TSB closing accounts for customers living in Thailand

[pontious]

Got the letter today quote ''we have  taken the decision to stop  holding accounts for customers living in Thailand.'' You must close your account by 21 July 2021.

[Saltire]

Wow not good news.

 

I believe it can be difficult to open a UK bank account when not actually there. Do you have an account elsewhere?

 

Was your account active or pretty dormant?

 

Sincerely hope other UK banks don't follow.

[Captain Monday]

Enroll with Coutts bank

[dwagner]

I assume TSB is a UK Bank. I am from the USA and all my banks and credit cards are using my postal service company's address. Of course we had too do this since 9/11 - Patriot Act. 

 

Can you just use a family members address in the UK and then they should not (?) cancel your account??

[LongTimeLurker]

is this an onshore UK bank account?

 

Or offshore in IoM / CI?

[pontious]

10 minutes ago, Saltire said:

Wow not good news.

 

I believe it can be difficult to open a UK bank account when not actually there. Do you have an account elsewhere?

 

Was your account active or pretty dormant?

 

Sincerely hope other UK banks don't follow.

I opened a TW 'balance' account.

Active with a considerable amount in it.

[pontious]

5 minutes ago, LongTimeLurker said:

is this an onshore UK bank account?

 

Or offshore in IoM / CI?

Onshore - Aberdeen Scotland for a zillion years.

[LongTimeLurker]

1 minute ago, pontious said:

Onshore - Aberdeen Scotland for a zillion years.

 

OK. I think the banks don't like having overseas clients as it's near impossible to open an account onshore UK from outside the country.

 

Hell, they don't even want home customers as their costs to maintain the accounts are a lot more than most people keep in an account.

[WineOh]

Always keep a sham address open in the UK for official purposes.

 

You can even open a virtual one.

 

It's easy.

[pontious]

2 minutes ago, LongTimeLurker said:

 

OK. I think the banks don't like having overseas clients as it's near impossible to open an account onshore UK from outside the country.

 

Hell, they don't even want home customers as their costs to maintain the accounts are a lot more than most people keep in an account.

I  have several hundreds of thousands in the bank. To quote from the letter further ''This is because we are a UK only bank and when customers move overseas the increased legal and regulatory complexity and risk means it can be difficult for a UK bank to continue providing banking services.'' It is happening in Europe as well for other banks - BREXIT.!

[RichardColeman]

Don't see how they would even know you lived abroad unless you told them your new address. Sending transfers each month is not exactly a flagging issue unless its huge amount every month - all my transfers go as 'family maintenance' 

 

As I still own my house in the UK and have a great tenant, so address registration is not an issue.

 

 

[pontious]

3 minutes ago, RichardColeman said:

Don't see how they would even know you lived abroad unless you told them your new address.

They have known and used my Thai address for the last 15 years. Things are obviously different now.

Edited June 1, 2021 by pontious

[Upnotover]

Can you not just open an offshore account?  I think I'd prefer my 100's of 1000's to be in a bank rather than a Wise account.

[howerde]

Lloyds bank have an international current account, based in Channel islands

[pagallim]

Perhaps if you can, open an account with another bank, difficult I know particularly if you no longer have a UK address.   I would try HSBC as they are pretty global.   

[Pilotman]

OP, how do they know, you must have told them that you are no longer UK resident?  My bank have no idea where I live and the account has a permanent UK address.  It's none of their business where I live, or where you live, unless you are naïve enough to tell them. 

Edited June 1, 2021 by Pilotman

[wensiensheng]

Maybe a Singapore Bank? Singapore is a pretty good jurisdiction vis a vis banking. Easier to visit than UK  if need be  as well. UOB even has several branches in Thailand, including Phuket. No problem to hold accounts in different currencies.

 

I have accounts in UK and Singapore, the Singapore banks are streets ahead.

[scubascuba3]

This is why you don't give a UK bank a Thai mobile number as OTP even if they accept it

[Excel]

42 minutes ago, Upnotover said:

Can you not just open an offshore account?  I think I'd prefer my 100's of 1000's to be in a bank rather than a Wise account.

I keep my 100's of thousands in my monopoly box and still never shout about how much I have as bragging about something, true or false, does not pay much interest????????????????

[ukrules]

2 hours ago, RichardColeman said:

unless you told them your new address.

Indeed, this was the mistake here. Tell them nothing.

 

[Crossy]

2 hours ago, RichardColeman said:

Don't see how they would even know you lived abroad unless you told them your new address.

 

Barclays gave me the hoof 10+ years ago because "based upon my spending patterns I was largely based outside the UK" this despite maintaining a UK address.

 

My Luxembourg bank booted me purely for being in Thailand!

 

[scubascuba3]

17 minutes ago, Crossy said:

 

Barclays gave me the hoof 10+ years ago because "based upon my spending patterns I was largely based outside the UK" this despite maintaining a UK address.

 

Presumably you were paying for things in Thailand from your UK account. I use my UK credit card for that, if they close that no big deal. I doubt they would close a UK account if you weren't using it enough as you could have more than one account so activity varies

[chrissables]

16 hours ago, pontious said:

I  have several hundreds of thousands in the bank. To quote from the letter further ''This is because we are a UK only bank and when customers move overseas the increased legal and regulatory complexity and risk means it can be difficult for a UK bank to continue providing banking services.'' It is happening in Europe as well for other banks - BREXIT.!

Brexit! Don't you mean democracy? And since when has Thailand been a part of the EU?

[pontious]

25 minutes ago, chrissables said:

Brexit! Don't you mean democracy? And since when has Thailand been a part of the EU?

No I mean Brexit. Banks are closing UK account holders in  Europe because of the extra difficulties  Brexit has caused them. It may be coincidence that tsb accounts will be closed in Thailand at the same time  but having an  account in Thailand with them for the last 15 years I doubt it.

[Muhendis]

I hope HSBC never does this. I have some investments in the UK and one of the conditions is that I must have a UK bank account. I do use my Bank account for UK internet purchases (Amazon Kindle books) and the account needs to be functional for my occasional visits.

[Tuvoc]

54 minutes ago, chrissables said:

Brexit! Don't you mean democracy? And since when has Thailand been a part of the EU?

 

Exactly. Brexit has nothing to do with the how the banks treat customers in Thailand. And good riddance to the EU as an organisation.

 

People always mention using a family member's address in the UK to keep the bank happy. Well, not all of us have family in the UK.

 

As mentioned above, the major banks do have special expat accounts, and if you do have large amounts of money then the requirements for those are easily met. Otherwise, Transferwise are perfectly happy to have a Thailand address on the account.

 

 

[Tuvoc]

3 minutes ago, Muhendis said:

I hope HSBC never does this. I have some investments in the UK and one of the conditions is that I must have a UK bank account. I do use my Bank account for UK internet purchases (Amazon Kindle books) and the account needs to be functional for my occasional visits.

 

Transferwise (Wise) should work for you if you have problems.

[nickmondo]

All my bank accounts and credit cards in the UK, I have my friends address listed as my home address.

If they ever ask, I am renting a room there, but they dont.

Never had a problem, I have lived overseas since 2003.

If you have left the UK, and dont have any payments there, then so what if they close?

just bring your dosh here, and least you get some interest with Krungsri Saving Account.

Or, use HSBC 

[Muhendis]

39 minutes ago, Tuvoc said:

Transferwise (Wise) should work for you if you have problems.

Wise is not a bank in the acceptable form. 

[Mbolo]

it's not just TSB. Barclays is also in the process of closing all foreign accounts. .