EMI savings advice needed

[Dragon219]

Hi,

So I have a list of about 25 of the safest EMIs to use as a source of savings for the next 5-6 months. The EMIs will be created using another guys identity who is being paid for his help. He has also created 6 UK bank accounts for me which will transfer funds to the EMIs daily. I can't risk leaving any money in the bank accounts as i don't trust the guy and he could possibly try withdrawing from some of the branches. This is the reason for transferring to EMIs. I plan on transferring small amounts up to £1000 in each EMI for the first month, then the same again the next month but up to £2k in each EMI, then from month 3-6 i'll be transferring up to £4k in each EMI each month.

Would this be safe?

I'm also in the process of trying to create a HK bank account for much larger savings.

Please let me know what you think about all of this and please share any better ideas. Thanks

 

[Dragon219]

Dragon219 said:
Hi,

So I have a list of about 25 of the safest EMIs to use as a source of savings for the next 5-6 months. The EMIs will be created using another guys identity who is being paid for his help. He has also created 6 UK bank accounts for me which will transfer funds to the EMIs daily. I can't risk leaving any money in the bank accounts as i don't trust the guy and he could possibly try withdrawing from some of the branches. This is the reason for transferring to EMIs. I plan on transferring small amounts up to £1000 in each EMI for the first month, then the same again the next month but up to £2k in each EMI, then from month 3-6 i'll be transferring up to £4k in each EMI each month.

Would this be safe?

I'm also in the process of trying to create a HK bank account for much larger savings.

Please let me know what you think about all of this and please share any better ideas. Thanks
Click to expand...

P.S. that's up to £1k total, £2k total etc in each EMI

 

[JohnLocke]

Dragon219 said:
Would this be safe?
Click to expand...

If it is safe?! No one will be able to answer this question. It depends on the EMI and what policy and compliancy rules they have as well as their risk management. Your plan sounds good and should work since you transfer small amounts over time, that's a good start.

Dragon219 said:
I'm also in the process of trying to create a HK bank account for much larger savings.
Click to expand...

How are you going to do that?

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[Dragon219]

Admin said:
If it is safe?! No one will be able to answer this question. It depends on the EMI and what policy and compliancy rules they have as well as their risk management. Your plan sounds good and should work since you transfer small amounts over time, that's a good start.


How are you going to do that?
Click to expand...

I expect to have tax issues with this plan and that's fine. But i'm mostly concerned about having up to £20k in savings on all the popular EMIs. I've never used an EMI before, but from what i've read some of them seem very much like Paypal which concerns me. Paypal love to steal money from people when the price is right and £20k isn't a small number for each company that i'll be saving with.

I'm thinking about speaking to Turner Little about the Hong Kong account to see if they can help. Worst case scenario i'll go there myself to try open one or i might send a family member.

Early next year i'm planning on moving to Dubai and hopefully i'll be banking there which should solve a lot of the banking problems.

Admin i'm sure i read you have a HK account. What was the creation process?