Off shore bank accounts?

Question

Does anyone know how long it takes to get money out of an off shore bank account in the isle of man?

i have hheard it could be up to 2 weeks?

although can you not just do a telegraphic transfer or a chaps to another uk account?

Answer 1

That really depends on the Bank and the type of account held - best to contact them.

Answer 2

As a general rule,you should be able to transfer funds out of an off shore bank account the same way you would with a UK bank account. Providing the account was set up correctly,you should be able to do a telegraphic transfer or chaps to a UK account within a day or so.

Answer 3

It depends on the type of account.  Usually you get the same facilities as you would with a UK account.  

If it's a current account, you can write a cheque and it will clear after 4 working days from presentation.  Chaps will work, but it's expensive.

If it's a deposit account with no cheque book, it depends on the terms of the account.  If it's a 7 day notice account, you have to write, after 7 days they send you a cheque and that takes 4 days to clear - so it could be over 2 weeks.