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English banking: help!

Posted by michelw-180273 - Created: 14 years ago
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3 replies (Showing replies: 1 to 3)

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Posted by michelw-180273 - 14 years ago

Also, I wonder what the advantages are with offshore banking...

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Posted by michelw-180273 - 14 years ago

Mike,

Thank you for this precious information. When you say 'Your Euro deposits remain "natively" in Euros', does it mean if you open a (Euro) currency account in the UK, they do the conversion into Sterling, then back into Euros? Also, do you think an English bank is likely to deliver a cheque book or international debit card to me?
Thank you again Mike.

michel

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Posted by mike-179830 - 14 years ago

You should have no problem opening a bank account in the UK for a UK company (I'm assuming a Private - Limited - Company registered in England and Wales) assuming all the directors of the company are able to present themselves in person at a UK branch of the bank - thanks to post 9/11 "know your customer" anti-money-laundering legislation. I've spoken to both the NatWest and HSBC about this and doubt that the other major clearing banks are different.

Jersey doesn't require the directors to appear in person (although you will need a bunch of notarised documents instead), which is a plus. On the down side, you'll be paying bank charges from Day 1, while most High Strete banks will give you 12-18 months' free banking. I assume that the Isle of Man operates in a similar way to Jersey, although you'd need to check that.

Another alternative is Monaco, which (unlike France) can deliver offshore accounts. The BPCA, for one, does business accounts with no minimum deposit. However, you can forget about a debit card or a check book unless you're willing to put a hefty chunk of Euros into an escrow account - it's bank-to-bank transfers otherwise. The plus side? Your Euro deposits remain "natively" in Euros, and you can transfer them at high speed to your French (ideally BPCA, I expect) account.

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Mike