Rexx
25 April 2023 17:15
1
I was thinking of which account providers were avaliable that aren’t e money style, or part of CASS. Foreign banks that have links with another country for FX/remittance but they do still have current account services in the UK…
An example might be:
Bank of China,
Al Rayan
ICICI Bank
Fineco you could perhaps consider similar?
Afaik Al Rayan and BOC need human interaction but ICICI seem to allow in app opening - perhaps one for the enthusiasts?
Any others?
1 Like
Rexx
25 April 2023 19:54
3
Anything coming to mind? These accounts seem to be a bit off piste
State Bank of India are another - but it’s branch or post only…
I would want my bizarre hobby to stay in an online medium if possible
1 Like
ndrw
(Smartest ‘person’ in the ‘room’.)
26 April 2023 17:32
5
I’m very confused by the topic title and the first post. Are we asking what foreign banks operate in the UK and allow residents to sign up?
If so I’d be interested (also in requirements and potential complications)
Rexx
26 April 2023 17:35
6
More or less - foreign banks with uk current accounts, the services are probably used for remittance payments primarily
Eg Bank of China or ICICI
The latter being the only one I’ve been able to identify as an online application
Rexx
26 April 2023 17:51
8
Have tidied the OP up a bit
ndrw
(Smartest ‘person’ in the ‘room’.)
26 April 2023 18:08
9
Interesting. I guess I’m confused by the use of remittance here. Remittance is just the making of a payment so all bank accounts are for that purpose.
What makes these different?
Rexx
26 April 2023 18:24
10
Within financial services, the term remittance relates more to foreign exchange & international payments usually
E.g. Remitly, World Remit are remittance providers
A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers' remittances are a significant part of international capital flows, especially with regard to labor-exporting countries.
According to the World Bank, in 2018 overall...
The banks here are probably used by foreign nationals as they offer preferential remittance services in a particular currency e.g. rupee, renminbi.
Does Handelsbanken count? You won’t be able to sign up online though, they’re apparently very picky about who they will take on as customers and you need to arrange an in-branch meeting to open an account.
Rexx
27 April 2023 14:53
12
My ICICI query regarding hard or soft search has gone off to a relevant team #revolutstyle
ndrw
(Smartest ‘person’ in the ‘room’.)
27 April 2023 15:23
13
Please report back once you find out!
Rexx
27 April 2023 15:35
14
“If” I find out might be more appropriate
Will do
Can’t find any images of the card online!