Skipton Guernsey Launches US Dollar And Euro Accounts

by Phillip Morton, Investors Offshore.com

05 September 2008

Skipton Guernsey Limited has launched two new foreign currency accounts aimed at investors who wish to hold funds in either US dollars or euros offshore.

According to the bank, coupled with Skipton Guernsey’s popular low cost, fast currency exchange service, these accounts will bring significant new savings options to global expatriates.

For those who are either paid in US dollars or in a currency linked to the US dollar, as is the case in many Middle and Far Eastern countries, funds can simply be remitted in dollars to the Guernsey account.

For clients with existing currency savings in a local bank, the higher returns associated with specialist UK offshore savings organisations such as Skipton Guernsey Limited are now available, as funds can be transferred easily to the new Guernsey accounts.

With an opening deposit of USD25,000 and a minimum transaction level of just USD1000, the US dollar account currently pays 2.25% gross/AER on all balances. Interest is credited annually on June 30.

The euro account has an opening balance of EUR25,000 and a minimum transaction of EUR1,000. The account is currently paying 4.50% gross/AER on all balances, with interest credited annually on 30 June.

Currency exchanges between Skipton Guernsey sterling, US dollar and euro accounts can be arranged over the phone up to 3.45 pm every day (UK time). Confirmation of instructions must be received by fax within one hour of a call. All currency exchanges will be subject to a settlement period of two working days.

Commenting on the new launches, Jan Stuckey, Manager Investments said:

“These two new accounts give both new and existing customers around the world the flexibility to save in two of the world’s major currencies with their accounts based in a well regulated, reliable international finance centre. Clients can use our own low cost currency exchange facility to remit funds and so build up a nest egg in either sterling, US dollars or euros.

"We also know that currency exchange is often the Achilles heel of money transmission, as local rates can and do vary. We feel that our accessible currency service for both deposit and withdrawals sets us apart and helps our clients make the most of their savings.”

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