Banking Strategy

MacManiac · #1 (**permalink**) 10th July 2012, 06:20 PM

Just wondering the best way forward to proceed with organising banking in advance of our move in October. We currently have bank accounts with Barclays and the Halifax, but no longer wish to be associated with Barclays because of recent events.

Some UK banks will not allow non-UK residents to have a bank account, and our preferred choice, the Co-operative Bank, is one of those. We shall have my teacher's pension, my wife's two state pensions and another benefit I receive, being paid into an account each month. I would prefer, for security reasons, to have the money paid initially into a UK account, and then transfer money to a Cypriot bank account.

Does this seem sensible, or is there a better way? Any recommendations would be most welcome.

Veronica · #2 (**permalink**) 10th July 2012, 06:48 PM

If you don't tell the co-op you are going to move abroad they won't stop you opening an account

Once you have the account and you have money going into it regularly they won't force you to close it.
To transfer money on a regular basis I would not recommend bank to bank transfers, they charge too much. Better to use a currency exchange company.
I can recommend an excellent one.

MacManiac · #3 (**permalink**) 10th July 2012, 07:00 PM

That sounds sneaky ... and an excellent plan. Perhaps you might PM me with your recommendation for a currency exchange company. Once again, thanks Veronica.

dojoman43 · #4 (**permalink**) 10th July 2012, 09:24 PM

Could you please PM me that company as well Veronica? Thank you.

Pam n Dave · #5 (**permalink**) 11th July 2012, 06:32 AM

Don't use Nat West, they wanted us to jump through hoops to agree to the change of address and insisted that our statements still went to our UK address. The only way that I could fix it was to put the account into the red as deep as I could and then they came chasing me.

Nationwide were fine though.

MacManiac · #6 (**permalink**) 11th July 2012, 07:28 AM

I would prefer to walk over hot coals and stick needles in my eyes before using NatWest. We had a business account with them, when Ann and I ran a pub (after my retirement) and they were totally useless, promising much and delivering absolutely nothing.

The choice of UK banks is not simple, especially when one takes an ethical stance towards the behaviour of them. In essence all we require is a safe haven for our various pensions etc. and an ability to transfer money to Cyprus as required. I just would hate to see our hard-earned cash disappear in a puff of smoke in Cyprus (a possibility, and not to be confused with scaremongering, I hope).

And October gets ever closer ...

PeteandSylv · #7 (**permalink**) 12th July 2012, 07:28 AM

I've had an account with First Direct, part of HSBC, since its launch. They had no problem in changing my address to my Cyprus one. This gives me a UK banking facility which can be operated through their excellent website from which I can transfer money to Currency Fair, exchange at best rates and then transfer to my Cyprus bank the only charge being €3 per outgoing transfer. It all happens quickly too.

Pete

MacManiac · #8 (**permalink**) 12th July 2012, 07:53 AM

Quote:

Originally Posted by PeteandSylv

I've had an account with First Direct, part of HSBC, since its launch. They had no problem in changing my address to my Cyprus one. This gives me a UK banking facility which can be operated through their excellent website from which I can transfer money to Currency Fair, exchange at best rates and then transfer to my Cyprus bank the only charge being €3 per outgoing transfer. It all happens quickly too.

Pete

Thanks Pete,

All the information I am receiving on this forum is a godsend. So much to do and so little time to do it.

Pam n Dave · #9 (**permalink**) 13th July 2012, 03:54 AM

Quote:

Originally Posted by PeteandSylv

I've had an account with First Direct, part of HSBC, since its launch. They had no problem in changing my address to my Cyprus one. This gives me a UK banking facility which can be operated through their excellent website from which I can transfer money to Currency Fair, exchange at best rates and then transfer to my Cyprus bank the only charge being €3 per outgoing transfer. It all happens quickly too.

Pete

Currency Fair seem to be the best for FX at the moment.

dojoman43 · #10 (**permalink**) 25th July 2012, 12:20 PM

Hi Veronica I have tried to pm you but not sure whether the message has been sent, I am after the company you said you could recommend for currency transfer, thanks.