non resident savings accounts

[Tamas]

I figured I would move this topic out to the open.

So if you are following the news about Hungary it comes as no surprise that I am busy looking for a way to put some of my family's savings abroad.
It is not about tax evasion. The savings come from taxed income and are not big enough to warrant any considerable worries about interest tax.
Rather, this operation must accomplish two primary objectives:
1) put some of the savings into a foreign currency
2) place said foreign currency out of the jurisdiction of the Hungarian government, so it doesnt get force-converted  back in case of imminent bankrupcy

Now, I am almost-decided to go with a UK bank, Barclays or "Britannia International", some kind Co-operative subsidiary.

But I would be open to tips and suggestions. Anyone has experience/knowledge on the topic?

[PDH]

It might be hard. The beet-pound exchange rate isn't too good at the moment.

[Tamas]

It might be hard. The beet-pound exchange rate isn't too good at the moment.

yes. I am waiting for the inevitable improvement when some kind of IMF deal will be announced.

[PDH]

Put your money in a paper bag, then get steerage class to New York.  Sure the lines at Ellis Island will be bad, but you can start a new life in the tenements of the city.

[Admiral Yi]

Seems like your best bet would be to poke around the Barclay's web site and see what the British regs are on nonresident EU member deposits.

This issue has never crossed my radar and I know nothing about it.  Sorry.

[Sheilbh]

What about AIB?

[Tamas]

What about AIB?

Good idea, I'll check them out.

[CountDeMoney]

I have a spare money market account I'm not using.  I can PM you the account and PIN number.

[Warspite]

You'll get absolutely lousy interest rates (as in, well below inflation) and annoying international bank transfer fees, but there are some options if you are looking to keep money in pounds sterling outside of Hungary, though I think many UK banks also offer euro accounts if you want to avoid the risk of exchange fluctuations. Try HSBC and ING Direct. In terms of customer service, it is likely to be uniformly poor no matter who you choose. You might want to check how deposit insurance will cover you as a non-UK resident.

[Tamas]

I have a spare money market account I'm not using.  I can PM you the account and PIN number.

I can spend the money on boardgames I'll never play, without your help, thanks!

[Syt]

Tamas, I think I have a solution:

Dear Sir:

        I have been requested by the Hungarian National Beet Company to contact you for assistance in resolving a matter. The Hungarian National Beet Company has recently concluded a large number of contracts for beet cultivation in the Danube region. The contracts have immediately produced crops equalling 40,000,000 beets. The Hungarian National Beet Company is desirous of beet cultivation in other parts of the world, however, because of certain regulations of the Hungarian Government, it is unable to move these funds to another region.

        Your assistance is requested as a non-Hungarian citizen to assist the Hungarian National Beet Company, and also the Central Bank of Hungary, in moving these beets out of Hungary. If the beets can be transferred to your name, in your United States account, then you can forward the beets as directed by the Hungarian National Beet Company.  In exchange for your accomodating services, the Hungarian National Beet Company would agree to allow you to retain 10%, or 4 million beets of this amount.

        However, to be a legitimate transferee of these moneys according to Hungarian law, you must presently be a depositor of at least 100,000 beets in a Hungarian bank which is regulated by the Central Bank of Hungary.

        If it will be possible for you to assist us, we would be most grateful. We suggest that you meet with us in person in Budapest, and that during your visit I introduce you to the head gypsies of the Hungarian National Beet Company, as well as with certain travelling folk of the Central Bank of Hungary.

        Please call me at your earliest convenience at [Phone Number]. Time is of the essence in this matter; very quickly the Hungarian Government will realize that the Central Bank is maintaining this amount on deposit, and attempt to levy certain depository taxes on it.

Yours truly, etc.

[Tamas]

I knew it was a great idea to post this! 

[Syt]

 

[CountDeMoney]

I have a spare money market account I'm not using.  I can PM you the account and PIN number.

I can spend the money on boardgames I'll never play, without your help, thanks!

I'm just saying, nobody would ever find it there, especially the Hungarian government.  Nice and quiet, nice and safe.

[Tamas]

I saved it as an e-mail draft