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Author Topic: Help needed with overseas bank account so I can invest there  (Read 11990 times)

MoneyChief

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Help needed with overseas bank account so I can invest there
« on: July 08, 2017, 03:55:18 pm »
I have a bank account with a UK bank. They have a banking app that I have installed on my phone and it used to work fine, but now requires re-authentication. To authenticate I have to give them a UK cell number to send the authentication code to via SMS. My UK sim card stopped working a while ago due to inactivity.

If I can get a UK sim that works in SA I should be able to get the cell phone banking app working again. Anybody know where I can get a UK sim in SA? If not, does anybody know how I can open another overseas bank account without physically travelling overseas?

I know Investec offers a UK account for £10 a month, but only for private banking customers, which I am not.

Alternatively does anybody know of an overseas investment broker that would accept deposits directly from a South African bank account?
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yozzi

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Re: Help needed with overseas bank account so I can invest there
« Reply #1 on: July 08, 2017, 04:27:34 pm »
I'm with Nationwide in the UK and they do offer offshore accounts based in Isle of Man so check their website
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MoneyChief

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Re: Help needed with overseas bank account so I can invest there
« Reply #2 on: July 09, 2017, 12:44:12 pm »
Quote from: yozzi on July 08, 2017, 04:27:34 pm
I'm with Nationwide in the UK and they do offer offshore accounts based in Isle of Man so check their website

Thanks, will give it a try.
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Patrick

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Re: Help needed with overseas bank account so I can invest there
« Reply #3 on: July 10, 2017, 11:31:11 am »
Finding a friend you trust over there would be a quick solution. Do you still have contacts there?
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MoneyChief

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Re: Help needed with overseas bank account so I can invest there
« Reply #4 on: July 10, 2017, 01:57:40 pm »
Quote from: Patrick on July 10, 2017, 11:31:11 am
Finding a friend you trust over there would be a quick solution. Do you still have contacts there?

My cousin lives in the UK, but I am not sure how he can help.

I see that ABSA offers international accounts in GBP, USD or EUR. Only requirement is R5000 equivalent minimum balance to be maintained. Seems like it might be a good option. I hope that DeGiro will then accept payments from the account.
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Patrick

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Re: Help needed with overseas bank account so I can invest there
« Reply #5 on: July 10, 2017, 02:37:19 pm »
Quote from: MoneyChief on July 10, 2017, 01:57:40 pm
Quote from: Patrick on July 10, 2017, 11:31:11 am
Finding a friend you trust over there would be a quick solution. Do you still have contacts there?

My cousin lives in the UK, but I am not sure how he can help.

I see that ABSA offers international accounts in GBP, USD or EUR. Only requirement is R5000 equivalent minimum balance to be maintained. Seems like it might be a good option. I hope that DeGiro will then accept payments from the account.
I thought you could tell them his number was yours, then get him to forward the authentication code to you. Obviously that would only work if they just want a once off re-authentication, not if it's repeated.
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shifty

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Re: Help needed with overseas bank account so I can invest there
« Reply #6 on: July 13, 2017, 11:19:11 am »
Hi MoneyChief,
When traveliing I have used a Maxroam simcard. Its was a UK number. I bought it at Flightcentre.
Hope that helps.
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MoneyChief

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Re: Help needed with overseas bank account so I can invest there
« Reply #7 on: July 14, 2017, 08:47:47 am »
Quote from: shifty on July 13, 2017, 11:19:11 am
Hi MoneyChief,
When traveliing I have used a Maxroam simcard. Its was a UK number. I bought it at Flightcentre.
Hope that helps.

Thanks, will give it a try.
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yozzi

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Re: Help needed with overseas bank account so I can invest there
« Reply #8 on: July 19, 2017, 06:07:31 pm »
Quote from: MoneyChief on July 10, 2017, 01:57:40 pm
Quote from: Patrick on July 10, 2017, 11:31:11 am
Finding a friend you trust over there would be a quick solution. Do you still have contacts there?

My cousin lives in the UK, but I am not sure how he can help.

I see that ABSA offers international accounts in GBP, USD or EUR. Only requirement is R5000 equivalent minimum balance to be maintained. Seems like it might be a good option. I hope that DeGiro will then accept payments from the account.

Would be interesting to know if any one on the forum has used DeGiro and how they have found the experience? Good or bad?
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synapseza

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Re: Help needed with overseas bank account so I can invest there
« Reply #9 on: July 21, 2017, 07:28:51 am »
Quote from: MoneyChief on July 10, 2017, 01:57:40 pm
Quote from: Patrick on July 10, 2017, 11:31:11 am
Finding a friend you trust over there would be a quick solution. Do you still have contacts there?
I see that ABSA offers international accounts in GBP, USD or EUR. Only requirement is R5000 equivalent minimum balance to be maintained. Seems like it might be a good option. I hope that DeGiro will then accept payments from the account.

ABSA has a couple of offshore options, the cheaper ones cannot make payments to third parties (such as your broker). I tried to get more information about their multicurrency account (since it was a bit more expensive and could be a full transactional account), but I got passed between the departments without any resolution.
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MoneyChief

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Re: Help needed with overseas bank account so I can invest there
« Reply #10 on: July 21, 2017, 10:34:30 am »
Quote from: synapseza on July 21, 2017, 07:28:51 am
Quote from: MoneyChief on July 10, 2017, 01:57:40 pm
Quote from: Patrick on July 10, 2017, 11:31:11 am
Finding a friend you trust over there would be a quick solution. Do you still have contacts there?
I see that ABSA offers international accounts in GBP, USD or EUR. Only requirement is R5000 equivalent minimum balance to be maintained. Seems like it might be a good option. I hope that DeGiro will then accept payments from the account.

ABSA has a couple of offshore options, the cheaper ones cannot make payments to third parties (such as your broker). I tried to get more information about their multicurrency account (since it was a bit more expensive and could be a full transactional account), but I got passed between the departments without any resolution.

The best option I have been able to find so far is the FNB channel islands bank account. I haven't applied for it yet. I am still trying to find something better.
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synapseza

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Re: Help needed with overseas bank account so I can invest there
« Reply #11 on: July 21, 2017, 01:49:09 pm »
Quote from: MoneyChief on July 21, 2017, 10:34:30 am
...
The best option I have been able to find so far is the FNB channel islands bank account. I haven't applied for it yet. I am still trying to find something better.

That looks like a pretty good option - think I am signing up. Thanks!

EDIT: I just looked at the Standard Bank Optimum account again and it seems cheaper than before:
https://international.standardbank.com/pbbinternational/personal/transactionalaccounts/optimumaccount

Ideally I would like to get a USD account to reduce conversion fees.
« Last Edit: July 21, 2017, 01:53:39 pm by synapseza »
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