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Uk bank account loving in Thailand

Simonbolton

Hi,

I meant living in Thailand....

I am planning on moving to Thailand in the near future. My uk bank has told me that if I move abroad they have the right to close my account.  I have a lot of savings, and a pension being paid in every month.  I would not want to lose the account, in case I need to move back to the UK in the future.  They are saying if I no longer have a UK address then they can do this.

Does anyone have any advice on how to address this??

I don't want it closing as I wouldn't want to have all my savings in a Thai account.

Obviously, they would know I was abroad if I used my debit card.

Regards

Simon

See also

Thai Credit CardsOpening a bank account in ThailandMoney in ThailandHoping for local Finance/Legal adviceBuriram thai baht price per Rai ?
Walnutcharles

The UK and the USA banks all have to have a in the country a local address.  It's the law now days.

The easiest way around is ask a friend or relative can you use their home address and if they say yes them move your address on your  bank account to that address. 

I would also recommend that you tell your bank to email you all of your account information as you do not want to receive any hard copy of anything from the bank.

It's so your physical address in your home country does not have any mail that your friend or relatives need to see.

Simonbolton

@Walnutcharles

Yes, I thought about that.

It's an option, thank you very much for your advice.

aidi mustapha

Dear sir.


Please look HSBC bank, even if you lives abroad, you can keep your bank account in uk. You just need to use this account sometimes to the account is still active.

Check with them what they can do.

Take care

UdonPete

Find a UK address to use then all will be well, most living overseas do this - use just the internet banking

Another way is to use "Wise" - easy to set up and can be used anywhere in the world - best rates of exchange when sending money from your UK bank to Thailand.

The "Wise" card is also an easy way to access money when you are overseas.

One very important item before any move is the availability of medical insurance for yourself. If it helps I recommend these people who have proved reliable to me over time and very helpful. 

Suggest check out their web site for an idea of options/prices

²¹²¹¾±²Ô²õ³Ü°ù±ð.²Ô±ð³Ù/³Õ±õ±Ê-505Ìý

Simonbolton

@aidi mustapha

What type of account is this???

They do have one for expats, but you need to deposit £75,000 or have income of £120,000 pa.

If you know of another type of account they do that allows you to live abroad, then please let me know.

Simon

Simonbolton

@UdonPete

Thank you for your advice.

Simon

Rizla

I have a uk bank account with a thailand address they didnt say I couldnt I have gone paperless but I still get the odd piece of mail sent here

Simonbolton

@Rizla

Thank you for your reply.

What bank is that with please??

I have been looking around and have opened a chase account, but also nationwide and Santander are pretty flexible, although they would prefer a UK address, even if it a relatives.

Simon

andrewwnbanks

@Walnutcharles

Sorry but that is absolute nonsense. There is no such rule in the UK. It is entirely down to the risk appetite of the bank.  I am Head of Compliance for a Swiss bank in the UK so I have to be very familiar with the relevant rules applicable to banks as set out in the FCA and PRA handbooks.


your bank may close your account, but it has nothing to do with any rule.

Rizla

I have been with the halifax bank for some years now and used the mobile banking app to go paperless and after I moved to thailand I changed my address to a thai address and they didnt say I couldnt I do get the odd piece of mail sent here.

Simonbolton

@andrewwnbanks

To be honest, my bank told me their rules have changed, they no longer have an overseas department, and therefore can close my account if they deem i am no longer resident in the UK.

Their words, not mine.....😞

Simonbolton

@Rizla

Thank you for your update.

I have a further appointment with my bank, if they persist along the same path, I may speak with The Halifax.

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Pask666

@Simonbolton

Use a relative's address, register with the electoral roll at that address, go paperless for banks, doctors, hmrc, etc...

You can use your card abroad as much as you want, they won't be able to do anything if you've done the steps above...