British Banks in the Channel Islands (Personal Accounts)

[dragodrago]

Does anyone have experience with personal accounts at the British banks in the Channel Islands? How strict is their due diligence for initial account opening and ongoing transactions? Is their service good overall?

• Barclays International (£25,000 minimum; Jersey, Isle of Man)
• RBS International trading as NatWest International (£5,000 minimum; Jersey)
• Lloyds International (£5,000 minimum for savings, £25,000 for current; Jersey, Guernsey, Isle of Man)

Thanks in advance.

 

[Martin Everson]

Barclays international is good overall but becoming more strict. LLoyds was good back in the sixteenth century when I used them with a hand calculator to login .

Can you open with Natwest International as a non-resident outside their banking locations? I have a trust with RBS International which does not help you in terms of feedback but the bank is good for managing money.

Perhaps someone who has opened an account more recently can give their experience. I imagine its not even the same as opening 18 months ago.

 

[dragodrago]

Barclays international is good overall but becoming more strict. LLoyds was good back in the sixteenth century when I used them with a hand calculator to login .

Can you open with Natwest International as a non-resident outside their banking locations? I have a trust with RBS International which does not help you in terms of feedback but the bank is good for managing money.

Perhaps someone who has opened an account more recently can give their experience. I imagine its not even the same as opening 18 months ago.

Thanks @Martin Everson.

NatWest International has an international banking service for residents of a few dozen countries. International Customers | Personal Banking | NatWest International

There is also HSBC Expat in Jersey, which seems to offer a broad range of service, including current accounts, credit cards, mortgages, brokerage, etc, but it also has a minimum balance requirement of £50,000, highest among all of them.

Any info and experience with HSBC Expat and the other banks will be greatly appreciated!

 

[Martin Everson]

Any info and experience with HSBC Expat and the other banks will be greatly appreciated!

I avoid HSBC for personal reasons. You can look at Standard Bank perhaps.

 

[BlueMist]

Isn’t RBS International for businesses only? Do they open accounts for EU businesses or UK only?

 

[dragodrago]

I avoid HSBC for personal reasons. You can look at Standard Bank perhaps.

Standard Bank replied me that they only onboard African-based clients, which I am not. Otherwise it seems to be a good bank.

Isn’t RBS International for businesses only? Do they open accounts for EU businesses or UK only?

From what I read, RBS International Ltd trades under four brands, one of which is called NatWest International, which has an International Personal Banking service. I am not sure about business accounts.

 

[Sols]

Standard Bank replied me that they only onboard African-based clients, which I am not. Otherwise it seems to be a good bank.

If I'm not mistaken, it's only for corporate accounts that Standard Bank requires a connection to Africa. For personal accounts, they are more lenient, especially for EU citizens/residents.

 

[erni]

What does it take to have "connections to Africa" do you think it is sufficient to setup a company there or do we need to do more?

 

[dragodrago]

If I'm not mistaken, it's only for corporate accounts that Standard Bank requires a connection to Africa. For personal accounts, they are more lenient, especially for EU citizens/residents.

I enquired about personal accounts and they replied that they don’t onboard non-African clients. I am not from the EU, so that might be the issue.

They also have an online eligibility checker where you input your citizenship and residency. I tried even Germany didn’t work.

Would be great if anyone here that is not based in Africa but have a personal account with Standard Bank Jersey to share their experience.

What does it take to have "connections to Africa" do you think it is sufficient to setup a company there or do we need to do more?

In their response, they say the account holder must be “based” in Africa, I don’t think only a company would suffice.

 

[erni]

In their response, they say the account holder must be “based” in Africa, I don’t think only a company would suffice.

no, would be more unlikely they would accept such an easy setup.

 

[Sols]

What does it take to have "connections to Africa" do you think it is sufficient to setup a company there or do we need to do more?

They want you to be based in Africa or have significant business connections (suppliers, customers, employees/contractors, business partners) in Africa. For example, just having a company in Mauritius or Seychelles and doing business online for EU/US clients would not satisfy them.

 

[nobel]

For me is only Barclays International good (i have), because only this bank is SEPA and SEPA direct debit possible for € accounts! Other banks on the Channel Islands no SEPA.

 

[BlueMist]

For me is only Barclays International good (i have), because only this bank is SEPA and SEPA direct debit possible for € accounts! Other banks on the Channel Islands no SEPA.

Are you sure about that? Natwest International also claim to have SEPA.

 

[nobel]

Maybe only deposit/withdrawal payments in SEPA possible but SEPA direct debit no, please ask and let me know. I ask Santander International also and SEPA no.

 

[dragodrago]

For me is only Barclays International good (i have), because only this bank is SEPA and SEPA direct debit possible for € accounts! Other banks on the Channel Islands no SEPA.

Thanks for your reply.

Can you share when you opened the account with Barclays International, how long it took, and what documents were needed? Do you need Skype/call interview?

Do they have strict due diligence for ongoing transactions?

They also seem to offer Amex cards, which is uncommon among offshore banks. Have you used them?

 

[nobel]

2 years ago, without skype, but got a call, just a few questions. Bank statement from another account some months ago showed and that was it. You need a £ and € account, because you need the £VISA card for online banking, but everything is free. For ongoing transactions i hear nothing from Barclays. It´s nice no stress.

I have the Amex card, but it is directly from Amex and Amex debit from Barclays.

 

[dragodrago]

2 years ago, without skype, but got a call, just a few questions. Bank statement from another account some months ago showed and that was it. You need a £ and € account, because you need the £VISA card for online banking, but everything is free. For ongoing transactions i hear nothing from Barclays. It´s nice no stress.

I have the Amex card, but it is directly from Amex and Amex debit from Barclays.

I see, thanks for sharing!

As the card comes directly from Amex, is there an extra approval process for the Amex card, e.g. income proof, etc? Or does it come pre-approved as long as you have a Barclays international account?

 

[nobel]

Read that, does it apply to you?

Important Information before you apply:

International Currency Card products are only available to existing American Express customers with more than six months of membership. Product and country of residence restrictions apply. You and any Supplementary Cardmembers must be over 18 years of age. American Express International Currency Cards are serviced in English. Please note, ICC cards are not offered to residents of the USA, Singapore, the European Union (UK exempt) and some other excluded countries.

 

[Martin Everson]

Standard Bank replied me that they only onboard African-based clients, which I am not. Otherwise it seems to be a good bank.

Well its a South African bank anyway so don't blame them. There is enough clients on the continent that are denied banking simply because they live on the continent. So they are probably sweeping up all that local and expat business from there I guess.

Was gonna suggestion Ned Private Bank which is good. But they are South African too and I guess will require connection to continent. But give them a try anyway. They offer a one stop shop for a lot of good services .

 

[BlueMist]

Was gonna suggestion Ned Private Bank which is good. But they are South African too and I guess will require connection to continent. But give them a try anyway. They offer a one stop shop for a lot of good services .

Interesting. I checked their pricing list and the custodian fees seem to be reasonable 0.1% above GBP 1M. How good and safe is this bank? They seem to offer 3 jurisdictions, I wonder if they have different requirements between IoM, Jersey and London. Also no SEPA, SWIFT only.