TSB closing accounts for customers living in Thailand

[Liverpool Lou]

23 hours ago, howerde said:

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

Not for new customers with addresses in Thailand, it doesn't!

Edited June 2, 2021 by Liverpool Lou

[Liverpool Lou]

23 hours ago, pagallim said:

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.   

No bank in the UK will open onshore accounts for non-UK residents now.

Edited June 2, 2021 by Liverpool Lou

[herfiehandbag]

2 hours ago, Tubulat said:

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?

I doubt it. There are (virtually) no foreign visitors with cash to exchange. No customers therefore no point in offering the service.

Those that do want cash can use ATMs.

[Liverpool Lou]

6 hours ago, Muhendis said:

I hope HSBC never does this. 

They probably will if they find out.   Drop them a line and tell them that you live in Thailand and see what their reaction is!

[Liverpool Lou]

6 hours ago, nickmondo said:

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

Or, use HSBC 

HSBC hasn't offered retail customer accounts in Thailand for some years and if they know a new customer lives outside the UK they won't provide an account.

[Liverpool Lou]

5 hours 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).

...neither are depositer's funds guaranteed by the Financial Services Compensation Scheme like real banks.

[Liverpool Lou]

4 hours ago, sungod said:

Standard Bank are very understanding with expats

Not with new accounts in the UK, they're not.

[Liverpool Lou]

3 hours ago, Jumbo1968 said:

On 6/1/2021 at 12:52 PM, 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.

Which UK postal address would you suggest that he uses? 

 

As they know that he lives in Thailand and his account is due to be closed for that sole reason do you really they would accept a phoned-in claim of a new address without evidence?

[pontious]

29 minutes ago, Liverpool Lou said:

Not for new customers with addresses in Thailand, it doesn't!

Lloyds International in the Isle of Man will. I applied last week but the documents certification process is exceedingly tedious.

[Liverpool Lou]

1 hour ago, Crossy said:

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.

Well, not exactly, Crossy, the Isle of Man is not, and never has been, part of the United Kingdom, it's a a self-governing British Crown Dependency.

 

Dos Lloyds Intl. know you're a Thailand resident?     I applied a few months ago but, because I live in Thailand, they wouldn't consider it and all of their accounts now shown on their website require account holders to be IOM or CI residents.

Edited June 2, 2021 by Liverpool Lou

[sungod]

15 minutes ago, Liverpool Lou said:

Not with new accounts in the UK, they're not.

I was suggesting a bank for an expat in Thailand. Found them extremely easy to deal with.

[Crossy]

1 minute ago, Liverpool Lou said:

Well, not exactly, Crossy, the Isle of Man is not, and never has been, part of the United Kingdom, it's a a self-governing British Crown Dependency.

 

Dos Lloyds know you're a Thailand resident?     I applied a few months ago but, because I live in Thailand, they wouldn't consider it.

 

Yeah, but I still have a UK format sort code and account number ???? 

 

Lloyds do know where I live but it's possible I'm grandfathered as I've had the account for a goodly number of years.

[Liverpool Lou]

5 minutes ago, sungod said:

21 minutes ago, Liverpool Lou said:

Not with new accounts in the UK, they're not.

I was suggesting a bank for an expat in Thailand. Found them extremely easy to deal with.

You mean Standard in Thailand?

[Liverpool Lou]

28 minutes ago, pontious said:

1 hour ago, Liverpool Lou said:

Not for new customers with addresses in Thailand, it doesn't!

Lloyds International in the Isle of Man will. I applied last week but the documents certification process is exceedingly tedious.

Must've been me then!   

 

Which account did you apply for?   All LBI's personal accounts now show on their website as requiring IOM or CI residency.

Edited June 2, 2021 by Liverpool Lou

[Dickp]

Same thing happen to me about 10 years ago Bank Of America sent me a letter closing my Banking  account's and Stock account's to that took  2 wks to arrive here so left me with 2 wks to find a new bank. I had a account with them for 50 years. Still mad at them, called and told them my striation of only 2 wks to set up a new bank. Their reply was not their problem!

[GrandPapillon]

3 minutes ago, Dickp said:

Same thing happen to me about 10 years ago Bank Of America sent me a letter closing my Banking  account's and Stock account's to that took  2 wks to arrive here so left me with 2 wks to find a new bank. I had a account with them for 50 years. Still mad at them, called and told them my striation of only 2 wks to set up a new bank. Their reply was not their problem!

banks simply don't care about their customers anymore, they have a utility function, thanks to years of regulation that made holding cash a crime, and that means you need them more than they need you ????

[sandyf]

4 hours ago, Muhendis said:

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?

To the majority of banking customers a bank is for putting money in and taking it out, they are not particularly interested in the workings of the financial services sector.

When I was young the TSB in my town was called the Aberdeen Savings Bank, one step up from a piggy bank.

As for non-elitist, that would be a Wise customer.

[howerde]

1 hour ago, Liverpool Lou said:

Not for new customers with addresses in Thailand, it doesn't!

It  did for me 3 months ago, are you mixing up lloyds current account based in UK and lloyds international based in Channel Iislands, down side is i don;t think you are protected by the he Financial Services Compensation Scheme (FSCS)

[pontious]

48 minutes ago, Liverpool Lou said:

Must've been me then!   

 

Which account did you apply for?   All LBI's personal accounts now show on their website as requiring IOM or CI residency.

You have to click on International in the strip menu on top of the page.

[Dah fahrang]

1 hour ago, Liverpool Lou said:

Not for new customers with addresses in Thailand, it doesn't!

https://international.lloydsbank.com/products-and-services/current-accounts/

 

Held Currency Money Market and Fixed Term Deposit Contract accounts with them for 15 years. (Joint, with Thai wife). Two years ago also opened Lloyds Premier International Current Account, with debit card for us both.  Thai address and contact details. Other than quite stringent identity checks, no problems. 

There is a minimum deposit / income threshold, however. 

[Rampant Rabbit]

On 6/1/2021 at 12:58 PM, WineOh said:

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

 

You can even open a virtual one.

 

It's easy.

Its  a  good  idea  to also  have some  payment taken out  every  month too.

I pay my friends internet provider every month through my  bank so it  looks  like im using the account, in return my friend lets me use their address for everything.

[nglodnig]

8 hours ago, Mbolo said:

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

That's news to me. They cancelled my barclaycards years ago but I still have an active bank account with them. Do you have some sort of info that they are doing tht?

[sungod]

1 hour ago, Liverpool Lou said:

You mean Standard in Thailand?

These guys, understand well the needs for expats.

 

https://international.standardbank.com/

Edited June 2, 2021 by sungod

[pontious]

2 hours ago, Liverpool Lou said:

...neither are depositer's funds guaranteed by the Financial Services Compensation Scheme like real banks.

Banks in IOM or Jersey are not covered by that scheme either.

Edited June 2, 2021 by pontious

[Dah fahrang]

8 minutes ago, pontious said:

Banks in IOM or Jersey are not covered by that scheme either.

https://international.lloydsbank.com/insight-and-guidance/depositor-compensation-schemes/

 

[pontious]

13 minutes ago, Dah fahrang said:

https://international.lloydsbank.com/insight-and-guidance/depositor-compensation-schemes/

 

I know that - I was saying they are not covered by the scheme he mentioned. It is 35,000 pounds less.

Edited June 2, 2021 by pontious

[timkeen08]

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??

Not completely true about after the 911 Patriots Act.  I opened a USAA bank account two years ago online from here without a VPN and I had my address changed to Thailand.  I was sent an international debit card to Thailand.  But I was a USAA member when I had USAA car insurance back in America before we moved here.  One of the perks of being a US Veteran (or an immediate family member of a Vet).  I was surprised to find that I still had membership after I canceled my insurance and could open a bank account so easily.  I don't know if it is all possible if you were not already a USAA member before you moved to Thailand.  That is how I transfer my company pensions to Thailand via WISE transfer service.  Two pension checks sent to me in Thailand were deposited using their online scan deposit service in between setting up direct deposits to USAA after Bangkok Bank stopped excepting ACH direct deposits.  And I keep money banked for anything I need to do in the US and that is where my COVID stimulus were deposited.  All I needed to be a member in the US was to scan and upload my DD214 and driver's license.  I signed my son up for his membership by uploading his birth certificate for proof of relationship before we left the US when I gave him my pickup. Thailand is listed in their drop-down country box.  Many active duty personnel have membership.

[Speedhump]

10 hours ago, sandyf said:

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. 

HSBC personal Premier accounts can be opened around the world by anyone who is prepared to keep a minimum balance in one country (used to be usd 200k), or have a mortgage with one branch. I have accounts in 4 countries, was 5 but closed Malaysia. Seamless and chargeless banking and transfers between them. Unfortunately though they only have business banking in Thailand, not personal, but I use Krungsri here and HSBC around the world. Dollar transfers are often just 24 hours into Krungsri. 

[Speedhump]

I have a Monzo UK bank account. It's an online bank. I set it up online from Thailand using a friend's UK postal address for debit card delivery, although I've never used  the account to date. I wonder if this would count as a UK bank account for the people who are saying they are required to demonstrate they have a, UK account for some of their financial obligations? It's not a high street bank. 

Edited June 2, 2021 by Speedhump
More info added

[Liverpool Lou]

3 hours ago, pontious said:

6 hours ago, Liverpool Lou said:

...neither are depositer's funds guaranteed by the Financial Services Compensation Scheme like real banks.

Banks in IOM or Jersey are not covered by that scheme either.

but they are covered by the DCS.