Wise as a bank account for my pensions

[roo860]

4 hours ago, nickmondo said:

did you tell DWP that you live in Thailand?

ie, do you get the yearly increases for your Pension or set at the level when you retired?

interested because I get mine in January next year, and dont know to tell them I am in Thailand or not.

Tell them nothing mate, you've paid in to it, stuff em.

[Nong Khai Man]

On 11/19/2022 at 9:29 AM, poppysdad said:

But my main problem is if Santander close my account which is what they suggest will happen if I haven’t passed their criteria then I need a bank account to have my pensions paid into in the first place. If I can have them paid into Wise I can transfer into my Bangkok Bank account as soon as they are paid into my Wise account minimising any risk of a Wise problem. 

Scubascuba3, I have never hidden the fact that I live in Thailand from them in the 16 years I’ve lived here and in fact they send me sms on my Thai mobile from time to time for security reasons although I do have a uk accommodation address for most things. When I go to the online bank site I never use a vpn so they would have always been able to check where I was if the wanted to. Was I just a random check victim because it does seem strange why now the checking on me. 

Well after 16 Years of Faith to Santander & Telling them that You DO Live here I Would Give them a ring and ASK them " What The Bloody Hell are you playing at ?? "

[Nong Khai Man]

16 hours ago, roo860 said:

Tell them nothing mate, you've paid in to it, stuff em.

I'm Sorry that I Told them when I Did in 2016......But IF you don't tell them & They get to know They WILL Take ALL the Money that they've Overpaid You Back......I Know happened to a M8 of mine,They Took 150 GBP A Month back from his future pension payments.....So they ( The DWP ) Have got you by The Gonads.....

[roo860]

2 minutes ago, Nong Khai Man said:

I'm Sorry that I Told them when I Did in 2016......But IF you don't tell them & They get to know They WILL Take ALL the Money that they've Overpaid You Back......I Know happened to a M8 of mine,They Took 150 GBP A Month back from his future pension payments.....So they ( The DWP ) Have got you by The Gonads.....

How did they find out about where he was living or did someone bubble him?

[Nong Khai Man]

On 11/19/2022 at 9:29 AM, poppysdad said:

But my main problem is if Santander close my account which is what they suggest will happen if I haven’t passed their criteria then I need a bank account to have my pensions paid into in the first place. If I can have them paid into Wise I can transfer into my Bangkok Bank account as soon as they are paid into my Wise account minimising any risk of a Wise problem. 

Scubascuba3, I have never hidden the fact that I live in Thailand from them in the 16 years I’ve lived here and in fact they send me sms on my Thai mobile from time to time for security reasons although I do have a uk accommodation address for most things. When I go to the online bank site I never use a vpn so they would have always been able to check where I was if the wanted to. Was I just a random check victim because it does seem strange why now the checking on me. 

IF You are worried that Santander COULD close your account,But You have a U.K. Address Open an account with ANY Other U.K. Based Bank....I Get my Pension paid into @Halifax & Transfer it to @WiseMyself.....Simples !!

[jacko45k]

23 hours ago, scubascuba3 said:

I imagine like other banks they may be slowly closing accounts with a foreign address, that's why it's best to keep a UK address if possible.

Yes I think this likely... non-domiciles are too more trouble than they are worth to the banks. I have found so far HSBC will accommodate, and ones offshore, eg in Jersey or IOM. State pensions can go into those....

I have no UK address and if I claimed one, eg a relative's, they start asking for rather difficult proof of address.

[hotandsticky]

55 minutes ago, Nong Khai Man said:

Well after 16 Years of Faith to Santander & Telling them that You DO Live here I Would Give them a ring and ASK them " What The Bloody Hell are you playing at ?? "

How well do you think that approach will go?

 

When the tail starts trying to wag the dog the outcome is rarely successful. They don’t give a flying fart about the customer - only that the customer ticks their regulatory boxes. Conform - or, don’t let the door hit your ass on the way out.

[hotandsticky]

21 hours ago, nickmondo said:

did you declare to the state pension that you live in Thailand?

I didn’t.

 

I am an alien though, so I am not really resident here.

[Nong Khai Man]

18 minutes ago, hotandsticky said:

How well do you think that approach will go?

 

When the tail starts trying to wag the dog the outcome is rarely successful. They don’t give a flying fart about the customer - only that the customer ticks their regulatory boxes. Conform - or, don’t let the door hit your ass on the way out.

I'd Just Tell Them to " Stuff Their Account " Where the Sun Don't Shine.....

[Nong Khai Man]

56 minutes ago, roo860 said:

How did they find out about where he was living or did someone bubble him?

He Thinks Someone Bubbled Him M8.....

[Liverpool Lou]

18 hours ago, DPKANKAN said:

You can have a bank account with Twise.

How?  "Twise" [sic] isn't a bank.

[chang50]

1 hour ago, roo860 said:

How did they find out about where he was living or did someone bubble him?

The way some posters are openly admitting to fraud on this forum there is no need for anyone to 'bubble' anyone..

[hotandsticky]

7 minutes ago, chang50 said:

The way some posters are openly admitting to fraud on this forum there is no need for anyone to 'bubble' anyone..

I think you will find that the forum is anonymous…..

[hotandsticky]

1 hour ago, Nong Khai Man said:

I'd Just Tell Them to " Stuff Their Account " Where the Sun Don't Shine.....

Great outcome……….not.

[hotandsticky]

On 11/19/2022 at 9:29 AM, poppysdad said:

But my main problem is if Santander close my account which is what they suggest will happen if I haven’t passed their criteria then I need a bank account to have my pensions paid into in the first place. If I can have them paid into Wise I can transfer into my Bangkok Bank account as soon as they are paid into my Wise account minimising any risk of a Wise problem. 

Scubascuba3, I have never hidden the fact that I live in Thailand from them in the 16 years I’ve lived here and in fact they send me sms on my Thai mobile from time to time for security reasons although I do have a uk accommodation address for most things. When I go to the online bank site I never use a vpn so they would have always been able to check where I was if the wanted to. Was I just a random check victim because it does seem strange why now the checking on me. 

You will be aware that you cannot open a U.K. bank account (Wise excepted) unless you are resident in the OK.

 

Logic suggests that it is not a huge step to then review EXISTING accounts and - possibly - seek to close accounts of non-residents. I understand that the reason relates to increased regulatory requirements for such customers.

 

I am not personally aware of any institution openly coming out and saying “off you go”. Nevertheless, I have always advocated maintaining a U.K. correspondence  address……and at least one U.K. bank.

 

Personally, I think you will be OK - but it may still be worth considering using a relatives UK address.

 

At the last count I had active accounts with 4 banks, 10 different credit cards, with credit limits of £90,000, 2 Premium Bond accounts and I remain on the books of the local doctor. I have lived in Thailand for 16 years.

[roo860]

45 minutes ago, chang50 said:

The way some posters are openly admitting to fraud on this forum there is no need for anyone to 'bubble' anyone..

Are for real? ????????

[chang50]

1 hour ago, roo860 said:

Are for real? ????????

Criminals normally prefer to keep quiet about their illegal activities just sayin'.

[roo860]

6 minutes ago, chang50 said:

Criminals normally prefer to keep quiet about their illegal activities just sayin'.

Criminals my <deleted>, just saying, getting what's entitled to them after paying in for probably 50+ years, who are you to judge!

[Lee65]

46 minutes ago, chang50 said:

Criminals normally prefer to keep quiet about their illegal activities just sayin'.

Unless they're illegals with their hands out crossing the channel on rubber dinghies.  UK government has now become the Brits' worst enemy.  

[poppysdad]

Hotandsticky, agree with all your comments, but the letter they sent to my correspondence address specifically states that if I cannot satisfy the current banking requirements then my accounts will be closed off to me. The man I have spoken to on the telephone was both helpful and friendly but I’m waiting on an email stating the required-roofs that they want me to supply. I’ve just been speaking to a very good friend in another province and he was locked out of his accounts 3 months ago as no longer satisfying the current requirements and hasn’t been able to rectify it as yet, not know who his bank is but it’s not the same as mine. 
 

iI do have a correspondence address back there, I do pay tax on my pensions back there but it seems choosing to live in certain other countries comes with risks from your home country and whilst some say it’s easy to open a uk bank account from here from what I read it’s far from easy if even possible. 
 

What I consider the sad thing in all this is that I’m possibly one of Santander’s longest customers of around 50 years if I take the history of Santander back to Alliance and Leicester bank and before that  as  a building society where I was a member who they took over another b/s where I was a member etc etc. In all that time I’ve never owed a penny apart from my mortgage, never used an overdraft facility or ever caused the slightest problem. But if I become an illegal immigrant into the uk then it would seem I have arrived in the land of milk and honey with an army of people prepared to help me with every problem the system can throw at me - somehow doesn’t seem right. 

[DPKANKAN]

21 hours ago, Liverpool Lou said:

How?  "Twise" [sic] isn't a bank.

Technically yes it is under the Banking Laws or Financial Services Act or whatever it is, they are registered as a bank.

[Liverpool Lou]

1 hour ago, DPKANKAN said:

22 hours ago, Liverpool Lou said:

How?  "Twise" [sic] isn't a bank.

Technically yes it is under the Banking Laws or Financial Services Act or whatever it is, they are registered as a bank.

No, technicalIy or otherwise, Wise is not a bank.  If Wise was a bank, it wouldn't have to "safeguard" it's customers' money by depositing those funds with banks.   From their website....

https://wise.com/help/articles/2949821/is-it-safe-to-keep-money-in-my-wise-account

 

"Wise isn’t a bank. We’re an e-money institution.   

We’re required to keep your money safe and protected, and we do this differently to conventional banks. Unlike banks, we do not lend out customer money.  Instead of protecting your money in a financial protection scheme (like FSCS), we safeguard your money". 

[Jen65]

One should be aware that if you "reside" in Thailand ( retired or other)  ,as an expat , to be completely disassociated  with links to the UK ,  you should be thinking about an offshore bank account .  Any links to the UK ie bank accounts , can be used by the IR to claim taxes - even after your demise on your estate !!!   Pensions can be paid to offshore accounts and you can still use WISE .  

[Tom H]

2 hours ago, DPKANKAN said:

Technically yes it is under the Banking Laws or Financial Services Act or whatever it is, they are registered as a bank.

No, definitely not registered as a bank. Therefore no security umbrella like the 100k Euro shiel in Europe:). Fact!

[Harveyboy]

On 11/19/2022 at 2:13 PM, nickmondo said:

so you dont get the increases each year with the UK state pension?

 

no mate it's a decision I totally disagree with ..should have the same rights as other Brits abroad in other countries this money is not charity it's our right we earned it should be able to finish up our time left wherever we want to on this planet ..UK never looked after its own....but my small very small does go up ..with inflation wherever I am ..

 

 

 

[Nong Khai Man]

On 11/20/2022 at 1:31 PM, hotandsticky said:

You will be aware that you cannot open a U.K. bank account (Wise excepted) unless you are resident in the OK.

 

Logic suggests that it is not a huge step to then review EXISTING accounts and - possibly - seek to close accounts of non-residents. I understand that the reason relates to increased regulatory requirements for such customers.

 

I am not personally aware of any institution openly coming out and saying “off you go”. Nevertheless, I have always advocated maintaining a U.K. correspondence  address……and at least one U.K. bank.

 

Personally, I think you will be OK - but it may still be worth considering using a relatives UK address.

 

At the last count I had active accounts with 4 banks, 10 different credit cards, with credit limits of £90,000, 2 Premium Bond accounts and I remain on the books of the local doctor. I have lived in Thailand for 16 years.

 I remain on the books of the local doctor. I have lived in Thailand for 16 years.....I Bet You Ain't Told HIM That !!

[hotandsticky]

2 minutes ago, Nong Khai Man said:

 I remain on the books of the local doctor. I have lived in Thailand for 16 years.....I Bet You Ain't Told HIM That !!

I send him postcards from various parts of Thailand (at his request) to brighten up his wall.

 

He is fully aware that I live full time in Thailand. Like most health professionals they are only interested in your health and medical welfare - they are not interested in the political bollicks.

[DPKANKAN]

11 hours ago, Liverpool Lou said:

No, technicalIy or otherwise, Wise is not a bank.  If Wise was a bank, it wouldn't have to "safeguard" it's customers' money by depositing those funds with banks.   From their website....

https://wise.com/help/articles/2949821/is-it-safe-to-keep-money-in-my-wise-account

 

"Wise isn’t a bank. We’re an e-money institution.   

We’re required to keep your money safe and protected, and we do this differently to conventional banks. Unlike banks, we do not lend out customer money.  Instead of protecting your money in a financial protection scheme (like FSCS), we safeguard your money". 

 

[DPKANKAN]

10 hours ago, Tom H said:

No, definitely not registered as a bank. Therefore no security umbrella like the 100k Euro shiel in Europe:). Fact!

[DPKANKAN]

10 hours ago, Tom H said:

No, definitely not registered as a bank. Therefore no security umbrella like the 100k Euro shiel in Europe:). Fact!

As quoted by them to me when I opend his account with them.