It is currently Tue Feb 20, 2018 2:39 pm

All times are UTC + 1 hour





Post new topic Reply to topic  [ 12 posts ] 
  Print view Previous topic | Next topic 
Author Message
 Post subject: International bank account
PostPosted: Tue Aug 09, 2016 9:42 am 
Offline
User avatar

Joined: Sat Jan 31, 2009 6:37 pm
Posts: 901
Location: Cayriech, Tarn-et-Garonne, Barnsley Sth Yorkshire
Hi Everyone a bit of advice if possible please.

We have a French bank account Credit agricole where we keep topped up to pay standing charges, we normally pay euros in when we are over or friends do.

We have bank accounts in UK which we need to keep for running our property.

We are getting close to moving over at long last .....next spring unless there are some more spanners in the box that i haven't got rid of.

Does anyone have an international account that runs side by side £ & euros one in uk one in France ?

Who do you use.......Not sure about HSBC

We have Santander accounts CoOp Also our state pensions do you let HMRC pay theses direct to you French bank ?

Thanks for any suggestions
Steve
Almost smelling the garlic & wine

_________________
Captain's French Adventures *** OUT NOW****from Amazon paperback & Kindle five star reviews!


Top
 Profile  
 
 Post subject: Re: International bank account
PostPosted: Tue Aug 09, 2016 12:01 pm 
Offline

Joined: Tue Feb 03, 2009 9:08 am
Posts: 2442
Location: Ardeche
Not sure what you mean by international account. I assume you mean foreign account.

We have between us a French account, a German account and UK accounts.

If you give up your UK account, you cannot (easily) get a UK account back without being UK resident, and that situation might possibly get more difficult with Brexit. So if you are not paying for the accounts in the UK, I would suggest keeping them, or at least consolidating them into one or a couple of accounts.

We keep all of these accounts for the following reasons:

French account - all standard French bills, prelevements etc. Personal pension is paid into this account.

German account - this is where my company pension is paid into (having worked in Germany). I could probably get that changed if push came to shove, but the account costs are minimal and I can use my German Bank and debit cards in France without charge (unless drawing cash at an ATM). From time to time e still buy things from Germany which we can do under the German bank transfer system.

The UK accounts are useful for paying things in sterling (holidays with the family in the UK) and presents for family members still in the UK. OH's UK pensions are paid here as well as dividends from UK shares. Having these accounts also means that we maintain a UK credit history if we were ever to return to the UK - no plans but who knows what the future could bring.

_________________
Andy


For every problem there is a solution that is simple, quick ..............and wrong.


Top
 Profile  
 
 Post subject: Re: International bank account
PostPosted: Tue Aug 09, 2016 1:50 pm 
Offline
User avatar

Joined: Sat Jan 31, 2009 6:37 pm
Posts: 901
Location: Cayriech, Tarn-et-Garonne, Barnsley Sth Yorkshire
thelastoneout wrote:
Not sure what you mean by international account. I assume you mean foreign account.

We have between us a French account, a German account and UK accounts.

If you give up your UK account, you cannot (easily) get a UK account back without being UK resident, and that situation might possibly get more difficult with Brexit. So if you are not paying for the accounts in the UK, I would suggest keeping them, or at least consolidating them into one or a couple of accounts.

We keep all of these accounts for the following reasons:

French account - all standard French bills, prelevements etc. Personal pension is paid into this account.

German account - this is where my company pension is paid into (having worked in Germany). I could probably get that changed if push came to shove, but the account costs are minimal and I can use my German Bank and debit cards in France without charge (unless drawing cash at an ATM). From time to time e still buy things from Germany which we can do under the German bank transfer system.

The UK accounts are useful for paying things in sterling (holidays with the family in the UK) and presents for family members still in the UK. OH's UK pensions are paid here as well as dividends from UK shares. Having these accounts also means that we maintain a UK credit history if we were ever to return to the UK - no plans but who knows what the future could bring.



Cheers Andy

Thanks for the info, Like you I am not sure about international bank account, it was something Sue read this morning that it is worthwhile having if you move abroad so it said.

Have looked at HSBC and their site mentions international accounts, so will have to look into it further to see what it means.

We planned on keeping our UK accounts for paying bills / maintenance of our property in the UK and will get our state pension paid direct to our French account like you say depends on brexit.....what a cock up thats been :|

All the best Steve

_________________
Captain's French Adventures *** OUT NOW****from Amazon paperback & Kindle five star reviews!


Top
 Profile  
 
 Post subject: Re: International bank account
PostPosted: Tue Aug 09, 2016 1:58 pm 
Offline

Joined: Tue Feb 03, 2009 9:08 am
Posts: 2442
Location: Ardeche
Ah, now I think I begin to understand. Tread carefully international accounts often mean off-shore accounts (often but not always Jersey, Guernsey or Isle of Man for UK banks and sterling accounts). If that is what it is, then they rarely confer benefits (they will still usually charge handsomely for exchanging between currencies), they often require a very substantial minimum deposit and by their nature will raise suspicion with the tax authorities. Unless you have a lot of money (to hide), I would be sceptical.

_________________
Andy


For every problem there is a solution that is simple, quick ..............and wrong.


Top
 Profile  
 
 Post subject: Re: International bank account
PostPosted: Tue Aug 09, 2016 7:29 pm 
Offline

Joined: Sun Feb 01, 2009 2:57 pm
Posts: 209
I had an IoM sterling/euro account for a long time but gave it up a few years ago. The charges were higher for transferring money between the accounts than I could get elsewhere and were a lot slower at doing the transfers. I first had to so a transfer from sterling to euro account which took several days (unless I paid an extra charge) and then another few days for the international transfer. The minimum balance they wanted in at least one account was 50K, which was OK when they were paying interest but when it dropped to zero, was ridiculous.

I've been happy with my UK bank account+sterling debit card, my CA account, and my Cora supermarket credit/debit card. I get my state pension paid into my CA account and my private pension into my UK bank account. If I need more in my CA account I just use a money transfer service and it is there in a day or two.


Top
 Profile  
 
 Post subject: Re: International bank account
PostPosted: Wed Aug 10, 2016 8:15 am 
Offline

Joined: Thu Mar 19, 2009 9:20 am
Posts: 2739
Location: Le Périgord Vert (24)
captain wrote:

We planned on keeping our UK accounts for paying bills / maintenance of our property in the UK and will get our state pension paid direct to our French account like you say depends on brexit.....what a cock up thats been :|

All the best Steve


I would think very carefully about having your UK pensions paid directly into a French account (especially if it's CA X( ) as you will be at the mercy of exchange rates on the day they are paid.

We started that way but lost so much quite by chance on the day that we reverted to having it all paid into the UK account and transferred as and when we needed and when the rates were the best we could get. Has worked very well for us for at least 13 years. :)

_________________
Salut, David.

http://longdistancedogdiary.weebly.com/index.html - Transporting dogs, anywhere

The Phoenix Association - dedicated to caring for lost and abandoned animals


Top
 Profile  
 
 Post subject: Re: International bank account
PostPosted: Wed Aug 10, 2016 10:12 am 
Offline

Joined: Tue Feb 03, 2009 11:43 am
Posts: 1876
Location: Correze (19)
We have all our pension incomes (which is all our income) paid into UK accounts. We then transfer as and when, like Spardo hopefully choosing an optimum rate, using Currency Fair (Excellent rates, far better than Currencies Direct the company we used to use). Monies arrive usually within 24/48 hours to our CA account (no charges). We both have UK bank debit cards and I keep a UK credit card which is always cleared and only used occasionally to keep it alive. With our CA debit cards we have all the options for both countries.


Top
 Profile  
 
 Post subject: Re: International bank account
PostPosted: Wed Aug 10, 2016 12:55 pm 
Offline

Joined: Thu Mar 19, 2009 9:20 am
Posts: 2739
Location: Le Périgord Vert (24)
wilbro wrote:
We have all our pension incomes (which is all our income) paid into UK accounts. We then transfer as and when, like Spardo hopefully choosing an optimum rate, using Currency Fair (Excellent rates, far better than Currencies Direct the company we used to use). Monies arrive usually within 24/48 hours to our CA account (no charges). We both have UK bank debit cards and I keep a UK credit card which is always cleared and only used occasionally to keep it alive. With our CA debit cards we have all the options for both countries.


More or less the same for us, except that we use Worldwide Currencies, a little less than 2 cents below the BBC quoted rate on the day and in our bank the next day and no charges. I always deal with the same man and, after several years, there is no paperwork to sign, it is all done by word of mouth over the telephone.

Also, after our terrible experiences with CA we changed to Banque Postale some years ago. So far haven't been told any lies and there are more branches, better opening hours and, national not regional. A big plus when paying in money on the other side of the country. ;)

_________________
Salut, David.

http://longdistancedogdiary.weebly.com/index.html - Transporting dogs, anywhere

The Phoenix Association - dedicated to caring for lost and abandoned animals


Top
 Profile  
 
 Post subject: Re: International bank account
PostPosted: Wed Aug 10, 2016 9:48 pm 
Offline
User avatar

Joined: Sat Jan 31, 2009 6:37 pm
Posts: 901
Location: Cayriech, Tarn-et-Garonne, Barnsley Sth Yorkshire
Spardo wrote:
captain wrote:

We planned on keeping our UK accounts for paying bills / maintenance of our property in the UK and will get our state pension paid direct to our French account like you say depends on brexit.....what a cock up thats been :|

All the best Steve


I would think very carefully about having your UK pensions paid directly into a French account (especially if it's CA X( ) as you will be at the mercy of exchange rates on the day they are paid.

We started that way but lost so much quite by chance on the day that we reverted to having it all paid into the UK account and transferred as and when we needed and when the rates were the best we could get. Has worked very well for us for at least 13 years. :)



Thanks for the advice 1st hand knowledge seems to be best

Cheers
Steve

_________________
Captain's French Adventures *** OUT NOW****from Amazon paperback & Kindle five star reviews!


Top
 Profile  
 
 Post subject: Re: International bank account
PostPosted: Wed Aug 10, 2016 9:56 pm 
Offline
User avatar

Joined: Sat Jan 31, 2009 6:37 pm
Posts: 901
Location: Cayriech, Tarn-et-Garonne, Barnsley Sth Yorkshire
wilbro wrote:
We have all our pension incomes (which is all our income) paid into UK accounts. We then transfer as and when, like Spardo hopefully choosing an optimum rate, using Currency Fair (Excellent rates, far better than Currencies Direct the company we used to use). Monies arrive usually within 24/48 hours to our CA account (no charges). We both have UK bank debit cards and I keep a UK credit card which is always cleared and only used occasionally to keep it alive. With our CA debit cards we have all the options for both countries.



Thanks, we have been looking at all avenues, we have used i think forex once for a big transfer but we have only paid in 100's into CA as a top up but things will be different when we move over, got to think about tax on our rental income as well.
The business sale sign goes up this week for Sues shop, regardless of what happens she's closing down end of October she aint doing another Christmas 27 Christmases in retail is enough for anyone :|

All the best
Steve

_________________
Captain's French Adventures *** OUT NOW****from Amazon paperback & Kindle five star reviews!


Top
 Profile  
 
 Post subject: Re: International bank account
PostPosted: Fri Aug 12, 2016 10:07 am 
Offline

Joined: Sun Feb 01, 2009 2:57 pm
Posts: 209
wilbro wrote:
We have all our pension incomes (which is all our income) paid into UK accounts. We then transfer as and when, like Spardo hopefully choosing an optimum rate, using Currency Fair (Excellent rates, far better than Currencies Direct the company we used to use). Monies arrive usually within 24/48 hours to our CA account (no charges). We both have UK bank debit cards and I keep a UK credit card which is always cleared and only used occasionally to keep it alive. With our CA debit cards we have all the options for both countries.


I decided, by the law of averages, I was going to lose a few euro some months but gain a few in other months using automatic transfer, so there would be hardly any difference overall over the years and not worth worrying about.

It would be very different if you were sure you knew what the rate was going to be in the future!

The pension money paid into the French account just about covers all the routine monthly expenses and standing orders. So there is hardly any need for other transfers or a need to have to constantly check the CA account to make sure it would be in credit. The only occasional large bills are for items such as winter fuel, income tax, etc. Given the low interest rates, I keep a big enough balance in the CA account anyway to cover those.

For a year or two after moving permanently to France I didn't have an automatic transfer and relied on checking the account and making transfers. But that became a pain when on holiday when internet or even phone connections were poor but a transfer needed to be made.


Top
 Profile  
 
 Post subject: Re: International bank account
PostPosted: Fri Aug 12, 2016 10:48 am 
Offline

Joined: Thu Mar 19, 2009 9:20 am
Posts: 2739
Location: Le Périgord Vert (24)
Whatever works for each of us Elsie, is the main thing, but I was very glad to have the forsight to transfer £5,000 into euros at 1.28 just before the Brexit vote.

A before and after difference of over 500 quid. Definitely better than a poke in the eye with a burnt stick. And not difficult to keep tabs on either, when I'm at home I automatically check all my balances and rates of exchange every day. Takes about 10 minutes. Not onerous, but certainly worthwhile. :)

_________________
Salut, David.

http://longdistancedogdiary.weebly.com/index.html - Transporting dogs, anywhere

The Phoenix Association - dedicated to caring for lost and abandoned animals


Top
 Profile  
 
Display posts from previous:  Sort by  
Post new topic Reply to topic  [ 12 posts ] 

All times are UTC + 1 hour


Who is online

Users browsing this forum: No registered users and 1 guest


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Jump to:  



Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group
greenmiles v1.1 designed by CodeMiles Team -TemplatesDragon-.