Uk Bank accounts

Go Back   Expat Forum For People Moving Overseas And Living Abroad > Europe > Spain Expat Forum for Expats Living in Spain

Spain Expat Forum for Expats Living in Spain The Spain Expats forum is a dedicated community of people who have moved to Spain, or who are planning to. This is the place for Expats to meet and discuss anything about moving to, & living in, Spain.

Uk Bank accounts


Closed Thread
 
Thread Tools
  #1 (permalink)  
Old 29th January 2009, 10:51 AM
owdoggy's Avatar
Member
 
Join Date: Jul 2008
Location: Almeria
Posts: 842
Rep Power: 12267
owdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond repute
197 likes received
20 likes given

Users Flag! Originally from england. Users Flag! Expat in spain.
Default Uk Bank accounts

With the interest rate doing it's best to nose dive we've got our meagre savings split across quite a few different UK savings accounts which all stated that you have to be a resident in the UK. So what happens when we move to Spain? Can we still keep 'em going even though we don't live in the UK anymore?
Sorry if this seems abit of a daft'un but now we're retired & relying on savings & pensions this is all a bit new to me.

Aye, I know I should have been financially organised long ago but hey................I've always been tail end charlie

As always, any info appreciated


Doggy

Quick reply to this message
  #2 (permalink)  
Old 29th January 2009, 11:15 AM
chris(madrid)'s Avatar
Member
 
Join Date: Mar 2008
Location: Madrid-ish
Posts: 1,156
Rep Power: 179
chris(madrid) has a spectacular aura aboutchris(madrid) has a spectacular aura about
1 likes received

Users Flag! Originally from trinidadandtobago. Users Flag! Expat in spain.
Default

Doggy - ow well do you know the branch managers?. The easy way is keep a UK address. Often there is an IRAS issue. Be careful.

If you bank detects you have an overseas address - they are OBLIDGED by law to report all accounts opened since a certain date (May 2004 I think) to the Inland Revenue - who DO report it to (in Spains case) Hacienda. You should be anyway irrespective of account age if you're completing Spanish tax returns - which legally you have too if you're resident here (retired or not)

Quick reply to this message
  #3 (permalink)  
Old 29th January 2009, 11:25 AM
Bevdeforges's Avatar
Super Moderator
 
Join Date: Nov 2007
Location: deepest, darkest Essonne
Posts: 26,957
Rep Power: 20
Bevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond reputeBevdeforges has a reputation beyond repute
3150 likes received
169 likes given

Users Flag! Originally from usa. Users Flag! Expat in france.
Default

Other than the reporting issue, though, I've found my UK bank to be very accommodating. When you change your address to an overseas one, they'll most likely contact you if there is any problem about the type of account.

I simply left my current account open when I left the UK ages ago. Came in handy when I got a gig with a publisher who wanted to pay me in sterling. Then, when the bank noticed I had a reasonable balance lying idle in the account, they sent me a note suggesting that I transfer some of it to a savings account. I was limited in the type of savings account I could open as a non-resident, but still the bank manager I spoke to was very helpful.

You might want to talk to someone at one of your banks before your move to see if maybe you should consolidate your accounts a bit.
Cheers,
Bev

Quick reply to this message
  #4 (permalink)  
Old 29th January 2009, 12:34 PM
Stravinsky's Avatar
Member
 
Join Date: Aug 2007
Location: Oliva, Spain
Posts: 5,732
Rep Power: 5847
Stravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond repute
722 likes received
282 likes given

Users Flag! Originally from uk. Users Flag! Expat in spain.
Default

I have an internet account and a physical account which we left open. They know we are abroad, but it doesn't seem to be a problem to them. You wont be able to open a new one once you have left

Also my IFA is not allowed under IFA rules to communicate with me in Spain, he can only communicate with a UK resident ...... theoretically

Quick reply to this message
  #5 (permalink)  
Old 29th January 2009, 01:35 PM
Member
 
Join Date: Apr 2008
Location: Pedreguer Spain
Posts: 90
Rep Power: 125
decgraham has a spectacular aura aboutdecgraham has a spectacular aura about

Users Flag! Originally from england. Users Flag! Expat in spain.
Default

Quote:
Originally Posted by owdoggy View Post
With the interest rate doing it's best to nose dive we've got our meagre savings split across quite a few different UK savings accounts which all stated that you have to be a resident in the UK. So what happens when we move to Spain? Can we still keep 'em going even though we don't live in the UK anymore?
Sorry if this seems abit of a daft'un but now we're retired & relying on savings & pensions this is all a bit new to me.

Aye, I know I should have been financially organised long ago but hey................I've always been tail end charlie

As always, any info appreciated


Doggy
There is always the offshore route, Isle of Man, Jersey, etc and they have some good products (considering the current global situation) You can have a cheque book, credit card and do all your banking on line. It is then up to you to decide if they declare your interest income or you do. (European Savings Tax Directive) Some have branches in Spain too. I, like Stravinsky still have a UK account and have had it since I moved to the ME 27 years ago, works fine for me for any day to day transactions, and I've never had a problem regarding my non UK address.

Quick reply to this message
  #6 (permalink)  
Old 29th January 2009, 02:14 PM
owdoggy's Avatar
Member
 
Join Date: Jul 2008
Location: Almeria
Posts: 842
Rep Power: 12267
owdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond repute
197 likes received
20 likes given

Users Flag! Originally from england. Users Flag! Expat in spain.
Default

Ta for the info.
As we're renting for (at least) six months to begin with and renting out our house in the UK then we will still have a UK address for that time but it would be easier to sort things out in the uk while we're still here.

It would seem I have a bit of research to do to see which way the wind blows with the banks in question ........... oh joy!



Doggy

Quick reply to this message
  #7 (permalink)  
Old 29th January 2009, 05:37 PM
Stravinsky's Avatar
Member
 
Join Date: Aug 2007
Location: Oliva, Spain
Posts: 5,732
Rep Power: 5847
Stravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond reputeStravinsky has a reputation beyond repute
722 likes received
282 likes given

Users Flag! Originally from uk. Users Flag! Expat in spain.
Default

Quote:
Originally Posted by owdoggy View Post
Ta for the info.
As we're renting for (at least) six months to begin with and renting out our house in the UK then we will still have a UK address for that time but it would be easier to sort things out in the uk while we're still here.

It would seem I have a bit of research to do to see which way the wind blows with the banks in question ........... oh joy!



Doggy
Open a Nationwide account before you leave. You can use your card anywhere in europe to withdraw cash and with no currency charges.

So Im told, the rates of exchange are fine

Quick reply to this message
  #8 (permalink)  
Old 30th January 2009, 05:10 AM
GVW GVW is offline
New Member
 
Join Date: Jan 2009
Posts: 6
Rep Power: 0
GVW is on a distinguished road

Users Flag! Originally from uk. Users Flag! Expat in spain.
Default

One of the more useful things to do if you are living in Spain is use a bank with branches in both Spain and UK that way it is easier to transfer money across - depending on where you are living in Spain both Halifax and Barclays do this that I know of.

Quick reply to this message
  #9 (permalink)  
Old 30th January 2009, 06:31 AM
owdoggy's Avatar
Member
 
Join Date: Jul 2008
Location: Almeria
Posts: 842
Rep Power: 12267
owdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond reputeowdoggy has a reputation beyond repute
197 likes received
20 likes given

Users Flag! Originally from england. Users Flag! Expat in spain.
Default

Thanks again.
Aye, I've got a current account sorted with Halifax, mainly because that's where the people we're renting off have theirs & it'll be easier to pay (you would have thought) but I'm thinking more of savings accounts. I don't want to have all my eggs in one basket and move the money to Spain ........ unless of course the exchange rate goes up to 2.summat ......... then I might think about it

Doggy

Quick reply to this message
  #10 (permalink)  
Old 30th January 2009, 12:19 PM
Banned
 
Join Date: May 2008
Posts: 643
Rep Power: 0
crookesey is a jewel in the roughcrookesey is a jewel in the roughcrookesey is a jewel in the rough
70 likes received
31 likes given

Users Flag! Expat in spain.
Default

Quote:
Originally Posted by decgraham View Post
There is always the offshore route, Isle of Man, Jersey, etc and they have some good products (considering the current global situation) You can have a cheque book, credit card and do all your banking on line. It is then up to you to decide if they declare your interest income or you do. (European Savings Tax Directive) Some have branches in Spain too. I, like Stravinsky still have a UK account and have had it since I moved to the ME 27 years ago, works fine for me for any day to day transactions, and I've never had a problem regarding my non UK address.
IOM, Channel Islands and Gib gave very little external investor protection, remember Iceland. The Republic of Ireland's banks have 100% government backed guarantees for both individual and institutional cash deposit investments.

IMHO the best way to invest in Irish banks is to start up an International Bond with a UK life assurance company and use the bond as a wrapper for your cash deposits. Anglo Irish Bank are currently offering 4.98% gross, fixed for 13 months, 3.50% gross fixed for 3 years, for minimum deposits of 50K, these rates will reduce by circa 0.50% p/a to pay for the bond's charges.

Quite interestingly, you can withdraw 5.0% p/a of the initial capital for 20 years as it is deemed to be capital withdrawal. No Chargeable Event Certificate will be issued, so no tax is payable anywhere that has a reciprical agreement with the UK (Spain has). If you need to cash in your bond in say 10 years time they deduct the 5.0% withdrawals along with the balance of the initial investment and divide what's left by 10. You are then presented with a Chargeable Event Certificate that you should include in your tax return relative to the tax regime applicable to you in the year of encashment.


Last edited by crookesey; 30th January 2009 at 12:33 PM.
Quick reply to this message
Closed Thread

Quick Reply
Message:
Options

Register Now

In order to be able to post messages on the Expat Forum For People Moving Overseas And Living Abroad forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.
Password:
Confirm Password:
Email Address
Please enter a valid email address for yourself.
Email Address:

Log-in

Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.



Thread Tools

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Bank Accounts captaindog Spain Expat Forum for Expats Living in Spain 44 20th December 2010 02:27 PM
bank accounts captainben Thailand Expat Forum for Expats Living in Thailand 1 12th April 2010 06:48 AM
Bank accounts Emmajbg Dubai Expat Forum for Expats Living in Dubai 17 5th February 2009 07:05 AM
Bank Accounts Lindsey Langham Dubai Expat Forum for Expats Living in Dubai 4 10th October 2008 11:43 AM
Bank accounts - do we have to close existing accounts? vickyplum America Expat Forum for Expats Living in America 3 18th March 2008 08:10 PM

LEGAL NOTICE
By using this Website, you agree to abide by our Terms and Conditions (the "Terms"). This notice does not replace our Terms, which you must read in full as they contain important information. You must not post any defamatory, unlawful or undesirable content, or any content copied from a third party, on the Website. You must not copy material from the Website except in accordance with the Terms. This Website gives users an opportunity to share information only and is not intended to contain any advice which you should rely upon. It does not replace the need to take professional or other advice. We have no liability to you or any other person in respect of any content on this Website.
FORUM PARTNERS

ExpatForum.com is owned and operated by VerticalScope Inc.

Retiring Overseas Guides | Moving Overseas Guides | Cost of Living | Health Care Guides


All times are GMT. The time now is 12:42 PM.


Powered by vBulletin®
Copyright ©2000 - 2014, vBulletin Solutions, Inc.
Search Engine Friendly URLs by vBSEO