Preparing to leave the UK long term - offshore banking

[torrow]

I'm preparing to leave the UK long term or possibly permanently. I have UK bank accounts with Barclays and Nationwide. Should I be looking at offshore banking eg Barclays International? Are there other alternatives?

[Essex Reject]

Why are you asking about this on here? This is a forum for expats in Thailand and most on here 'live' on around 30k Baht per month.

[topt]

1 minute ago, torrow said:

Should I be looking at offshore banking

Depends on what you want it for - IE your specific circumstances.

 

If you need one then yes a good idea to do it before you leave. Other options are Lloyds International, Standard Bank, HSBC and Santander. Then if you have more specific "investment" criteria maybe look at Singapore based banks - but much higher minimums.

 

Most of them should have online details so you can see how well they fit your specific criteria.

[torrow]

49 minutes ago, topt said:

Depends on what you want it for - IE your specific circumstances.

 

If you need one then yes a good idea to do it before you leave. Other options are Lloyds International, Standard Bank, HSBC and Santander. Then if you have more specific "investment" criteria maybe look at Singapore based banks - but much higher minimums.

 

Most of them should have online details so you can see how well they fit your specific criteria.

I have money in my UK bank accounts I don't want to bring to Thailand. I'm assuming no permanent UK address will be a problem therefore I'm looking at offshore banking.

[OneEyedPie]

4 minutes ago, torrow said:

I have money in my UK bank accounts I don't want to bring to Thailand. I'm assuming no permanent UK address will be a problem therefore I'm looking at offshore banking.

In fairness an address in the UK or not doesn't seem to have much bearing as almost 100% of transactions are electronic now.  I'm sure there's many expats that aren't registered at the UK address that they bank under.

 

Though, correct me if I'm wrong as an interesting question.  What's the difference between offshore banking and retaining a domestic account?

 

Okay, one might have an issue with expired debit / credit cards in due course, but postal redirection might negate such an issue.  I don't know.

 

 

Edited May 13, 2019 by OneEyedPie

[KittenKong]

1 hour ago, torrow said:

I'm preparing to leave the UK long term or possibly permanently. I have UK bank accounts with Barclays and Nationwide. Should I be looking at offshore banking eg Barclays International? Are there other alternatives?

I would just keep and use the two existing accounts. Unless perhaps you have some particular reason for wanting an offshore account, in which case I would get one and still retain the other two.

[torrow]

Yes most transactions are electronic but what happens when the bank issues a new card for instance? My accounts are registered at a property I will no longer own therefore I need to change my address. My understanding is, you need a UK address which I will no longer have.

 

My understanding is, Barclays offshore will accept an address in Thailand. I have no other reason to have an offshore account.

[OneEyedPie]

1 hour ago, OneEyedPie said:

Okay, one might have an issue with expired debit / credit cards in due course, but postal redirection might negate such an issue.  I don't know

 

3 minutes ago, torrow said:

Yes most transactions are electronic but what happens when the bank issues a new card for instance? My accounts are registered at a property I will no longer own therefore I need to change my address. My understanding is, you need a UK address which I will no longer have.

I already mentioned that.  Not sure if anyone's taken advantage of it or what other method they have to circumvent such an issue. 

 

Let's wait and see what the TV masses have to say.

[topt]

29 minutes ago, torrow said:

Yes most transactions are electronic but what happens when the bank issues a new card for instance?

You need to ask your banks in advance what their view is "should you decide to move......"

 

Some posters on here claim to have no issue with UK banks sending their cards to their registered address in Thailand but others have not been so fortunate. 

 

You need to ask your bank.

[VBF]

2 hours ago, OneEyedPie said:

In fairness an address in the UK or not doesn't seem to have much bearing as almost 100% of transactions are electronic now.  I'm sure there's many expats that aren't registered at the UK address that they bank under.

 

Though, correct me if I'm wrong as an interesting question.  What's the difference between offshore banking and retaining a domestic account?

 

Okay, one might have an issue with expired debit / credit cards in due course, but postal redirection might negate such an issue.  I don't know.

 

 

Offshore banks are often more attuned to the needs of customers not living in Mainland Britain. They usually accept that you will have a non-UK address with a minimum of fuss and paperwork. It would however be wise to set it up while you are resident in UK, telling them that you will be moving to Thailand in the near future.

I have always had good service from Nedbank (link). They do have minimum balance requirements which may or may not suit you. While you're in the UK, it's a local call to discuss with them.  

 

One caveat - reputable banks in UK are covered by the  FSCS compensation scheme up to £85K. Equally reputable banks in IoM or Channel Islands have different levels of compensation.

Edited May 13, 2019 by VBF

[CGW]

I have used offshore banks for a long time now, be ridiculous for me to have used UK banks as I "moved" out 40 years ago to escape the taxes. The main account I use now is with Standard Bank (South African) they suit my needs with debit cards and internet banking.

[AlexRich]

I’d recommend Lloyd’s International, based in the Isle of Man. Easy to set up and technically offshore. 

[VBF]

4 minutes ago, AlexRich said:

I’d recommend Lloyd’s International, based in the Isle of Man. Easy to set up and technically offshore. 

"Technically offshore" they are but all banks in IoM or Channel Islands are subject to full Exchange of Information rules.

That includes the one I recommended. If you have no problem with HMRC knowing about the account then they still offer the services I outlined above in #10

 

One is NOT advocating anything illegal or dishonest (naturally) but your requirements may include a higher level of "privacy"

Edited May 13, 2019 by VBF

[DaRoadrunner]

1 hour ago, torrow said:

Yes most transactions are electronic but what happens when the bank issues a new card for instance? My accounts are registered at a property I will no longer own therefore I need to change my address. My understanding is, you need a UK address which I will no longer have.

 

My understanding is, Barclays offshore will accept an address in Thailand. I have no other reason to have an offshore account.

They expect you to have a UK address when opening the account. Once you move to Thailand, go online into your account and change your address. Nationwide posted my new card to my Thai address. Banks vary of course..... A bit like Immigration officers, some are helpful, some are a pain in the ****.

Edited May 13, 2019 by DaRoadrunner

[VBF]

Just now, DaRoadrunner said:

Once you move to Thailand, go online into your account and change your address. Nationwide posted my new card to my Thai address. Banks vary of course..... A bit like Immigration officers, some are helpful, some are a pain in the ****.

The really switched-on banks will courier your new card to you, but the card is not activated. When you get it, you phone the bank (offshore banks are usually more efficient at answering the phone) and you prove who you are and they activate the card. OK, costs you £25-ish plus an international call once every few years.

[BritManToo]

2 hours ago, torrow said:

I have money in my UK bank accounts I don't want to bring to Thailand. I'm assuming no permanent UK address will be a problem therefore I'm looking at offshore banking.

I've managed to keep Natwest and First Direct accounts for the past ten years.

They only seem to get 'difficult' if you don't have money regularly going in and out of the accounts.

 

I told First Direct I don't need a debit card, so no problem there.

Natwest send new debit cards to a friends address, he emails me a photo of both sides of the card then destroys it.

Edited May 13, 2019 by BritManToo

[KittenKong]

4 hours ago, torrow said:

Yes most transactions are electronic but what happens when the bank issues a new card for instance? My accounts are registered at a property I will no longer own therefore I need to change my address. My understanding is, you need a UK address which I will no longer have.

Do you have no family or friends there at all? Most people do. If so you can just "borrow" their address. My cards get sent to a family member but it only happens every few years.

 

Otherwise some UK banks wont mind keeping you on with a Thai address. Nationwide has been mentioned as one of these but I'm not sure if that is still the case.,

[KittenKong]

2 hours ago, CGW said:

I have used offshore banks for a long time now, be ridiculous for me to have used UK banks as I "moved" out 40 years ago to escape the taxes.

I have a lot of money on deposit with various UK banks and building societies. All the interest is paid tax-free and I never have any tax to pay on it.

 

Given that interest rates are much higher onshore, and given that the deposit insurance is much stronger onshore, I see little point in having any significant money offshore. I do have a couple of offshore accounts but I use them to receive some small UK payments that would be taxable if they were paid onshore.

 

I also have a UK credit card which I would be very unwilling to do without. Debit cards are not the same at all.

[AlexRich]

3 hours ago, VBF said:

"Technically offshore" they are but all banks in IoM or Channel Islands are subject to full Exchange of Information rules.

That includes the one I recommended. If you have no problem with HMRC knowing about the account then they still offer the services I outlined above in #10

 

One is NOT advocating anything illegal or dishonest (naturally) but your requirements may include a higher level of "privacy"

 

If he is a UK citizen he has to inform HMRC that he's left the UK, and to avoid the tax net he can only return for around 30 days per year for the first 3 years, and 45 days for the remainder ... as long as he does that any overseas interest, dividends and capital gains will not be subject to UK tax. I suspect the OP is okay with the disclosure rules, which are hard to avoid. Personally I'd rather be in a relatively safe jurisdiction.

 

 

[nickmondo]

15 hours ago, Essex Reject said:

Why are you asking about this on here? This is a forum for expats in Thailand and most on here 'live' on around 30k Baht per month.

most of us live on a pittance of 30K?

really?

in your fantasy world maybe so

 

[dotpoom]

15 hours ago, torrow said:

I have money in my UK bank accounts I don't want to bring to Thailand. I'm assuming no permanent UK address will be a problem therefore I'm looking at offshore banking.

I have bank accounts in Europe but no address of my own ... I just use a friend's.

  With statements now all "online" it works out ok.

Edited May 14, 2019 by dotpoom

[oznomad]

The UK address issue is easily solved with a mail forwarding service.

[PerkinsCuthbert]

From what you say, you don't need an offshore account; just sort out a mailing address with family or friends and inform your bank(s) of the change of address. Failing that, you can search for a professional forwarding service on Google, but that will of course be for a fee. Once you are established in Thailand and have a phone number, you can register that online with your bank(s) (most take a couple of days to become operational), that then allows you to perform all the usual banking tasks. 

[ThaiBunny]

9 minutes ago, PerkinsCuthbert said:

Failing that, you can search for a professional forwarding service on Google, but that will of course be for a fee.

Use Mail Boxes Etc. Established, reputable and lots of UK branches

[Essex Reject]

3 hours ago, nickmondo said:

most of us live on a pittance of 30K?

really?

in your fantasy world maybe so

 

I certainly don't, can spend that in a day. Living cheap is a fantasy? Read the forum pal, nearly all cheap charlie's here, and nobody goes to bars or smokes or drinks. 

[Snow Leopard]

12 hours ago, KittenKong said:

I have a lot of money on deposit with various UK banks and building societies. All the interest is paid tax-free and I never have any tax to pay on it.

 

Given that interest rates are much higher onshore, and given that the deposit insurance is much stronger onshore, I see little point in having any significant money offshore. I do have a couple of offshore accounts but I use them to receive some small UK payments that would be taxable if they were paid onshore.

 

I also have a UK credit card which I would be very unwilling to do without. Debit cards are not the same at all.

Well said. OP keep the UK accounts. If you want an offshore account then there are many options. Personally, I like HSBC Expat. I have a reason for having this account as I work in the Middle East. 

[huawei]

I have just re-registered all my accounts with a U.K. address. Have a credit card, debit card etc...you need a footprint in the U.K.

[Baerboxer]

19 hours ago, OneEyedPie said:

In fairness an address in the UK or not doesn't seem to have much bearing as almost 100% of transactions are electronic now.  I'm sure there's many expats that aren't registered at the UK address that they bank under.

 

Though, correct me if I'm wrong as an interesting question.  What's the difference between offshore banking and retaining a domestic account?

 

Okay, one might have an issue with expired debit / credit cards in due course, but postal redirection might negate such an issue.  I don't know.

 

 

 

The big difference between onshore and offshore is tax. If he receives interest on his UK accounts he will have to complete a tax return, resident or non-resident. He'll still get the personal tax free allowance, at the moment unless changed in the future, so might not have to pay tax. But it will count against his allowance total along with any pensions, rental income, dividends etc.

 

Offshore accounts don't have to be declared to HMRC if non-resident. The interest is not UK taxable.

 

I keep UK and Offshore accounts, same bank. Recently needed a new secure key for the on-line banking. Ordered by phone received by courier 3-4 days later. Same with bank cards. They usually send out before the old ones expire. You activate then either on-line or by phone banking.

 

He would be well advised to set everything up before leaving.

[Baerboxer]

1 hour ago, Snow Leopard said:

Well said. OP keep the UK accounts. If you want an offshore account then there are many options. Personally, I like HSBC Expat. I have a reason for having this account as I work in the Middle East. 

 

I'm sure you already know this but just in case, be aware HSBC Middle East and HSBC Expat are not the same.

[wgdanson]

20 hours ago, Essex Reject said:

Why are you asking about this on here? This is a forum for expats in Thailand and most on here 'live' on around 30k Baht per month.

And must either stash Bht 800k/400k in a bank, or import 65k a month.