slightly paranoid about getting robbed

zoltan

No camelgirl, that was mea culpa, not yours :-(

Still quite envious of you being able to get a 10-year visa. My travel agent knew nothing of this (but being in Oz, there's no need).

Cheers
Zoltan

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jikwan

i made enquiries
whateveryou do dont use royal bank of scotland uk
its about 5% losses on each £100

im opening a nationwide account
these guys will not take a 3%cut for transfers
of course a cost is made for currency change

Nick-H

Ho! Great!

I had rather imagined a scene in the bank like;

bank, "Proffession?"

You, "Monk".

Bank. "And what, exactly is the annual income from that? Hmmm, I'm very sorry sir, we appear to have no vacancies for new accounts just now".

But not being able to open bank accounts has a marked exclusion effect on low-paid people, and I think that banks have been pressurised not to demand considerable minimum incomes.

Glad you are having success with this

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jikwan

i still think the absolute cost cutting way is (as has been
my prefered method)
backstreet moneychangers fairly close to 3* hotels
out in the open though---watch out!!!!!!!!!!!!!
soon as youve made the transaction--take the money and run

karuna

Jikwan- you've mentioned Ajahn Sumedo and Hertfordshire- are you at Amaravati yourself? I used to love visiting there. I met a monk from there in Lumbini last year, it was a nice reminder of home!

Nationwide Flex account is the one with no withdrawal fees from abroad, if I recall correctly.

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jikwan

yes i stayed there a while
bit of a weird setup though-mixing monks and nuns in a converted school
they get by well enough somehow
the teacher is very good

flex account gives .5% -thats point five
hook it up to internet banking - gives 5%
its a joint n wide and int banking
right, no wdrawal fees

Mickey S

Yep. If you also open a Nationwide "e-savings account" you get about 5% interest, and can easily (and instantaneously) transfer money between the two using online banking. Obviously, you will keep the money in the e-savings account right up to the point where you need to withdraw it, and then transfer just enough into your Flex account to cover the withdrawal.

This is the set-up I have, and Nationwide's website is the most attractive and user-friendly banking site I have ever used. (But don't, whatever you do, forget your passwords!)

By default, basic rate (20%) tax will be deducted from the interest on your e-savings account before it is paid to you. As you will not be a UK taxpayer, you will need to fill in a form at the bank that allows them to pay you the interest without deducting anything. It's important to do this, as it will be difficult to claim back the tax afterwards if you are out of the country.

If for some reason you are classified as a taxpayer then open a Nationwide online ISA, which pays about 5% tax free. You can also transfer money to and from this account online (but you can't deposit more than £3,600 in any single tax year).

jikwan

mick
thats a pile of useful info
i think weve cracked it (or rather you have)
must be by far the optimum system
my new account opens in 3 days-ill enquire about your pointers
by the way-i havent paid tax in 30 years IR dont know i exist