Many thanks indeed; your website has just proved very useful. After long and careful consideration I have finally decided to transfer my remaining savings from the IoM to UK onshore. I am based in Dubai so I visited the Lloyds TSB branch over here in Jumeirah but initially they gave me the usual spiel of not being able to offer UK based bank accounts to non resident UK Expats and offered me their IoM based offshore alternative. I immediately emailed their branch manager in Dubai and countered their position by stating that the IoM was an unsafe home for my hard earned savings; I gave your website link as a reference and cited the Select Committee’s admission that the DCS would be unable to support any more systematic or major bank failures.
After reading your website, the branch manager called me back and is now providing me with every assistance to get an onshore account opened up. She accepted that Lloyds TSB IoM is an offshore limited company entity and would not be fully protected in the event of the bank going bust or the IoM branch being sold off; as was the case with the Derbyshire sale to KSF IoM.
Apparently there are no legal issues with an Expat holding an onshore account; it’s merely a matter of verifying my identity and source of funds which the branch can do from Dubai. My advice to Expats when looking to open up an onshore account with a UK based bank is don’t take “No” for an answer.
See also Letter Sent by a Concerned Depositor to Their Bank.
Sorry, the comment form is closed at this time.