TSB closing accounts for customers living in Thailand

[chrissables]

1 hour ago, pontious said:

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.

You presume the European banks are closing because of Brexit or know?

 

The UK banks can be damn difficult for sure, they were a long time before Brexit.

 

Lets hope it does not become the norm for expats here, it would be a headache for sure.

[sandyf]

18 hours ago, pagallim said:

   I would try HSBC as they are pretty global.   

That may be dependent on the type of account.

I know for a fact that it is not HSBC policy to service UK accounts for people living abroad. I got away with it on the basis my pension continues to be paid into the account. 

As suggested the only solution is to use a UK address but difficult to open new account without being there in person.

Wise, formerly Transferwise, would be an alternative option. I have opened an account with them in case I end up in the same situation. 

[sandyf]

32 minutes ago, Muhendis said:

Wise is not a bank in the acceptable form. 

"Acceptable", to whom, elitists?

[Oxx]

12 minutes ago, sandyf said:

46 minutes ago, Muhendis said:

Wise is not a bank in the acceptable form. 

"Acceptable", to whom, elitists?

 

It's not a bank because it's not regulated by the PRA (Prudential Regulatory Authority) which is responsible for the financial safety and soundness of banks.  It's only regulated by the FCA (Financial Conduct Authority).

[Muhendis]

10 minutes ago, Oxx said:

 

It's not a bank because it's not regulated by the PRA (Prudential Regulatory Authority) which is responsible for the financial safety and soundness of banks.  It's only regulated by the FCA (Financial Conduct Authority).

Which makes it unacceptable to my investment company. 

[sandyf]

23 minutes ago, Oxx said:

 

It's not a bank because it's not regulated by the PRA (Prudential Regulatory Authority) which is responsible for the financial safety and soundness of banks.  It's only regulated by the FCA (Financial Conduct Authority).

And that relates to "acceptable", how exactly?

It is quite obviously "acceptable", or they wouldn't have any customers.

[Etaoin Shrdlu]

I wonder if this was prompted by concerns about complying with Thailand's now-postponed new data protection law. 

[sungod]

Standard Bank are very understanding with expats

[sandyf]

39 minutes ago, Muhendis said:

Which makes it unacceptable to my investment company. 

You mean elitists then.

[doctormann]

1 hour ago, Mbolo said:

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

Big problem for me if Barclays start closing accounts for non-residents as both my pensions are paid into my on-shore  Barclays account.  I do, however, also have a Barclays off-shore account in the IoM so maybe, if it comes to the crunch, I can use that one.

 

Barclaycard closed both of my CC accounts, a couple of years ago, because I am non-resident in UK - this after holding the accounts for more than 50 years!  I was well cross as getting a 'proper' CC here in Thailand is next to impossible unless you have a work permit and employment.

[doctormann]

6 minutes ago, doctormann said:

Big problem for me if Barclays start closing accounts for non-residents as both my pensions are paid into my on-shore  Barclays account.  I do, however, also have a Barclays off-shore account in the IoM so maybe, if it comes to the crunch, I can use that one.

 

Barclaycard closed both of my CC accounts, a couple of years ago, because I am non-resident in UK - this after holding the accounts for more than 50 years!  I was well cross as getting a 'proper' CC here in Thailand is next to impossible unless you have a work permit and employment.

Further to my last post, above, it seems that Barclays are closing accounts for UK account holders living in certain EU countries.

<https://www.moneysavingexpert.com/news/2020/11/eu-bank-accounts-closed-brexit/>

This does not seem to affect account holders living elsewhere - yet!

[Tuvoc]

2 hours ago, Muhendis said:

Wise is not a bank in the acceptable form. 

 

Why not ? The borderless account has an account number and sort code and operates almost like a normal bank account. .You can receive BACS and faster payments into it,  make fasten payments out of it,  and take out cash with the mastercard debit card and you can set up direct debits from it. If you did not have a normal high street bank accounts, as a UK resident you could use this as your only bank account pretty much. The only limitation I see is you can't have standing orders from it.

 

[Jumbo1968]

21 hours ago, pontious said:

Onshore - Aberdeen Scotland for a zillion years.

Call them and give them a U.K. Postal Address, unfortunately it can’t be done online.

[Muhendis]

1 hour ago, sandyf said:

You mean elitists then.

Rightly or wrongly, investment companies are cautious around the money laundering regulations. Overly so in my opinion. 

Any bank that does not have safeguards in relation to these regulations or that the investment company has cause to be wary of does not get their acceptance.

The investment company is free to send funds to any bank in the world but they won't because of concerns re money laundering.

If that is elitist then fine but what is the definition of non-elitist?

Edited June 2, 2021 by Muhendis

[The Fugitive]

35 minutes ago, Tuvoc said:

 

Why not ? The borderless account has an account number and sort code and operates almost like a normal bank account. .You can receive BACS and faster payments into it,  make fasten payments out of it,  and take out cash with the mastercard debit card and you can set up direct debits from it. If you did not have a normal high street bank accounts, as a UK resident you could use this as your only bank account pretty much. The only limitation I see is you can't have standing orders from it.

 

Most informative, relevant and helpful. Thank you very much!

[Presnock]

3 hours ago, pontious said:

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.

since  I blv 2013 there is a group of 54 countries that signed on to a new process in order to better control money laundering, fake accts, tax dodgers, etc.  In the US the Justice Dept does this and we Americans that had US bank accounts but they knew we lived overseas, lost access to those accounts probably because it requires the banks to also report yearly on their customers.  Americans that control a foreign bank acct that has an aggregate total of $10,000 USD or more must file a report to the justice department every year just like filing tax returns.  If one has control over numerous foreign accts they are required to file on every single on.  Thailand as a signer of this agreement too reports to the US on American account holders, that is why originally when I opened accts in Thailand I only had to give them my PP#, but the latest was that I had to provide my social security # also so that they could provide that to the Justice Dept.  I know many Americans tell me that they have accts here but use a relative's address and get away with it, but some banks call the home number and require to speak with the account holder - yes I realize a cell phone can be programmed to ring here too but all that is actually ILLEGAL.  Several banks in the US do allow foreign bank accts to provide service to expats in many countries.  Banks in the UK are supposedly following this same regulation but... again people CHEAT and then try to give other honest people a bad time.

Because of people's failure to be honest countries are forced to change laws and make restrictions on the rest of us.  That is my opinion anyway and since I am an American go ahead and whine at me!

 

[Tubulat]

There is something changing, also when you like to exchange foreign currency, it is hard t find a branch who will do that.

Recently I was at Yaowarat road, more then 10 different branches I visit to change euro's to THB, no one was willing, even the exchange boot was closed.

Yesterday I was in the SCB branch in Thayang, the sign where you can see all the foreign currencys is switched off.

 

What is wrong?

I'm a bit worry about this.

 

Have it something to do with black money?

[Johnny Mac]

21 hours ago, scubascuba3 said:

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

Fair point. My UK bank do have my Thai mobile, but they have a UK address so never been a problem and don't ever expect it to be.

[Satcommlee]

Very easy to open a HSBC EXPAT account in Jersey, if you meet the financial requirements.

 

Passport(for ID) and Kasikorn Bank statement(for address) was all that was needed, account opened quickly and securekey sent FedEx...  Debit Crad took a month by regular mail.

[Etaoin Shrdlu]

6 minutes ago, Tubulat said:

 

Have it something to do with black money?

Possibly more to do with lack of demand for foreign exchange services since no tourists are about nowadays. Could also be due to fear of Covid on foreign banknotes.

[Chris.B]

2 hours ago, sandyf said:

And that relates to "acceptable", how exactly?

It is quite obviously "acceptable", or they wouldn't have any customers.

Wise is fine for holding smaller amounts for short times but it is not for squirreling away your life savings long time.

 

[sandbox]

I had noticed my UK TSB bank getting a bit sticky with their service a couple years ago. They refused to send new ATM cards despite going through the charade of saying they would do so whenever I called to say it hadn't arrived.

 

So, I opened a Barclays International account based in the Channel Islands and authenticated everything online from Thailand. Covid got in the way but everybody persevered. There are some conditions involving a minimum amount (reasonable) and acceptance that I'm not some sort of high roller or looking for wealth management - just ordinary transactional stuff. They shipped over a card (which works here), password and personal authentication device that reads my card and looks like a calculator. A small bonus is I can transfer money to it from my other UK accounts without charge.

 

I'm no expert about these things, preferring an easy path, but recommended.

 

 

[Letseng]

20 hours 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.

 

My Luxembourg bank booted me purely for being in Thailand!

 

EU rules I guess. Tried to open an account a while ago because we are stuck till LOS sort herself out re Corona. Unless I'm registered resident I was told I couldn't. This is continental Europe resp. EU, not UK.

 

 

[scubascuba3]

The thing to do is open a Wise Borderless account if your UK account looks like it may close

[Andycoops]

This could be a real bummer if others follow.

I have my UK pensions paid into Nationwide and have been non resident for nearly 13 years.

I guess if they decide to do the same I would either get the pensions paid directly into my Thai bank account or as someone suggested perhaps use Wise if this is indeed a viable option.

[Crossy]

20 minutes ago, Andycoops said:

I have my UK pensions paid into Nationwide and have been non resident for nearly 13 years.

 

Nationwide don't seem to mind at present, they know I'm in Thailand but I do retain a UK address which they send stuff to occasionally. Non-resident for tax since 1995 ???? 

 

I hold Sterling, USD and Euro accounts with Lloyds International on IoM so if it does go pear-shaped I've still got a UK Sterling account.

[NoshowJones]

5 hours ago, nickmondo said:

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 

You would trust a country which is ruled by a Military "government" with your life savings???? I would even trust Boris before trusting a Thailand self elected "PM".

[Chongalulu]

4 hours ago, sandyf said:

You mean elitists then.

You appear to be a fan of willful ignorance . It’s been explained to you in precise terms 

[loong]

Just to be clear, this is TSB bank, not Lloyds?

TSB is Spanish owned and no longer a part of Lloyds Banking Group.

[Liverpool Lou]

On 6/1/2021 at 12:46 PM, dwagner said:

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??

He'd have to prove to TSB that "his" new address was really his as the reason for the convenient change would be obvious.