Bank account in Jersey

[Brokenby2703]

Hi Guys
anybody with experience opening bank acount in Jersey (offshore UK) ?
Feedback + comments will appreciated especially for business account.
Thanks
Brokenby2703

 

[Martin Everson]

Yes I did so online with Barclays in Jersey for personal account years ago. I have opened trust accounts and related business account with RBS there but never a straight operational business account.

Lots of banks to choose from there but doubt in 2020 you get anywhere with a business account if you don't have operation on the island. However others may have had success im sure.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[BlueMist]

Martin Everson said:
Yes I did so online with Barclays in Jersey for personal account years ago. I have opened trust accounts and related business account with RBS there but never a straight operational business account.
[...]
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For the personal account do you get to choose the the jurisdiction at some point of the online account opening? It is not clear from the application form. How is your experience with them? Also which of their jurisdiction would be best? Jersey vs Guernsey vs IOM - does it really matter?

 

[Martin Everson]

BlueMist said:
For the personal account do you get to choose the the jurisdiction at some point of the online account opening?
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Yes

BlueMist said:
How is your experience with them?
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No complaints but I just have a euro reserve account and have done no outbound transactions to third parties yet. Beware they are upselling kings and masters of useless newsletters.

BlueMist said:
Also which of their jurisdiction would be best? Jersey vs Guernsey vs IOM - does it really matter?
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Doesn't really matter.I went with Jersey office as there is like half a dozen international banks within a couple of 100 meters of each other in case anything goes wrong and I need to visit and change banks.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[JustAnotherNomad]

Sorry, n00b question, but what is the advantage with having an account from one of those jurisdictions?

 

[Martin Everson]

JustAnotherNomad said:
Sorry, n00b question, but what is the advantage with having an account from one of those jurisdictions?
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Stability and English common law.

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[JustAnotherNomad]

What's the advantage with English common law for a personal bank account?

 

[BlueMist]

Martin Everson said:
Yes

No complaints but I just have a euro reserve account and have done no outbound transactions to third parties yet. Beware they are upselling kings and masters of useless newsletters.

Doesn't really matter.I went with Jersey office as there is like half a dozen international banks within a couple of 100 meters of each other in case anything goes wrong and I need to visit and change banks.
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Thanks. Do you remember if joint account is possible for online opening during the application form?

On the other hand Barclays London requires GBP 5 million, so GBP 25.000 required by Barclays Jersey is much more attractive. I wonder where such differences are coming from and how stable Barclays Jersey is compared to its London HQ.

 

[Martin Everson]

BlueMist said:
Thanks. Do you remember if joint account is possible for online opening during the application form?
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Don't think so....but can't remember to be honest.

BlueMist said:
On the other hand Barclays London requires GBP 5 million, so GBP 25.000 required by Barclays Jersey is much more attractive. I wonder where such differences are coming from and how stable Barclays Jersey is compared to its London HQ.
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Barclays International in UK required £25,000. Barclays Private Bank in Monaco or Switzerland requires at least £5m.

I would avoid putting money in UK. The idea of inheritance tax and its complexities as a non-UK resident isn't worth risking. Plus withholding tax on interest etc etc. Jersey has no inheritance tax and if you are opening a joint account this maybe important.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[sergeylim88]

do you have any recommendation for a business bank account in either jersey, bvi, iom or something 4th?
we need usd acc. with visa card connected to it (has to be in usd)
country of incorporation is belize, but client can provide high deposits so that should not be a problem

 

[WorldCitizen99]

Brokenby2703 said:
Hi Guys
anybody with experience opening bank acount in Jersey (offshore UK) ?
Feedback + comments will appreciated especially for business account.
Thanks
Brokenby2703
Click to expand...

Opened Santander - Isle of Man personal acct. 75K GBP minimum. EUR, USD and GBP accts avail. Have to send notarized pic of passport and show source of funds - proof of wealth and proof of income. Download application and mail it in. Pretty intensive in terms of documentation. Took me 6 weeks to set up.

 

[nobel]

I only like Barclays, with Santander there is no SEPA and no SEPA direct debit possible, with Barclays it´s possible!

 

[sergeylim88]

any recommendation how to contact barclays?

 

[nobel]

sergeylim88 said:
any recommendation how to contact barclays?
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https://international.barclays.com/

 

[nobel]

Martin Everson said:
Barclays International in UK required £25,000. Barclays Private Bank in Monaco or Switzerland requires at least £5m.
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OMG, it´s now £100.000 eek¤%&

 

[Martin Everson]

nobel said:
OMG, it´s now £100.000 eek¤%&
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Yeah I know crazy. Inflation? rof/%

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[BlueMist]

Is there any other than Barclays bank in Jersey that has SEPA? Natwest?

 

[nobel]

BlueMist said:
Is there any other than Barclays bank in Jersey that has SEPA? Natwest?
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I think no, no Santander, no Natwest, nothing, only Barclays, but now minimum £100.000 or €116.000 you must bring or you pay €45 fee per month! damn_(

 

[Martin Everson]

BlueMist said:
Is there any other than Barclays bank in Jersey that has SEPA? Natwest?
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You have to work your way through the list of banks below perhaps and check or ask.

https://thebanks.eu/banks-by-country/Jersey

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[liroyb]

WorldCitizen99 said:
Opened Santander - Isle of Man personal acct. 75K GBP minimum. EUR, USD and GBP accts avail. Have to send notarized pic of passport and show source of funds - proof of wealth and proof of income. Download application and mail it in. Pretty intensive in terms of documentation. Took me 6 weeks to set up.
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Are you satisfied with them?