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Where would/should you save 2-3k a month in the UK if you are not in the UK?

7 replies

Hisaishi · 12/12/2018 09:21

I have just been offered a new job and I will be earning significantly more. We live in a relatively cheap country/city so we are able to save most of my salary, which would be around 3000 pounds per month.

The country I live in currently does not have a very good/trustworthy banking system, so I would really rather save in the UK if it's possible. I go home twice a year but obviously no salary in the UK.

I have no debts and we are planning to get a mortgage a few years after being back in the UK which would be in the next 2-3 years.

I really have no idea about banking/finance after being abroad for such a long time/being skint in my 20s so having no idea where to save etc.

If anyone could point me in the right direction, I'd be really grateful.

OP posts:
ragged · 12/12/2018 09:26

since you have to go out of country, I wouldn't choose UK. Not with the Brexit insecurity and real threat of a botched "No Deal".

Germany? USA? Singapore. Other choices.

TetherEnding · 12/12/2018 09:30

Save as what? GBP cash?

Hisaishi · 12/12/2018 10:30

ragged maybe, but those aren't really options unless I had someone advising me, I don't think.

tether I don't really get your question?

OP posts:
Sunseed · 12/12/2018 12:44

Do you have a UK bank account at the moment?

TetherEnding · 12/12/2018 13:29

Hisaishi I mean are you looking to save it in a cash account as GBP, in bonds, in equities or what? What asset(s) are you looking to accumulate you savings in?

If you just want to save as a GBP cash account, simply keep whatever existing GBP cash account you have located in the UK and transfer every couple of months. If you don't have an existing account then you'll find it difficult to open one in the UK due to anti-money laundering rules. As an alternative you can look at international bank accounts in offshore jurisdictions (HSBC, Natwest etc all have these but there are many more) if your country of residence is not blacklisted by them. You then open a multi-currency account in your home country (HSBC, for example) convert your salary into GBP and shift it out regularly to the offshore location.

ragged · 12/12/2018 16:31

Look into the tax implications of various options. Can get very unpleasant if done wrong.

scaryteacher · 15/12/2018 22:30

We put ours into our UK mortgage to pay that down asap.

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