Opening a bank account for payments

  • Anonymous
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Posted: Mon, 05/01/2009 - 22:22

Is there any other person looking at opening a bank account to (hopefully) receive payments from KSFIOM?

My main reason to open an account in KSFIOM was to have a place to keep my money safe when we moved out from the UK. Since it is not possible to bring the money to my country of residence (Argentina) I am looking at opening a bank account elsewhere.

However I find it difficult to explain that I want to open an account that is currently unfunded and there is no certainty when and to what amount it will be. I wonder if any other depositor has found a solution for this problem. And more importantly if there is a wish to request KSFIO to open accounts for us at some other IoM bank.

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Bank accounts

  • bobwin
  • 23/12/08 n/a (free)
  • a depositor
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  • Fri, 09/01/2009 - 09:57

i have retained a UK bank account and if anyone needs to send money, I will be pleased to process it and forward to any destination free of charge--except for normal fees which I am sure all expats are familiar with.
This would involve an element of trust I know and I guess most of you don't trust anybody right now--but I can only offer!

Bob Windley


I did as it happens ask

  • expat
  • 10/10/08 31/05/09
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  • Thu, 08/01/2009 - 19:21

I did as it happens ask Lloyds TSB to open a dollar account recently in the hope that it would receive some money from IoM at some point. What was interesting was they were quite happy to do and informed me that it would have to at their IOM branch!
Or I'll put what I can back where I should have left it, in Raffeissen Bank Moscow!!


KSFIOM payouts

  • mikeinfrance
  • 12/10/08 28/09/09
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  • Thu, 08/01/2009 - 19:10

I was just thinking how nice it would be if KSFIOM could,in some way, partially reactivate our accounts such that future payouts could be done by "unfreezing" an amount equivalent to the payout amount. That could then permit you to withdraw money, as and when you needed to, up to the payout limit. It could work with some types of account but probably not all.
I wonder if it's out of the queston for them to set up a separate new account for each depositor within KSFIOM and place funds in those accounts as and when a "payout" was made. Much of the payout money might then actually remain within the bank. I'm no banking expert, just wondering ! It's my understanding that the bank is still in operation in some limited way, but not permitted to receive deposits due to the loss of its licence.


ideas with a human dimension? (veto!)

  • Anonymous
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  • Fri, 09/01/2009 - 07:05

I've also been wondering along these lines, but then we know from past experience that any simple, obvious ideas with a human dimension are out of the question.

HSBC IOM will open accounts with zero balance but 20K or so has to be seen going into the account within 3 months, or it gets automatically closed.

I'm dragging my heels at completing DCS and the hardship payment form. In a way - not sure if it'd be a good idea though - if we possibly can, I wonder if we should simply refuse to cooperate to that extent, at least until we know that we can get 100% return.

How would they react if we declared such a refusal publicly and very strongly!

(I'm also in dire straits over this, in case my idea sounds flippant, and matters are impacting on me by the day.)


I haven't received anything

  • expat
  • 10/10/08 31/05/09
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  • Fri, 09/01/2009 - 07:20

I haven't received anything at this moment, but then if it's been sent to Moscow I'd don't expect it to arrive! However, I have already decided that I will not be claiming as however bad we think we have it, I don't consider our circumstances sufficiently critical yet to apply. Others need this money a great deal more and yes MichaelB it is from the IoM Gov and nor KSFiOM or the administrators.

A public display of refusal sounds a good idea, but I suggest it is aimed at the wrong party! No point point in biting the hand thats trying to feed you even if it is taking a lot time. Now if it was the UK Gov that would be a different matter!


Money not coming from KSF IOM

  • MichaelB
  • 16/10/08 31/05/09
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  • Thu, 08/01/2009 - 21:30

As I understand it the £1000 is an offer from the IOM Govt ....not KSF IOM ..... therefore it has nothing really to do with KSF IOM admin wise. I may be wrong ?


EPS

  • Tricky Dicky
  • 24/10/08 30/05/09
  • a depositor
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  • Thu, 08/01/2009 - 21:34

The EPS (early payment scheme) is being paid out at present from IOM Government funds, its original intention was as a "hardship payment". However when you return the Memorandum, this allows the IOM Gov to reclaim the money from "KSFIOM" when it becomes available.


EPS

  • cottesmore
  • 21/10/08 16/07/12
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  • Fri, 09/01/2009 - 04:50

That's true Tricky.When i had my conversation with Allan Bell he indicated to me that the EPS was a 'one off' payment to depositors.Obviously he didn't get that passed by the committee.I think he and the IOM Gov' would have been seen as a lot more caring if they had made this, 'one off' payment, without the 'string' attachement of actually having to pay it back!


Opening a new account

  • Jerome.broke-in...
  • 14/10/08 14/07/09
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  • Tue, 06/01/2009 - 02:19

I found no problem opening an account with no funds with Nationwide (IOM) and had discussions with HSBC (IOM) and it would have been equally easy or dificult.

I needed to open one to receive funds that would have gone to KSFIOM

The caveats were that I needed a certified copy of my and my wife's passports together with original bank statements (for proof of ID) and zero balance ones were OK, and one other original ID document. All the info is on there web sites. I also needed to send a letter giving the reason for the request.

Also it can take up to 2 weeks to open and get your account number(s)


min balances

  • mikeinfrance
  • 12/10/08 28/09/09
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  • Thu, 08/01/2009 - 19:16

jerome Can you say what minimum balances are required to open and maintain current accounts in those banks ? Last time I looked at HSBC they required £20K min. If with Nationwide you can open an account with no funds does that mean that the initial deposit could be any amount ?


jerome Can you say what

  • Jerome.broke-in...
  • 14/10/08 14/07/09
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  • Fri, 09/01/2009 - 05:38

jerome Can you say what minimum balances are required to open and maintain current accounts in those banks ? Last time I looked at HSBC they required £20K min. If with Nationwide you can open an account with no funds does that mean that the initial deposit could be any amount ?

http://www.nationwideinternational.com/home_files/terms_conditions.htm

Gives details of all minimums. However though the minimum for a GBP base rate tracker is " minimum balance of £5,000 is required to open an account." they opened my 3 accounts(Munimums of GBP 5 000 USD 5,000 & Euro 5,000) with no balance as I sent a letter explaining my position vis KSFIOM

YMMV ;-) ;-(


Open a new bank account

  • ng
  • 11/10/08 31/12/20
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  • Mon, 05/01/2009 - 23:19

Yes, in the same situation. I haven't actually tried yet, but would hope that any other IoM bank would understand.


re. opening a new bank account

  • Anonymous
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  • Tue, 06/01/2009 - 00:41

Me too. I posted a suggestion a few days ago that perhaps IOM Treasury could help us open accounts in another IOM bank, and that having the cooperation of another IOM bank may be of future use anyway, in any re-structuring plan that may go ahead with KSFIOM.

See under Questions for Mike Simpson thread, and add to the discussion as to whether this is a question to put to him.


I too would like IOM Treasury's help with a new account

  • sami
  • 10/10/08 31/05/09
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  • Tue, 06/01/2009 - 08:36

I have taken steps to open an HSBC account locally. They are so ignorant. Their representative who looks after this area has never called me, has never replied to my e-mails, and never told me that his appointment slots in my nearest city have been changed.

I also tried Standard Chartered in Hong Kong. The representative there wasn't interested in replying to a succession of e-mails either. Don't you just hate bankers?

I would like to stay with IOM but not the Bradford and Bingley - aren't they owned by the British Government now? Urghhh.

So yes, if the Treasury could lend a hand and take the pain out of the application process and proof of residency etc., it would be just one less nightmare on top of this sorry situation.


suggestion for opening a bank account

  • rbirch
  • 13/10/08 31/05/09
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  • Tue, 06/01/2009 - 09:14

you could try this bank based in Luxembourg http://www.bcee.lu/en/
they have accounts available in gbp, euro, usd

it is state owned and the compensation scheme covers the first 100k euro ... so those looking for a safe house might consider this.

I do have an account there, but am in no way a representative of that bank, i have nothing to gain if you do open an account there, and certainly not offering any financial advice ...... just trying to be helpful.


very good idea..

  • hippychickrobbed
  • 03/11/08 31/05/09
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  • Fri, 09/01/2009 - 05:43

Can you beleive it my ifa advised banking in luxembourg for a bond in the isle of man that has ruined us, .I didnt even know there guarantee was that? what else am I going to find out?


BCEE

  • Anonymous
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  • Thu, 08/01/2009 - 18:41

Thank your for the recommendation. I contacted bcee over the email to request an account to be opened.

They replied quickly, but asked me to go to Luxembourg to open the account (which I am not in a position to do). I will send an update with the outcome of my application, as soon as I know it.


BCEE no

  • Anonymous
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  • Fri, 09/01/2009 - 13:13

Finally the I will not open an account at BCEE. They insist in meeting in person. I live too far away (Argentina) and have lost most of my savings to afford to do it. I will start looking at other banks at the IoM. Thank you for the advice anyhow...


BCEE

  • rbirch
  • 13/10/08 31/05/09
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  • Thu, 08/01/2009 - 19:43

well Luxembourg is a nice place to visit ... though a bit cold at the moment.

I understood you could open an account by post, sending a copy passport etc, proof of identity ... apologies if this is not the case. Anyway, suggest you email them directly and ask if/how to do that.


Thanks rbirch

  • sami
  • 10/10/08 31/05/09
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  • Tue, 06/01/2009 - 18:17

Thanks for the link. They look ok.


luxembourg bank

  • hippychickrobbed
  • 03/11/08 31/05/09
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  • Fri, 09/01/2009 - 05:47

still cant beleive it that the ifa ,that creature recommended against it? my god why do people like this exist?