Barclays Bank Jersey

I have had trouble with Barclays since they took over my Morgan Stanley Credit card the biggest problem is the call centre in India.

I had a Morgan Stanley Credit card they sold out to Gold Fish then Barclays took them over recently but there computer systems always down they never answer mails or take any responsibilty for any misstakes or errors made just no good really.

I also had trouble with Abbey UK with the same.

But my Offshore accounts with Anglo Irish Isle of Man is very good.

And also Abbey International is good but becoming less competitive in the market as the charges have gone up but they make record profits.

James do you mind naming the bank in Luxembourg, pm if you prefer not to post. I am in the process of going ltd co after being PAYE for years, sed rule changes forced my hand. Anyway I have been looking for an offshore bank that has the facilities you mention, but it’s a minefield with no info on whether they are anygood.

No worries passing the info out into the open. You can find them on the net anyway.

The bank is Fortis bank, they got into trouble recently… oops! but in a closely coordinated/monitored effort from the Luxembourg, Belgium and French authorities investors were backed fully from the outset. At the time of the vent each country immediately looked after the branches on their patch and customers didn’t notice a thing. The Fortis branches in Luxembourg will be reverting back to their old name of BGL.. ‘Bank General du Luxembourg’.

Been with them for year and feel solid and secure in the light of recent events.

You will need to visit Luxembourg in person to open an account. Actually it’s quite an interesting place, so worth a wee trip with the Mrs for the visit alone.

Accounts are available for all EU citizens. You do not need to be a resident of Luxembourg nor does it matter a jot that you may be a resident of another EU country. They do have other branches elsewhere but you’d be better to pop over to the country and open at a local branch there. If you are into trading the markets then they are closely linked with Internaxx. Those of you that do trade, internationally, will have heard of Internaxx I am sure.

My branch is at:

Fortis Bank Luxembourg
27 Avenue Monterey
L – 2951
Luxembourg

Tel: +352 (479) 94 021
Contact: Isobel Wagner.

If you call, reception may answer in French, German or the local dialect, just ask politely if they can use English and it’ll not be a problem.
Ask for Isobel Wagner and say that James McLauchlan from Portugal recommended you to her.
Explain that you work worldwide and tell them you wish to shift your main banking there.. if you hint at opening an account as merely a secondary ‘low level’ account they may baulk. As I said you need to be fully prepared to head on over there. When we opened our account you needed to show up in person with proof of ID (Passport) and also proof of where you reside.. utility bills. Take other proof as well rather than not enough. Take some bank or pay statements also. They may not want them but better to have them at hand than not.

[quote=

My branch is at:

Fortis Bank Luxembourg

James,

Offshore banking is a whole new area for me. Could you please explain the benefits?

James,

Offshore banking is a whole new area for me. Could you please explain the benefits?

Luxembourg is not offshore as such. The bank we use is an EU mainland bank and falls under EU banking laws as do the UK banks (in theory), although the way they operate in the UK you wouldn’t think so!

Benefits?
Working through a UK agency, being paid into a Luxembourg bank (any other EU country would do) and living as a resident of yet another EU country has had it’s advantages for as long as I care to remember. In effect you keep the bulk of your money in a country you do not live in, then transfer smaller amounts to your country of residence as and when required. Say no more 😉

EU mainland banks are far more user friendly in that they seem to view people as customers and not a captive ‘take it or leave it’ audience which seems to prevail in the UK banking system.

As a UK resident the more remote (to the UK) you can make your banking the better chances you have of an improved banking relationship and greater tax reduction.. for want of a better expression.
My advice would be to choose a bank that is not a UK high street named bank like Lloyds, Barclays etc. No matter how offshore these banks appear to be they seem to have a direct channel of comms back to their UK HQ and, if asked by the UK tax man, would most likely spill the beans faster than I care to imagine. I feel that banking with another EU bank, in a country other than the UK with it’s HQ roots not in the UK either, would be a better option. I would say that though because that is what I did years ago and for me it paid off.

If you are living in the UK and bank in the UK – even Jersey, Guernsey, or OIM, you are making it way too easy for the UK authorities to track your income.

As an aside.
Not that I would bank with them but I have noticed recently in the local press around here (Algarve) that Lloyds have started offering £GBP & €Euro accounts out of Gibraltar but the accounts are not available to UK residents for some reason. God knows why!

best regards
James Mc

Nope I’m not sure about guaranteed funds. When we joined the bank years ago it was not even a consideration that a bank might go under. Interested parties may wish to ask that question. I wonder, when opening an account do people ask Lloyds (for example) if they guarantee funds in the UK?

BGL (as it is now known again) is part of the Luxembourg, Belgium, French establishment and would be supported by the various governments involved should they get into trouble. Proof of that is when Fortis bank ran into trouble the solution (plus revert the bank bank back to BGL ownership) was sorted out virtually overnight. They are a public style bank rather than a private ‘closed door’ type bank.

best regards
James Mc