Mike
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Post by Mike on Dec 3, 2020 15:47:22 GMT
Has anyone got any new idea to bank Euros? I am emptying my pot in Revolut, and would like something else apart from Starling bank? It looks like Barclays offers one if you open it in branch and you already have a Barclays sterling account. I've not tried it though. Can confirm - they also didn't close the EUR account once my GBP account was closed. In fact, they've been sending me paper statements every quarter to confirm my €0.04 balance since the last transaction in 2009. Back then this account was good - the staff are all very unfamiliar with it but cash withdrawals were free and almost always made with uncirculated notes (account holder has total control over denomination too). You had to give a days notice. It's also a fast way to be recognised in-branch by the staff, since they're almost always expectnig you if they have a EUR cash withdrawals sent to them!
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james100
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Post by james100 on Dec 3, 2020 15:52:01 GMT
Has anyone got any new idea to bank Euros? I am emptying my pot in Revolut, and would like something else apart from Starling bank? It looks like Barclays offers one if you open it in branch and you already have a Barclays sterling account. I've not tried it though. benajI have one of those. Easy to set up and to withdraw cash from. They can take ages to clear cash deposits though (and internal forex rates poor so I wouldn't purchase Euros through them).
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benaj
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Post by benaj on Dec 3, 2020 15:52:14 GMT
I've already got Barclays EUR account. It's better to know whether to bank money in a safe place nowadays. Although Starling is easy to use and authorised in the UK, it's better to have something else as backup in case of account / service issues.
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Post by captainconfident on Dec 3, 2020 16:35:43 GMT
Has anyone got any new idea to bank Euros? I am emptying my pot in Revolut, and would like something else apart from Starling bank? I use www.vialet.eu/You get a cool Lithuanian IBAN number to confuse and amuse your friends!
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IFISAcava
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Post by IFISAcava on Dec 3, 2020 16:36:18 GMT
I'm transferring foreign currency from Revolut/Transferwise onto Interactive Brokers - there is protection up to $250,000 dollars as far as I can see. Their fees for buying currency also v good.
No fees if your aggregate total is over $100,000 so only worthwhile if going to keep more than that there including any investments.
EDIT: it's an inactivity fee of $10 per month if hold less than $100,000, set against actual trading commission, so also OK if you intend on spending $10 per month equivalent in trading commission.
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Post by Deleted on Dec 3, 2020 16:43:56 GMT
Protection $250k..... from whom? The US gov?
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IFISAcava
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Post by IFISAcava on Dec 3, 2020 16:52:16 GMT
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Post by dan1 on Dec 3, 2020 17:11:41 GMT
Are you sure (confident, even) it applies to Interactive Brokers U.K. Limited as distinct from their US entity Interactive Brokers LLC? Edit: or do you open an account with Interactive Brokers Luxembourg SARL?
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michaelc
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Post by michaelc on Dec 3, 2020 17:17:11 GMT
Related question: How safe is Revolut ?
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james100
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Post by james100 on Dec 3, 2020 17:29:42 GMT
This is because the accounts are actually domiciled in US, as I understand? (irrespective of co.uk website etc.) which implies you are liable to non-resident alien estate tax over the very meagre allowance of $60K (versus the usual > $10M) in the case of your unfortunate demise.
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benaj
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Post by benaj on Dec 3, 2020 18:07:50 GMT
Related question: How safe is Revolut ? Well, Revolut does not have a UK banking license and they don't behave like any UK banks. Just the app, not even an letter. It has a vault feature linked with Paragon bank, acting like an instant access account paying interest rate @ 0.8%. Strangely enough, it's even higher than Paragaon itself. I can't say the vault feature makes Revolut any safer. Their vault is not bulletproof IMHO. All the money deposited via Saving Vaults will be transferred to a third party - Flagstone Investment Management Limited (FRN 676754). The statements of the vaults are probably not stored on Revolut side. Also, Revolut has a fantastic team working in their social media, they are experts in “weeding” negative comments, so outsiders won’t even see their true colours. They always appear amazing 🤩🤣
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IFISAcava
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Post by IFISAcava on Dec 3, 2020 18:44:14 GMT
This is because the accounts are actually domiciled in US, as I understand? (irrespective of co.uk website etc.) which implies you are liable to non-resident alien estate tax over the very meagre allowance of $60K (versus the usual > $10M) in the case of your unfortunate demise. Ah - I wasn't aware of that. Is there not a reciprocal agreement? And what if you buy etfs/stocks on the LSE? Surely they wouldn't come under US tax law, that would just apply to US based securities?
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james100
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Post by james100 on Dec 3, 2020 21:25:21 GMT
This is because the accounts are actually domiciled in US, as I understand? (irrespective of co.uk website etc.) which implies you are liable to non-resident alien estate tax over the very meagre allowance of $60K (versus the usual > $10M) in the case of your unfortunate demise. Ah - I wasn't aware of that. Is there not a reciprocal agreement? And what if you buy etfs/stocks on the LSE? Surely they wouldn't come under US tax law, that would just apply to US based securities? I try to dodge all vaguely complicated issues by keeping ex-UK stuff as far as possible in a tax-friendly country (now Luxembourg, formerly Singapore). I would just make sure you are OK with wherever it is domiciled and (if that is the US) the tax treatment (estate, dividend withholding taxes, reclaim fees) depending on exactly what and how much you intend to hold there.
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