Author Topic: Offshore broke4s  (Read 8634 times)

yozzi

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Re: Offshore broke4s
« Reply #30 on: January 16, 2020, 02:07:32 pm »
I've seen a lot of money transfer companies offering free transfers ie Exchange4Free, Travelwise, etc, etc so where do they get their commissions from? Do they get it when you remove funds from their accounts?

IndustryGuy

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Re: Offshore broke4s
« Reply #31 on: January 16, 2020, 02:25:03 pm »
Can't speak for Travelwise but I see on Exchange4free's website they have 'all inclusive costs of 2% to 6%' so it seems like they are being creative with the '4free' part. In other words they don't charge commissions on top of what they charge inside the spread like the banks do. That is the '4free' part. But even at the lower end of 2%, it is not really all that much better than the banks. At 6%, rather go to the bank. Even they don't charge that much.

gcr

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Re: Offshore broke4s
« Reply #32 on: January 16, 2020, 04:10:12 pm »
Hi IG - thanks for the heads up
Not everything that counts, can be counted, and, not everything that can be counted counts - Albert Einstein

Patrick

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Re: Offshore broke4s
« Reply #33 on: January 17, 2020, 02:22:13 pm »
These are all the places I've used to transfer cash offshore, and the costs:
https://docs.google.com/spreadsheets/d/1EMgyU0OdmTHQQR4sdgsY0fJzzWvrRV2IOnKE_witg_U/edit#gid=160542905

gcr

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Re: Offshore broke4s
« Reply #34 on: January 17, 2020, 04:26:33 pm »
Patrick - the important issue to me is how as a RSA citizen did you manage to open an account with a foreign country bank, my info is that they won't entertain such a request - I even tried Isle of Wight, Scotland, and a French Bank.
Would be interested in seeing your road map
Not everything that counts, can be counted, and, not everything that can be counted counts - Albert Einstein

DaavG

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Re: Offshore broke4s
« Reply #35 on: January 18, 2020, 10:40:40 am »
Hi All,

A question, which Interactive Broker account does one choose? When opening the account online I get an option of cash, margin, portfolio margin and I think the normal cash account as I'm not trading and shares are not lent out to short sellers?

Then on bank accounts, my old man has an account with Deutsche Bank and I have asked him for a breakdown in his fees per month. He did open this whilst in Germany but they have his address for his SA residence recorded. Will revert in due course.

Patrick

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Re: Offshore broke4s
« Reply #36 on: Today at 09:23:39 am »
Patrick - the important issue to me is how as a RSA citizen did you manage to open an account with a foreign country bank, my info is that they won't entertain such a request - I even tried Isle of Wight, Scotland, and a French Bank.
Would be interested in seeing your road map
Maybe I should do a blog post on this. I recently opened my second account in Portugal with a bank called Activo Bank. You need to be in Portugal to do this, but you don't need to be a resident.

The only requirement is that you need to find a resident help get you registered for a tax number (this doesn't mean you'll be paying tax though, it's just to get registered).

A lawyer would be the easiest way to do this, but I know people who had friends do this and even some who asked their airbnb host.

I chose Portugal because it's the cheapest place in Europe to fly to, and a really nice place, and chose Activo bank because they have no monthly fees.
« Last Edit: Today at 09:26:24 am by Patrick »