Banking

"Edwin Lee" wrote
| What is the best bank to use if one plans on staying in
| Europe for about a year? I think I'll be staying in the
| U.K. for most of my trip.
| Is HSBC the best bet?

HSBC make much of their international connections, but Nationwide are
generally regarded as cheapest (ie free) for foreign ATM withdrawals, if
that is the main service you will require outside the UK. If you require
more advanced international banking than 'travel money' you might want to
look at a more business-oriented bank. However, most building societies
(mutual societies, savings and loan) (and former b.s. that have demutualised
ie become banks, including Nationwide), are fully integrated into the
banking system and offer a full range of services.

Depending on your tax status, you might want to use an offshore arm of a UK
bank. These are usually based in the Channel Islands or Isle of Man, and so
your money stays outside the UK tax system.

Online and telephone banking is widely available but you might want to check
exactly what services are available online, and whether there are any
particular browser requirements that might restrict use from internet cafes
etc.

There is a list of banks that are members of the British Bankers Association
at:
http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=103&a=1562

For foreign banks operating in this country, please see the Foreign
Banks and Securities Houses Association's web site at
http://www.fbsa.org.uk/

They have two leaflets in pdf form that may be useful. They outline
the identity and security processes involved in opening a UK bank
account.
International students - Opening a UK bank account
Opening a bank account if you are new or returning to the UK

Both are downloadable from
http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=138

Many UK banks have separate offshore banking operations if you wish to
be outside the UK tax and regulatory regimes. Some are listed at:
http://www.uknetguide.co.uk/Finance/...e_Banking.html
http://www.financelink.co.uk/offshore_banking/

Owain

"Edwin Lee" wrote
| What is the best bank to use if one plans on staying in
| Europe for about a year? I think I'll be staying in the
| U.K. for most of my trip.
| Is HSBC the best bet?

HSBC make much of their international connections, but Nationwide are
generally regarded as cheapest (ie free) for foreign ATM withdrawals, if
that is the main service you will require outside the UK. If you require
more advanced international banking than 'travel money' you might want to
look at a more business-oriented bank. However, most building societies
(mutual societies, savings and loan) (and former b.s. that have demutualised
ie become banks, including Nationwide), are fully integrated into the
banking system and offer a full range of services.

Depending on your tax status, you might want to use an offshore arm of a UK
bank. These are usually based in the Channel Islands or Isle of Man, and so
your money stays outside the UK tax system.

Online and telephone banking is widely available but you might want to check
exactly what services are available online, and whether there are any
particular browser requirements that might restrict use from internet cafes
etc.

There is a list of banks that are members of the British Bankers Association
at:
http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=103&a=1562

For foreign banks operating in this country, please see the Foreign
Banks and Securities Houses Association's web site at
http://www.fbsa.org.uk/

They have two leaflets in pdf form that may be useful. They outline
the identity and security processes involved in opening a UK bank
account.
International students - Opening a UK bank account
Opening a bank account if you are new or returning to the UK

Both are downloadable from
http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=138

Many UK banks have separate offshore banking operations if you wish to
be outside the UK tax and regulatory regimes. Some are listed at:
http://www.uknetguide.co.uk/Finance/...e_Banking.html
http://www.financelink.co.uk/offshore_banking/

Owain

"Edwin Lee" wrote
| What is the best bank to use if one plans on staying in
| Europe for about a year? I think I'll be staying in the
| U.K. for most of my trip.
| Is HSBC the best bet?

HSBC make much of their international connections, but Nationwide are
generally regarded as cheapest (ie free) for foreign ATM withdrawals, if
that is the main service you will require outside the UK. If you require
more advanced international banking than 'travel money' you might want to
look at a more business-oriented bank. However, most building societies
(mutual societies, savings and loan) (and former b.s. that have demutualised
ie become banks, including Nationwide), are fully integrated into the
banking system and offer a full range of services.

Depending on your tax status, you might want to use an offshore arm of a UK
bank. These are usually based in the Channel Islands or Isle of Man, and so
your money stays outside the UK tax system.

Online and telephone banking is widely available but you might want to check
exactly what services are available online, and whether there are any
particular browser requirements that might restrict use from internet cafes
etc.

There is a list of banks that are members of the British Bankers Association
at:
http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=103&a=1562

For foreign banks operating in this country, please see the Foreign
Banks and Securities Houses Association's web site at
http://www.fbsa.org.uk/

They have two leaflets in pdf form that may be useful. They outline
the identity and security processes involved in opening a UK bank
account.
International students - Opening a UK bank account
Opening a bank account if you are new or returning to the UK

Both are downloadable from
http://www.bba.org.uk/bba/jsp/polopoly.jsp?d=138

Many UK banks have separate offshore banking operations if you wish to
be outside the UK tax and regulatory regimes. Some are listed at:
http://www.uknetguide.co.uk/Finance/...e_Banking.html
http://www.financelink.co.uk/offshore_banking/

Owain

"Owain" writes:

However, most building societies (mutual societies, savings and
loan) (and former b.s. that have demutualised ie become banks,
including Nationwide), are fully integrated into the banking system
and offer a full range of services.

The Nationwide is still the Nationwide Building Society. It hasn't
demutualised, it's a strong opponent of demutualisation in fact.
It's still great for travel money though; all withdrawals anywhere in
the world are free and you get _excellent_ exchange rates.

http://www.nationwide.co.uk

--
-- Chris.

"Owain" writes:

However, most building societies (mutual societies, savings and
loan) (and former b.s. that have demutualised ie become banks,
including Nationwide), are fully integrated into the banking system
and offer a full range of services.

The Nationwide is still the Nationwide Building Society. It hasn't
demutualised, it's a strong opponent of demutualisation in fact.
It's still great for travel money though; all withdrawals anywhere in
the world are free and you get _excellent_ exchange rates.

http://www.nationwide.co.uk

--
-- Chris.

Chris wrote
| "Owain" writes:
| However, most building societies (mutual societies,
| savings and loan) (and former b.s. that have
| demutualised ie become banks, including Nationwide),
| are fully integrated into the banking system
| and offer a full range of services.
| The Nationwide is still the Nationwide Building Society.
| It hasn't demutualised, it's a strong opponent of
| demutualisation in fact.

Ooops so it is, I'm with both Nationwide and Abbey.

Owain

Chris wrote
| "Owain" writes:
| However, most building societies (mutual societies,
| savings and loan) (and former b.s. that have
| demutualised ie become banks, including Nationwide),
| are fully integrated into the banking system
| and offer a full range of services.
| The Nationwide is still the Nationwide Building Society.
| It hasn't demutualised, it's a strong opponent of
| demutualisation in fact.

Ooops so it is, I'm with both Nationwide and Abbey.

Owain

Chris wrote
| "Owain" writes:
| However, most building societies (mutual societies,
| savings and loan) (and former b.s. that have
| demutualised ie become banks, including Nationwide),
| are fully integrated into the banking system
| and offer a full range of services.
| The Nationwide is still the Nationwide Building Society.
| It hasn't demutualised, it's a strong opponent of
| demutualisation in fact.

Ooops so it is, I'm with both Nationwide and Abbey.

Owain

"Edwin Lee" wrote in message
m...
What is the best bank to use if one plans on staying in Europe for
about a year? I think I'll be staying in the U.K. for most of my trip.
Is HSBC the best bet?

I would say that the best one is the one that you can actually
persuade to open an account for you.

Due to a raft of new legislation banks now have to take very
extreme steps to check their prospective customer and
are required to demand various documents that the new
visitor to the country is very unlikely to have.

You will not find opening an account a walk in the park and
you are unlikely to be able to choose which bank it is that
will open an account for you, you'll just have to accept
whatever you get

If it is at all possible for you to open an account at home
that you can use when you get to Europe you will find that a
lot easier. Do you have a Citibank where you are, they are
reported for being the easiest for 'transporting'


tim


Edwin

tim wrote:

"Edwin Lee" wrote in message
m...
What is the best bank to use if one plans on staying in Europe for
about a year? I think I'll be staying in the U.K. for most of my trip.
Is HSBC the best bet?

I would say that the best one is the one that you can actually
persuade to open an account for you.

Due to a raft of new legislation banks now have to take very
extreme steps to check their prospective customer and
are required to demand various documents that the new
visitor to the country is very unlikely to have.

Yes- you usually have to have proof of residence (usually more than one
kind of document), and if a non-citizen, let them take a copy of your
passport. It does seem that some banks have different requirements
though. For example, some of the online banks require 2 or 3 years (not
kidding!) of UK residence. The high street banks don't. but you'll need
to show utility bills and the like. However, getting credit is very
difficult. It is in other countries too, but in the UK, that means it is
more difficult to get things like cheque books and debit cards- the
latter being very useful here.

David

--
David Horne- www.davidhorne.net
usenet (at) davidhorne (dot) co (dot) uk