TSB closing accounts for customers living in Thailand

[rickudon]

Fortunately i set up a merry-go-round of bank transfers between 3 banks in the UK some years ago (This was so i could meet minimum monthly deposit requirements so i could get preferential interest rates). This now stands me in good stead to maintain my UK 'presence'. Fortunately i also have a relative's address i can use. So far only had one problem - a bank required new checks on transfers and required a code sent to a UK telephone number. That took a month to find a workaround.

 

It always pays to have a plan B and C when you go abroad. Do not burn your boats.

[Liverpool Lou]

4 hours ago, Dah fahrang said:

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. 

I know, I had LBI and Singer & Friedlander accounts some years ago.

 

Currently, though, on Lloyds Intl website in the description of every account is a requirement is that new account holders need to be IOM residents.   I'm not arguing about it, neither am I disputing that some people will have accounts that were opened in the past, I'm simply quoting what LBI says on it's own website.

[Liverpool Lou]

3 hours ago, pontious said:

3 hours 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.

Even that lower amount is infinitely higher than the zero protection offered by Wise!

[Upnotover]

12 minutes ago, Liverpool Lou said:

Currently, though, on Lloyds Intl website in the description of every account is a requirement is that new account holders need to be IOM residents.

Interesting.  Where does it say that, all I can see is;

• Eligibility
  Available in many countries but not all and other criteria applies, please see below
  
  If you live in the EU (excluding the UK), we are unable to offer you an account.

The eligibility checker doesn't seem to have a problem with Thailand.

[Liverpool Lou]

2 hours ago, Speedhump said:

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. 

That's not true now, non-EU residents can only open an account at a UK HSBC branch.  This message appears when completing an application online as a Thailand resident and won't let you proceed any further...

 

" Country / region

Thailand

 

 

If you're a non-EU resident, you'll need to open an account at a UK HSBC branch"

          

 

 

 

 

[pontious]

5 minutes ago, Liverpool Lou said:

That's not true now, non-EU residents can only open an account at a UK HSBC branch.  This message appears when completing an application online as a Thailand resident and won't let you proceed any further...

 

" Country / region

Thailand

 

 

If you're a non-EU resident, you'll need to open an account at a UK HSBC branch"

          

 

 

 

 

You are looking at the wrong websites - like the Lloyds International one earlier.

HSBC have an Expat account which includes Thailand although the balance must be 50,000 pounds.

[Liverpool Lou]

5 hours ago, pontious said:

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

Ok, thanks, just found the International "Everyday Banking" account.

[Liverpool Lou]

2 hours ago, Speedhump said:

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

As you say, UK residents only qualify.

[Liverpool Lou]

28 minutes ago, Upnotover said:

Interesting.  Where does it say that, all I can see is;

• Eligibility
  Available in many countries but not all and other criteria applies, please see below
  
  If you live in the EU (excluding the UK), we are unable to offer you an account.

The eligibility checker doesn't seem to have a problem with Thailand.

Yes, you're right, now found the International accounts bit.

Edited June 2, 2021 by Liverpool Lou

[pontious]

Mods -I started this thread as a heads up for TSB customers who have not received a letter yet. That has been achieved and request this thread be closed.

[Speedhump]

38 minutes ago, pontious said:

You are looking at the wrong websites - like the Lloyds International one earlier.

HSBC have an Expat account which includes Thailand although the balance must be 50,000 pounds.

But they have no branches in Thailand? I have a Premier Expat (Channel Islands) account. It's nothing to do with Thailand. 

[Speedhump]

51 minutes ago, Liverpool Lou said:

That's not true now, non-EU residents can only open an account at a UK HSBC branch.  This message appears when completing an application online as a Thailand resident and won't let you proceed any further...

 

" Country / region

Thailand

 

 

If you're a non-EU resident, you'll need to open an account at a UK HSBC branch"

          

 

 

 

 

I don't think you're talking about an HSBC Premier account? You would arrange that via your relationship manager.

[pontious]

6 minutes ago, Speedhump said:

But they have no branches in Thailand? I have a Premier Expat (Channel Islands) account. It's nothing to do with Thailand. 

I know that. I was telling him you can open a HSBC  account IOM, etc but he was looking at the wrong websites.

[Liverpool Lou]

9 minutes ago, Speedhump said:

1 hour ago, Liverpool Lou said:

That's not true now, non-EU residents can only open an account at a UK HSBC branch.  This message appears when completing an application online as a Thailand resident and won't let you proceed any further...

 

" Country / region

Thailand

 

 

If you're a non-EU resident, you'll need to open an account at a UK HSBC branch"

          

 

 

 

 

Expand  

I don't think you're talking about an HSBC Premier account? You would arrange that via your relationship manager.

Yes, I am, I just tried to apply online...

https://www.hsbc.co.uk/current-accounts/products/premier/#eligibility

[Tuvoc]

14 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.

 

 

That's not a bad idea, I'll do that myself once I move permanently. But to be honest as long as I have my Wise borderless account I see little need to keep a high street bank account anyway.

[Speedhump]

14 minutes ago, Liverpool Lou said:

Yes, I am, I just tried to apply online...

https://www.hsbc.co.uk/current-accounts/products/premier/#eligibility

So it seems to say you can apply for an account in the UK if you 'Hold and qualify for HSBC Premier in another country.' 

[Tuvoc]

1 hour ago, Liverpool Lou said:

Even that lower amount is infinitely higher than the zero protection offered by Wise!

 

Is it safe to keep money in my Wise account? | Wise Help Centre

 

See the link above. I wouldn't hold huge amounts of money there permanently, but as an expat if all you need is an account with a UK sort code and account number to receive pension payments into and other transactions, it might do the job for you. Once I permanently retire to Thailand I'll move the bulk of my funds here anyway for ease of access and where it can easily be dealt with and passed to my wife after I die.

[TallGuyJohninBKK]

On 6/1/2021 at 1:52 PM, wensiensheng said:

. UOB even has several branches in Thailand, including Phuket. No problem to hold accounts in different currencies.

 

Last I checked, UOB usually wanted a work permit in Thailand in order for a foreigner to open a new account with them. Folks on retirement extensions and such weren't welcome.

 

[wensiensheng]

Just now, TallGuyJohninBKK said:

 

Last I checked, UOB usually wanted a work permit in Thailand in order for a foreigner to open a new account with them. Folks on retirement extensions and such weren't welcome.

 

Sorry, misunderstanding. My suggestion was to open an account in Singapore. So offshore Thailand. My reference to UOB simply meant in the context that they may be able to assist with signature verification  or other such stuff at the outset, and later if any further assistance is required.

 

in retrospect the reference to Thailand branches was an unnecessary red herring. Accounts in Singapore was the main suggestion.

[sandyf]

10 hours ago, Tuvoc said:

 

Is it safe to keep money in my Wise account? | Wise Help Centre

 

See the link above. I wouldn't hold huge amounts of money there permanently, but as an expat if all you need is an account with a UK sort code and account number to receive pension payments into and other transactions, it might do the job for you. Once I permanently retire to Thailand I'll move the bulk of my funds here anyway for ease of access and where it can easily be dealt with and passed to my wife after I die.

Quite, it is all about needs and perception.

If Wise is acceptable to Visa, it is good enough for my needs.

[martyn]

I am having the same problem, trying to withdraw funds from my TSB account last night only to find my account closed. 

Phoned them they said the letter was sent out in March informing me they were going to close my account. Still have not received it, cannot transfer any funds, they don't care sending me the balance via cheque that I won't be able to cash in Thailand also said they didn't need to give me any explanation as to why they have closed my account!!!! 

[Harveyboy]

On 6/1/2021 at 12:51 PM, pontious said:

I opened a TW 'balance' account.

Active with a considerable amount in it. 

Wise..yes i opened an account with them so far all going well no probs 

[Harveyboy]

9 minutes ago, martyn said:

I am having the same problem, trying to withdraw funds from my TSB account last night only to find my account closed. 

Phoned them they said the letter was sent out in March informing me they were going to close my account. Still have not received it, cannot transfer any funds, they don't care sending me the balance via cheque that I won't be able to cash in Thailand also said they didn't need to give me any explanation as to why they have closed my account!!!! 

sounds about as good as my poxy Credit aggricole bank in France  .. don't give a s##t

[pontious]

46 minutes ago, martyn said:

I am having the same problem, trying to withdraw funds from my TSB account last night only to find my account closed. 

Phoned them they said the letter was sent out in March informing me they were going to close my account. Still have not received it, cannot transfer any funds, they don't care sending me the balance via cheque that I won't be able to cash in Thailand also said they didn't need to give me any explanation as to why they have closed my account!!!! 

Sorry to read that. You would think with Covid either delaying or stopping mail sometimes they could have sent an email warning shot ahead of the letter.  

It will be no consolation but the letter, should you ever receive   it says '' Dear Blogs, We're sorry to tell you that we've taken the decision to stop holding deposit accounts for customers living in Thailand. This is because we are a UK 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.   Not in the letter but the legal minimum to close accounts is two months. That is what they are giving.!  

 

They have provided me a service in Thailand for the last 15 years no problem. If it is not connected to BREXIT I would be astonished. Look whats happening in Europe with expat accounts. Good luck.

[martyn]

25 minutes ago, pontious said:

Sorry to read that. You would think with Covid either delaying or stopping mail sometimes they could have sent an email warning shot ahead of the letter.  

It will be no consolation but the letter, should you ever receive   it says '' Dear Blogs, We're sorry to tell you that we've taken the decision to stop holding deposit accounts for customers living in Thailand. This is because we are a UK 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.   Not in the letter but the legal minimum to close accounts is two months. That is what they are giving.!  

 

They have provided me a service in Thailand for the last 15 years no problem. If it is not connected to BREXIT I would be astonished. Look whats happening in Europe with expat accounts. Good luck.

Thanks for your reply, 

[LongTimeLurker]

On 6/1/2021 at 1:05 PM, 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.!

 

 Then ask them to expedite the opening of an account in IoM or CI for you then.

 

Others have mentioned how foolish you were for telling you bank you live overseas but if your bank holds a UK address for you then you would be classed as UK Domiciled for Inheritence Tax purposes. Not a good idea unless you don't have hundreds of thousands you want to give to the UK tax man instead of your family.

[LongTimeLurker]

On 6/2/2021 at 2:07 PM, Liverpool Lou said:

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

 

Do you mean for onshore residents looking for an offshore account?

 

As they don't have accounts onshore UK, only IoM.

[LongTimeLurker]

On 6/2/2021 at 2:22 PM, Liverpool Lou said:

Dos Lloyds Intl. know you're a Thailand resident?

 

They know I'm a Thailand resident as they keep sending my bank statements to my Thai address, just received one yesterday.

Edited June 4, 2021 by LongTimeLurker
typo

[LongTimeLurker]

On 6/2/2021 at 2:29 PM, Liverpool Lou said:

You mean Standard in Thailand?

Are they even in Thailand?

[foreverlomsak]

On 6/1/2021 at 1:46 PM, 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.   

Last time I looked at HSBC they required a minimum deposit of 25,000 GBP, and there were hefty charges to transfer money to HSBC Thailand, at that time they only had 1 branch in the entire country, Bangkok.

Maybe it's changed for the better since, but we are speaking about banks.