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Revolut or Starling before you ship out .... Great exchange rates and easy to set up and use

always make sure you know the terms and how you wish to use these accounts

Toon thanks, just opened a Starling account and cannot believe how great the exchange rate is…top tip!

or use

Aye Anthony better rates than the supposed market leaders that's for sure... Had I been able to get Starling it would be my first choice but alas can't so Revolut it is for me and their rates are equally good

May I ask what is the difference in their two elegibility requirements Toon?

Jim

None as far as I am aware .. I just couldn't get Starling as I don't have a provable UK address.. starling I think is a better option as they offer a better daily free ATM withdrawal AT 300.... In othr aspects I think they ar much the same but would suggest youlook at their terms regarding general aspects of transaction and limits

Thanks Toon - I will check both out - did think it might be something like that so will check if it's just an initial setup requirement

Jim

Hi
As recommended by Toon I went with Starling,
so far I am really happy with them and their currency transfer rates are awesome

Just thinking about all the new banking rules in uk and if you live in eu no uk bank account. I’m talking about if you have significant savings in uk. Hie many I wonder just use a relatives address or friends and do you feel secure? How would the bank know really unless they monitor your transactions. Anyone?I know HSBC do expat accounts but for me I don’t really like it.

I don't have a expat bank account with HSBC just an ordinary bank account and it's fine but we set it up before we left UK.. (advisable to keep your uk accounts if you can) ...... And their web & mobile banking apps are super easy now... Been abroad with this account and various accounts with HSBC
for 14 years no problems at all....

If you have the account already then it's not a problem if you are setting up a new account with a family members address then you need to show bills for 3-6 months in your name at the address you use .

There are accounts out there that you can get and  use quite easily and legally you just have to do your homework and compare the products for what's best for you and your savings...   

I can't say how many people do it but am sure there will be some who do it but for the life of me I don't understand why they do...

I've moved significant funds easily and quickly using  various banking products some with existing  accounts and some using new products .. ok you may get the odd question about your funds and be asked to prove source etc but as long as you can then it's not a problem.... And nothing to worry about.. and they are all secure methods with deposit protection scheme cover ...

Also remember banks have their own due diligence to complete and every two to three years they will ask for a review of the accounts use and ask questions about your transaction history and future use. I've had this quite a few times whilst living here and malta over the last 14 years...

Have the current holders of your savings indicated that they may close your accounts Beanie...

Yes, definitely look at Starling and Revolut. I think they're both app-only.

I like Monzo too, another ebank, but I don't think they have any/much international support.

XE and Wise are two of the big transfer guys. I like Wise myself and use it a fair bit. They have multicurrency balances and a debit card, plus the international transfers. They also do standing orders. And available as app or web.

Overall, I think I use Wise mostly, and don't do much with my Starling/Revolut.

You need proof of ID and proof of address with all of them, standard banking KYC/AML type process. But I think several will accept non-UK address.

So Toon did you simply notify the UK HSBC bank that your address was now in Cyprus?

Jim

Yes exactly that when we moved here in 2014.. no issues at all.... then when the B thing happened and some people were having their accounts closed I checked with them and they said no they had no plans to do so as long as transactions were being made in and out regularly ..and so far all has been fine ......

And at this point in time I am considering closing my Cyprus accounts in favour of Revolut as I am really struggling to find a reason to keep.them .. am probably going to keep the UK banking though

Cheers Toon

Jim

Toon, I have Wise account also good. Have u used a digital bank for large deposits for say a house sale and deposited the money? I assume I woukd need documentation for proof? So it will be holding a large amount there. Seems safe but woukd like to hear others experience.

I have wise too and currrently in uk with uk address. If on moving to Cyprus do I have to change address to Cyprus? Does it affect banking if there is a delay in this if I have temporary address at first? Should I just wait until I have a permanent address?

Yes I have used it several times for large deposits and payments

TBH I dont see it as being any different to the high street banks other than not being able to walk into it... ... but I rarely if ever have to do that and certainly cant do it with the  other banking institutions I have used over the last 14 years.

This is why I am struggling to find a reason for me to keep a local bank here in Cyprus... as the likes of Starling, Revolut, Monzo and Monese and am sure there are others plus more to come in the FinTech field.. they all offer similar multi currency products and functionality...   and recently Revolut having become a bank have recently announced they are entering the credit card and loans markets...

The only downsides I can think of so far are physical cash/cheque deposits and withdrawal of cash from atms limitations...  but they dont bother me at all but it may bother others.

so think carefully about what your needs really are

Banks like their customers to be honest .. and you could be breaking their terms and condition if you use an address that isn't yours... As far as the address change is concerned in my experience banks understand it can take time to get a permanent address . I would keep them informed.. an option for you to consider is a po box here ..costs about €50-60.per year

So when I selll my property it’s fine to deposit the entire proceeds into Wise. Also it will Be ok  to buy in Cyorus from this account.   Wise has a large trans dept. Guess they will do the due diligence checks. My solicitor will be. Depositing the money on completion day so should explain itself.  I want to avoid Cypriot banks as they tend to be nervous and freeze without questions.  Correct me if I am wrong.

The receiving bank will ask for proof of source of funds..all banks are required to do that... even if it's received by lawyers they will ask for it too.... If it goes via client accounts they are required to demand it in funds in excess of €14500