I've held a Nat West account for around 40 years based in the Channel Islands, first using a UK address and then when I moved entirely overseas to my Thai address. It's mostly dormant with little balance but I wanted to maintain it as I expect to need it in future and I have no other UK account.

 

The account type is now called Select and by February it changes to International Select. However whereas for past 40 years it was free, there will be an 8 UKP monthly charge. Nat West says in future all accounts for international clients will have fees, so changing from International Select to one of their others, even if its possible may not help?

 

Has anyone else encountered this change and how did they work around it to have a bank account with no fees - if that's even possible?

Leaving a bank account dormant with little money in it is always going to attract attention. 

 

Data storage space costs money and having a lot of inactive accounts is not in the bank's interest. What they want is your money in your account so that they can invest it and make money. That's the way banking works.

7 hours ago, Moonlover said:

That's the way banking works.

Thanks for explaining to me how banks work. However you missed my point.

1 hour ago, Digitalbanana said:

Thanks for explaining to me how banks work. However you missed my point.

Oh I've got your point all right, I just hope you've got mine. ????

 

MY UK bank always gave me a free account as long as there was more than a certain amount in there. £2000 I think. Recently they changed the types of accounts so now I am charged £14.95/month for them to hold my money.

 

Do you have any friends or family in the UK who wouldn't mind you using their address for your account? If so just change the address to a UK one and that ought to solve the problem. Given that you don't use it and it has little money in it, you don't need to see monthly statements.

Natwest are a bunch of wan%$rs. The worst UK bank in my opinion and long experiences with them. Not interested in the customer at all.

Get an address back in the UK.

1 hour ago, Guderian said:

Do you have any friends or family in the UK who wouldn't mind you using their address for your account? If so just change the address to a UK one and that ought to solve the problem. Given that you don't use it and it has little money in it, you don't need to see monthly statements.

I thought all banks have paperless online account statements.

4 hours ago, Guderian said:

Do you have any friends or family in the UK who wouldn't mind you using their address for your account? If so just change the address to a UK one and that ought to solve the problem. Given that you don't use it and it has little money in it, you don't need to see monthly statements.

That will work but they may ask for a utility bill in your name.

Also as part of something called 'Compliance' you may be subject to intense scrutiny.  NatWest recently made me prove who I am and this process took nearly 6 months.  This is despite having an account with them for 48 years and the same personal manager for over 10 years who I have met many times.  They are utter morons.

They also asked me who some payees in Thailand were and what the payments were for, "mind your own fing business did not work and they threatened to freeze the account which is my UK business employing 10 people but they don't care, utter obnoxious people.  One of the payees was actually me (my Thai bank account) so they asked me: "Mr Anon Mises, who and what relationship to you is Mr Anon Mises and what were the payments for.  As I said, morons.

All supposedly money laundering regulation.  Ha, don't make me laugh, they are all using crypto and Swiss bank accounts, it is about data and control.

Okay, I've read the comments etc.

 

I had the same issue with Lloyds Bank International, I contacted them stating I don't accept the new deal and this was not what I signed up for originally.

 

I explained my position that I did not want to make a formal complaint etc and they backtracked stating I can stay on the original account contract, ie no monthly charges etc.

 

Give it a try.

 

Unless it is for tax purposes, 'International' bank accounts are pretty pointless these days. I manage to do everything i need to do either with debit/credit cards and internet banking, all i need is to maintain a UK address. All UK banks have to provide at least one account with no monthly fees.

On 12/8/2021 at 2:32 PM, Mises said:

That will work but they may ask for a utility bill in your name.

Also as part of something called 'Compliance' you may be subject to intense scrutiny.  NatWest recently made me prove who I am and this process took nearly 6 months.  This is despite having an account with them for 48 years and the same personal manager for over 10 years who I have met many times.  They are utter morons.

They also asked me who some payees in Thailand were and what the payments were for, "mind your own fing business did not work and they threatened to freeze the account which is my UK business employing 10 people but they don't care, utter obnoxious people.  One of the payees was actually me (my Thai bank account) so they asked me: "Mr Anon Mises, who and what relationship to you is Mr Anon Mises and what were the payments for.  As I said, morons.

All supposedly money laundering regulation.  Ha, don't make me laugh, they are all using crypto and Swiss bank accounts, it is about data and control.

You beat me by 2 years - I've been a Natwest customer for 46 years, and recently wondered why. Yet again they blocked my credit card (paying for a hotel through Agoda while in Thailand). It culminated in a shouting match with a kid half my age from their Fraud(ulent) Team asking increasingly inane questions. Eventually, I had to go through the HooYu hoops (have you done that yet?) to prove who I am, which included taking a selfie video that was more like a sobriety test (keep the screen spot on your nose), followed by more questions.

If this is the right forum, I'm going to put up a question about UK bank alternatives.