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Bank account in Jersey
- Thread starter Brokenby2703
- Start date
Really it depends what you need to use the account for. If you want a current account then really wise or revolut works great for that. I use HSBC for just "parking" money outside of my country. If i'm gonna move money in or out of it it's gonna be alot at once - i'm not using it to buy groceries or pay an electric bill (although the "global money" account with the card that they have would work fine for that). I'm next door to a war, if it spills over to PL the first thing that will happen is capital controls just like in UA.
Then Switzerland (Swissquote, YUH) would be easier including EUR and SEPA and not as complicated as in Jersey.
Yes, but another thing to consider is insurance on the bank account. If you have 500k euro, it's better to have it in 5 banks then 1 because each will be insured up to 100k eur. So even if I pay into swissquote or yuh, multiple accounts is beneficial. That said, isn't swissquote a trading platform?
Swissquote is secure. You can park 100 million there without fear. Swissquote Luxembourg is also available. You can buy a money market ETF that brings you about 3.5% per year without risk. With 100K that's 300€ a month. Better than no interest in Jersey.
Definitely. This is the core question.
Aehm. If Wise is going to close accounts and is not the best, how diversify the money?
Fully understandable and wise reasoning, IMO.
Yes, with 500k you can manage it in this way. With 5M – you cannot, I am afraid.
It is beneficial in any case, IMO. Don't put all your eggs into the one basket.
Yes, it is; and mainly it is used in this way. But as it has a regular banking licence, some people are using it just for parking their assets and SQ is usually fine with this. They do not like to see to be used for the transactional banking, though.
Of course. Different subjects for different purposes.
Yes, perfectly
Well. Yuh is a joint venture of PostFinance and Swissquote, two Swiss banks; the sw application provides the services of Swissquote, IIRC. Putting aside the insurance, I still can hardly imagine any Swiss bank to fail with clients' assets lost. Yes, the Credit Suisse case (I mean the cancellation of certain bonds) represents a big warning. But still I'd feel more safe with SQ than with HSBC. Just my personal feeling
Sure.
Well, I think that there are different places suitable for 100M. But this is just a side-note.
Yes but beware: it is under the EU jurisdiction. SQ Switzerland is not.
If you need just safely park 500k, then probably yes. Just with respect to this What countries still have relatively good banking privacy? – note that CH is a signatory of the Lugano convention
The fees would be extreme with traditional banks, at least 1% plus custody fees. At SQ Lux you only pay 0.10% order fee and no custody fee.
They did the same with me. Only asked for passport and proof of address. The money was stolen few months later and the account is frozen. They never provided any reason. They are criminals. This is not a banking group this is mafia. I'm going to start litigation soon. Take your money out as soon as you can.
I've managed to open accounts also with Barclays, Lloyds, and Santander. you know what's the difference? when you call them you'll get a local british person. But when you'll call HSBC Expat you would get some female Philippine call agent that would make you wonder why this financial institution even exist. you know why? because 90% of their workforce has been outsourced to philipines. makes you wonder if your account is really in Jersey or actually in Manila.
It seems that with an HSBC expat account, you have access to HSBC InvestDirect, which do not have any custody fees :
https://www.expat.hsbc.com/investments/shares/Euro-denominated shares: €21.95 flat fee
But Stamp duty on Uk and Irish equities... and I don't know if it's applied to Irish ETFs...
For others private banks such as Nedbank, yes, fees are higher: 0.25% of custody fees. If you have 500k€ = 0.2% (1k€ of custody fees/year).
Standard Bank 0.25% till 750k.
Do you have provided your source of funds before depositing into this account?
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There's always two sides to every story. It's highly unlikely HSBC would just freeze his account without any explanation. As with every big bank there will be some unhappy customers.
P.S. Never dealt with HSBC Jersey, but HSBC UK works well.
But Jersey still levies a withholding tax on interest and dividends for Individuals, doesn't it?
Unfortunately there are only a few countries accepted to open an account with Barclays International.
I randomly selected lots of countries through their online application form and the answer you get:
"Unfortunately, we can’t help you today
Based on the country that you live in or are moving to we are unable to provide you with our International Banking services. If your situation changes, we would be delighted to help you in the future.
Thank you for considering us."
Basically, any EU country you select you get the same answer. I even tried Bahamas, Dominican Republic, all Latin America with the same outcome.
Switzerland was accepted, LUX and LIE was not, very strange.
So for those who already have an account with Barclays International how did you proceed with opening it ? Where do you reside ?
I would like to open an account with them but it seems impossible, I have EU citizenship and I live here.
Where did you reside when you opened the account with them ? (if you can tell)
Maybe their policy has changed and they don't accept certain countries anymore.
I randomly selected lots of countries through their online application form and the answer you get:
"Unfortunately, we can’t help you today
Based on the country that you live in or are moving to we are unable to provide you with our International Banking services. If your situation changes, we would be delighted to help you in the future.
Thank you for considering us."
Basically, any EU country you select you get the same answer. I even tried Bahamas, Dominican Republic, all Latin America with the same outcome.
Switzerland was accepted, LUX and LIE was not, very strange.
So for those who already have an account with Barclays International how did you proceed with opening it ? Where do you reside ?
I would like to open an account with them but it seems impossible, I have EU citizenship and I live here.
Where did you reside when you opened the account with them ? (if you can tell)
Maybe their policy has changed and they don't accept certain countries anymore.
I couldn't tell you if they like crypto, but they had no problem taking transfers from my own accounts on EMIs and never asked for any source of funds albiet I only dropped around 100k euro in there thus far. You could always use some EMI that likes crypto as an intermediary when doing transfers in and out while having the benefit of safely storing your money in a highstreet bank.
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HSBC Expat wont work for my country RO.
"Unfortunately, based on your country of residence, we are unable to offer you an account with HSBC Expat."
"Unfortunately, based on your country of residence, we are unable to offer you an account with HSBC Expat."
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