emergency advice!

[FellatioNelson]

I have rather a lot of money sitting in my current account at the moment. It is more than DH and I are protected against losing if the bank goes bust. I need to move some to more than one new account in a range of different 'financial groups' asap, especially with the euro crisis pending I am becoming a bit paranoid!

Here is my situation:

About to move abroad in a matter of days. Sold our old house, bought another as an investment, put the remainder of our equity into existing bank account.

Need to keep British bank account open for practical reasons, and return visits, DDs for utilities on investment house etc, so have transferred the address on existing bank account to my mother's, (with full permission and knowledge of the bank in question) so she can forward any important paperwork.

Am currently living in my new house but have not been here long enough to have sufficient 'proof' that it is my address in the UK.

Can only open an account in my own name as my DH is already living abroad and cannot be here to co-sign account opening documents.

DH is happy for me to transfer money into accounts opened in my name only. Current account is joint, so I can do that no problem.

DH doesn't want to transfer the money into our new foreign bank account because we will lose through FX rates apparently.

I tried to open an account with a building society the other day and they would not allow me to do it as I do not have sufficient proof of being a UK resident with a permanent UK address. How the fuck do people who flit from home to home manage this? A savings account would be sufficient, I don't need a current account!

[HonestlyBanking]

The basics of investment are very simple. Decide your risk and timescale and how much you can live with price volatility. Get the asset allocation right, i.e. decide which bits you are going to invest in, Bonds, uk equities, overseas, alternatives (art, gold etc), property, cash etc. Diversify diversify diversify (don't put all your eggs in one basket) and then do it as cheaply as possible. Careful with expensive funds etc. Look at the total expense ratio, not just the annual charge. Don't pay big commissions.

If you have large amounts of cash sitting in your current account, move it today. Even to a savings account paying nothing as you are better protected from fraud.

There are banks that can handle the offshore thing, not being in the UK etc. Good quality Private banks do this all the time. St James Place are not a full on private bank, despite their glossy marketing. Depending on where you are going you mike be able to open an overseas account with a UK bank - and they can transfer your credit rating etc (helps with getting credit cards abroad etc)

FX. You loose every time you change. If you have income in one currency and outgoings in another you are going to have to change money. There are some good brokers. Commission free is a complete con.

If you need better steers EM us direct.

Good luck!

Honestly Banking

[FellatioNelson]

Yes I think that is the reasoning MNP. But coupled with the fact that I don;t have enough of a paper trail at this new UK address yet. But PBs and GBs are the answer in the short term I think, just to get the money separated up a bit.

[Alouiseg]

Loving the Tena Lady shares :o

[MarginallyNarkyPuffin]

Is it that you're breaking the £10k money laundering limit so the extra regulations kick in? If so, could you set up the account with £9k and then transfer more when the account is established? Or actively create paperwork by changing the address on your driving license or getting official meter readings from your utility companies?

[meditrina]

Wine has had a couple of nasty scams, and it's not a market I'd feel comfortable in. I'd still prefer equities to futures (which is what wine essentially is).

But you have to pick your shares carefully - I wouldn't put too much there, but if you feel you can afford a punt, give it a try. With the ageing population, who makes Tena Lady?

[meditrina]

I doubt you'd lose on gold, unless you need to go in and out quickly and have little control of your timings. But it is something which can be immediately realised, which might suit.

When we were in similar (redundancy payment to park), we did a mixture of National Savings (3yr and 5 yr index linked tax free bonds), Premium Bonds (for fun and dreams, the return isn't exciting), a cash ISA, and a fixed rated 1 year bond (later reinvested). We're going to spend it probably next year on major house renovations!

[FellatioNelson]

ooh good, I'm over there like a groupie.

[Alouiseg]

He's posted!

[FellatioNelson]

I just could NOT sink money into wine. I am not that brave.

[FellatioNelson]

do that this week, not 'so'.

[FellatioNelson]

Well I read today that the thing to do is buy whatever 'rich Asians and Arabs want'. that is mostly collectable art (well done you) and 'shiny' stuff, and property in posh parts of India. But I can't really so that this week.

[Alouiseg]

Apparently there is a wine fund which is out performing lots of confusing acronyms right now. Minimum spend is 50k.

[FellatioNelson]

I can't wait to read that A. He is very thorough.

[FellatioNelson]

I said that to DH tonight (during our nightly emergency board meeting international phone call ) but he said he's 'gorn orf' gold because he thinks it's peaked. I said people have been saying that for the last year....

What do we think?

[Alouiseg]

Gold and silver have had their margins fiddled about with to devalue them!! Silver was shit this morning. Fiddled is obviously a technical term (I glazed over)

Dh has has started the post "this is A's husband". It's taken about half an hour so far

[meditrina]

Or you could get totally paranoid and just buy gold.

[FellatioNelson]

I know, I do medrina, but I don't have time now. I'm naughty, I should have done it months ago but life got in the way.

A is DH's long post going to go under your name so you can take all the glory?

[Alouiseg]

R said about Government Bonds. I did a face :o

[meditrina]

Look at National Savings. Their tax free index-linked bonds are often a good buy (fixed term, though).

But I think you actually need to see a proper IFA.

[Alouiseg]

Dh is currently writing a long post on that thread!! He thinks the bloke on BBc/you tube is a bit slow on the uptake, tbh.

Buy a holiday rental on the Suffolk Coast for me I'd look after it ;-)

[FellatioNelson]

crap typing again.

[FellatioNelson]

Am tryi8ng to move it away from NatWest BTW.

[FellatioNelson]

C also told me to look at government bonds but it's all a bit much. I don't know what i am doing. Not that it's mega millions or anything but I'm still a bit over-awed.

[FellatioNelson]

I am getting sacred that the world will implode before I have a chance to move it all. That scary american trader on Youtube is frightening me. What would your DH do?

[FellatioNelson]

Sorry for crap spelling and punctuation there.