book, transactional online
banking, debit cards, D/D, S/O etc.
Nedbank PW also offer Euro and USD accounts, again with Debit Cards that
are free to use in Europe (€) and USA ($). They allow FREE cash withdrawals at
ATMs also which I believe is a unique feature. Nedbank PW was the first British
offshore island based bank to hold an independent ‘A’ credit rating from Moody’s
(A3/P2 2002). It is a Nedbank PW commitment that their rating will reflect their
underlying credit strength and they will maintain “solid financial fundamentals
and a low risk profile”.
The
minimum balance requirement of Nedbank is £50,000 (or currency equivalent) but
this can be made up of either cash or a combination of cash and investments
(shares, bonds, investment funds) so any of your members who currently have
similar assets with another provider (such as an insurance bond - which tend to
be quite expensive) can use this platform and benefit from free banking. The
custody charge for these assets is also extremely competitive at 0.25% per annum
of the value of investment assets excluding cash on the account.
I have
many clients based in Kamares and since the Barclays announcement I have
received many referrals from satisfied Nedbank clients. 3D Global Financial
Services and myself make no commission or receive any payment from Nedbank to
open cash accounts. Standard Bank pay a £100 commission for new accounts with
corresponding internal charges. I can also provide this service. I use Nedbank
PW mainly as an investment platform for clients and we charge fees for
investment management only. Your members will not be required to pay me unless
they decide to use the investment services I provide and these fees would be
agreed in advance. In short, for qualifying clients I can assist them to set up
a replacement bank account, without any cost to them. I believe in retailing
this is called a lost leader.
Garry A.
Smith
Senior
Consultant
Investments - Savings - Pensions - Insurance - Banking
Office:
+357 25828292 Mobile: +357 99953628 Fax: +357 25873460 Email: garry.smith@3dglobal.com Webpage: www.3dglobal.com
