Keeping a Natwest UK account with Thai address?

[MJKT2014]

I got a letter from Nat West UK bank saying my account of 40 years was due to be shut down by end of next month due to non compliance with latest UK anti money laundering laws - whatever they are??. I am not into money laundering myself I should add. I am waiting to contact them to find out what exactly they want as they haven't been clear. Last communication almost a year ago said they wanted a verified address and Tax ID number. I sent what I could but still not enough I suppose but they haven't explained why yet, just taken it to next level with a closure threat. Its my only UK bank account and was set up by a service company for me in the channel islands as I have always worked overseas. I have no address now in UK but sometimes travel there for holidays maybe once every 5 years. One day I may even move back there, but don't plan or want to.

 

*** Has anyone got over this hurdle and satisfied the UK bank to keep their account running whilst living entirely in Thailand? 40 years of being  a customer apparently counts for nothing in my case. If so how to do - what exact documents were needed? 

Edited September 17, 2018 by MJKT2014

[orientalist]

If you don't get it sorted, you can always sign up for a Transferwise Borderless Account, which gives you the functionality of a basic sterling current account.

Sent from my cell phone using Thaivisa mobile app

[MJKT2014]

8 hours ago, orientalist said:

you can always sign up for a Transferwise Borderless Account, which gives you the functionality of a basic sterling current account.

Setting one up now just in case. Really want to keep the NW account tho, will see.

[tutsiwarrior]

I had the same thing happen to me with NatWest about 12 years ago and I had been an account holder since the late 80s...lots of UK banks are giving long time customers the boot if they are permanent expats without a local UK address...I still have an account with first direct (ex UK Midland Bank) that I opened 25 years ago now with my thai address (had a UK address when I opened the account)...they've been kind thus far but last year I had to close all of my foreign currency accounts with them per a new HSBC policy...euro, USD, etc...now I'm in the same boat as the rest of the UK expat brexit victims with the wobbly pound sterling...

 

 

[rak sa_ngop]

I still have my Natwest account from my student days in the 70's.  I changed my account address to a Thai address about 10 years ago. A few years ago they closed the campus branch down and transferred my account to a nearby street branch, but I kept the same account number and sort code.

 

About 8 months ago they requested certified copies of passport etc. plus a TIN tax number from my place of tax residence i.e. Thailand. I tried fobbing them off with a 'No taxable income in Thailand' excuse for not having a TIN number. About 4 months later I received another request for the TIN number so I relented,  popped down to my local tax office and within 15 mins had a TIN number.

 

So far so good, no further threats from Natwest but who knows!

 

Just to add that I still have a Natwest Visa Debit card and Mastercard credit card with them. The credit card was renewed last month but the replacement card was sent to a UK branch for my pick-up while I was visiting the UK

Edited September 18, 2018 by rak sa_ngop
Further info

[rixalex]

When they threatened to close mine it seemed mostly to do with lack of activity. Seems like it is dormant accounts that get red flagged.

 

Since then i have made a point of moving money in and out every month or so. No problems so far.

[Proboscis]

I have had the same problems for years, even with a Barclays International account. There are certain countries they "don't recognise."  I have never been able to find any legislation that backs up any bank's claims that they have to kick me off their books because I have moved country. What is probably going on here is that the banks have been taken to task by the regulator so much recently because of their terrible and illegal behaviour that they are falling over themselves to impose regulations on themselves so as to appear to be ethical. Needless to say, when I ask the so-called relationship manager to provide me with the relevant regularions that he is referring to, I get a complete blank.

 

To get around this nonsense, you can get an address in the UK - the magic is a British postal code. This can be the address of your mother or a trusted person or you can rent a professional address from one of those companies that provide them. Saves a ton of time and effort. Make sure that all the important or urgent stuff comes to you by email or text

 

The hypocricy of  forcing you, as an individual, when attempting to buy a property in the UK as a foreign resident, to declare where you got the funds from when, if you were some multinational criminal tax-dodging type, an international drug dealer, Russian oligarch with links to the Kremlin, African dictator or other complete undesirable with sufficient funds, you can buy a multimillion pound property through a company based in a British protectorate in the Caribean and not have to declare anything - in fact, no one will know that it is you who have bought it! 

 

I am not a Brit and therefore do not have an iron in the fire one way or another regarding Brexit but one view I heard recently is that much of the money behind the Brexit campaign came from the square mile (financial centre) of London - apparently, those folks were fearful of the new rules from the EU that are comiing soon regarding money laundering and related matters and are concerned that so much of the ill-gotten gains of dictators and multinational criminals will no longer come to London financial institutions  if we remain within the Single Market.

[cms22]

Natwest, the worst (by far) of all UK banks. I do know, I've also had an account with them for about 40 years

[laocowboy2]

It's not just Natwest (Barclays too) and not just Thailand - Barclays closed the UK accounts of all expatriates in Cyprus a couple of years ago. One 'solution'is to have a joint account with the other name being a UK resident (son/daughter would be possibilities). From what I understand, the move is precautionary and to avoid burdensome compliance requirements related to money laundering.

[Darkside Gray]

Just had my account Blocked and closed in Singapore, Standard and Chartered bank been with them for over 30 years no explanation bank decision, also a friend with DBS in Singapore got the same treatment.

[Jonmarleesco]

I do maintain a UK account, with the Halifax. But it's under a UK address. I don't think an overseas address suffices.

[Jonmarleesco]

2 hours ago, rixalex said:

When they threatened to close mine it seemed mostly to do with lack of activity. Seems like it is dormant accounts that get red flagged.

 

Since then i have made a point of moving money in and out every month or so. No problems so far.

That might be so. My account is active, with funds going in and out each and every month.

[Bangkok Barry]

3 hours ago, cms22 said:

Natwest, the worst (by far) of all UK banks. I do know, I've also had an account with them for about 40 years

 

If they are so bad why have you stayed with them for 40 years??

[beavenlen]

having a uk address is the way to go i have maintained my uk account with no problems. i only had to keep them informed as to countries i would be making atm transactions in.

[Bangkok Barry]

I was asked by HSBC about a year ago to sign some forms which had to be certified by a lawyer in Thailand. I spoke by phone to a lovely lady in the UK about why, and she was most apologetic and explained that it was part of new ring-fencing rules demanded by the financial authorities. The bank had taken on extra staff such as she to deal with it all. There was no problem, though, with me keeping my account and using a Thai address. It does seem that different people are having different experiences.

[ruddick]

I have had the same problem with my NATWEST Jersey account. I spent a lot of time and effort obtaining and getting certified all the required documents. Then some six month after submitting everything they said the provided documentation didn't meet there standard. They said they were going to close my account which I have had since the early 1980's. When I talked to customer service they basically said that NATWEST no longer wanted to deal with customers in Thailand.

At this point I opened a new account with Standard Bank IOM (which took a week to do) and transferred all my money from NATWEST to Standard Bank. This was over a year ago and Standard Bank have been fine far better then NATWEST. 

Finally last month NATWEST wrote to me informing me that my account was being closed. The account had less then one pound in it for over a year. Bye bye NatWest.

[The Fugitive]

1 hour ago, Jonmarleesco said:

I do maintain a UK account, with the Halifax. But it's under a UK address. I don't think an overseas address suffices.

I too hold Halifax accounts. No problem with all correspondence and replacement (renewal) debit and credit cards being sent to Thailand. Santander are a different kettle of fish. They told me I was not permitted to operate a credit card account with an address abroad. 

[catman20]

 I have no address now in UK

 

thats properly the problem

[CharlieH]

Just get a "ghost" address mail forwarding service. 

[catman20]

3 hours ago, laocowboy2 said:

It's not just Natwest (Barclays too) and not just Thailand - Barclays closed the UK accounts of all expatriates in Cyprus a couple of years ago. One 'solution'is to have a joint account with the other name being a UK resident (son/daughter would be possibilities). From what I understand, the move is precautionary and to avoid burdensome compliance requirements related to money laundering.

my account is registered at my sisters house and has been for 18 years so no problem but should she pass away before i do rather than have the account closed down i thought i could look into either renting a PO box or address in the UK which will forward statements or letters on to me here.

[catman20]

13 minutes ago, CharlieH said:

Just get a "ghost" address mail forwarding service. 

my thought exactly i assume you could get one off the nett.

[CharlieH]

1 minute ago, catman20 said:

my thought exactly i assume you could get one off the nett.

PM sent.

[MJKT2014]

31 minutes ago, CharlieH said:

Just get a "ghost" address mail forwarding service. 

Doesn't one need utility bills to verify a UK address? If no I could maybe try an old UK address again when I contact them. 

 

[MJKT2014]

4 hours ago, rak sa_ngop said:

TIN number so I relented,  popped down to my local tax office and within 15 mins had a TIN number.

Anyone know where to do this in Bangkok? I have never worked in Thailand or had a tax ID? Is that a problem?

[CharlieH]

Just now, MJKT2014 said:

Doesn't one need utility bills to verify a UK address? If no I could maybe try an old UK address again when I contact them. 

 

Requirements vary, I have never been asked but others may have a different experience.

[lucifer666]

I still have my account, however they have refused to send me new ATM cards

[MJKT2014]

3 hours ago, lucifer666 said:

I still have my account, however they have refused to send me new ATM cards

They tried that with me 3 years ago, phoned them and got the renewal. They told me at time it was due to limited or no use of the previous ATM card. Maybe that's a non issue with threat of account closure entirely.

[MJKT2014]

17 hours ago, ruddick said:

At this point I opened a new account with Standard Bank IOM (which took a week to do) and transferred all my money from NATWEST to Standard Bank

Just looking at Standard bank site, they seem allow opening new accounts easily tho I haven't tried,  but need a minimum bal of 4000UKP or much higher to open? My NW is only 200UKP.

 

I've already got something similar with Citi in US. Just wanted to keep my options open in UK where I was born, incase US makes it hard as well.

[fulhamboy]

17 hours ago, CharlieH said:

PM sent.

 Hi Charlie, I am thinking of opening a mail box address for my bank Nationwide, 

do you have any suggestions, been looking at some on the web 

.

Thanks 

George

[BobBKK]

Nat West are a pain in the ****  they wont send me cards or anything. If I could easily shut it down i would BUT I cannot get the cards so i cant use their stupid security machine.