UK international bank accounts

Hi all,

I'm from the UK and moving to Germany next month to live and work.
Has anyone experienced using a UK International Bank account? If so, what are your experiences (inc. fees, transfers, getting your salary paid, services etc.) as I want to hold both Pounds Sterling and Euros.

I've looked at most of the big banks like HSBC, Barclays, Abbey and they all offer an International Personal account but I'm just wondering if it's worth going down this route or would it be more simpler to open up a German one.

Cheers,

Much simpler to open a German one as any bank transfers to Jersey, IOM etc will attract bank charges and btw they are totally transparent to the tax authorities so have no real benefit.

The issue is if you are earning interest. UK regular bank accounts will deduct tax at source, offshore will not. Still taxable in germany, but you may prefer to keep it simpler with the offshore route. You dont wanna keep your sterling here as the interest rate will be laughable - unless it is not much and you just want it here for convenience.

Offshore accounts here:

http://www.moneysupermarket.com/

There are some issues regarding the helpfullness of the staff too. I worked for a bank in England and we were told NOTHING about the international accounts. It was all done by post and was really just an after thought for those who live and work in the mainland branches. (I am working on the assumption that everyone likes to talk to a human, otherwise the post worked well).

When I looked at accounts, HSBC seemed to know a little bit about the accounts but it all seemed to be too much hassle (and fee incurring) than just opening a German one. Plus German accounts don't charge massive fees for things like going overdrawn and the staff are nicer

I dislike talking to humans. I want everything online.

If you are non-UK resident you can submit HM R&C Form R105 to your UK bank to have interest paid gross. Most banks accept this without question. Building societies are more particular, as it depends on the (savings) account they are operating, or if they will even permit the account to be operated from abroad. You should, however include any interest earned in your German tax submission (if it applies) as the banks and HM R&C do pass information to the German tax authorities. More information, and applicable forms here

Cahoot (owned by Halifax) which pays good rates does not take the R105 for example - so it is a bit of a game potentially. Therefore probably easier to sort an offshore account first, or at least check if your UK bank takes the R105 in advance. Problem is as soon as you say your are moving abroad the regular bank wont want your account!

Do think carefully before closing your UK current account as the new regulations make it hard to open one again from abroad. I have never had problems about keeping my Uk bank account and credit card.

I find the best way to avoid bank charges and currency conversion costs is to keep separate UK and German accounts and keep transfers between the two to a minimum.

A lot depends on whether you will have any income in the Uk - rent or part of your salary paid in pounds for example.

Depending on how much you have in savings it may be worth getting advice about where to put the savings before you leave as some accounts are no longer available once you are abroad but OK if you set them up before leaving. As mentioned above you should be able to receive gross interest.

Deffo keep your standard UK bank account. Just open an account with a high street bank in Germany.

Hell yeah - keep that UK account open!

... and any credit cards too. Check if they will let you re-assign the credit card to a foreign address (some do). Otherwise simply change your "address" to one of a friend or relation. This helps you maintain a reasonable credit rating in UK too (assuming you continue to pay the bills!)

Agreed, when i said open a German Bank account i meant purely for German affairs.
Retention of your UK account and cards is a must.

Thanks everyone for your replies! Judging by what I read, I think I'll keep my UK bank account and open a German one. Now which one... hmmmmm Don't want to pay any monthly fees but would like online banking.

All German banks charge - usually quarterly - unless anyone here knows different.

All banks offer online banking now don't they?

There are banks in Germany that don't charge for accounts if you have your salary going through them.

Anyone who thinks UK banking is "free" anyway is sorely mistaken.

The postbank appear to offer free banking, with online banking, as long as you have above certain sum (€1250) going into the account every month. Here's a link, only in German I'm afraid. Postbank

Many internet based banking accounts don't charge. DKB, for instance provide totally free (online) banking including credit card and interest on credit balance.

You may end up just choosing the bank with the most convenient cash dispensers. That is why I have stayed with the Sparkasse.

A colleague said he got charged by Potsbank when they found out he was a free lancer. They told him it was not free if used as a buisness account, I think this happened after he made some payments to the Finanzamt.

This DKB bank sounds really good in terms of what they offer (Free Visa card, Free EC card). Anyone had any experiences with them? i.e. Service, security, support etc.?
Also, is DKB part of a larger bank as I've never heard of them...

Citibank doesn't charge and even pays interest if you stay in the black. Online services are pretty good, secure (so far) and bilingual. Main problem is access - branches in larger towns only, whereas the Sparkasse is ubiquitous (but expensive).

One of the biggest. They are a subsidiary of the Bayerische Landesbank (the state Bank of Bavaria). They used to be the state bank of Eastern Germany but were bought by the BLB following the breakup of the DDR. They are not the only cheap (free) bank - ComDirect is comparable.

Regarding the Sparkasse being "expensive", bear in mind that using others ATMs (are they in CashGroup?) coupled with their limited branch network, is also a cost.