Bank closing my account as I have no UK address, where to send my savings?

[neveragain]

It appears that now without a UK address I can not have a UK bank account any more, could anyone advise me of any alternatives? I do not  want to transfer the savings  here to Thailand as am not keen on having all my savings in one basket. ideally I would like a fixed account for 3-5 years paying out a degree of interest, but have an impression that some of those advertising a high rate paid monthly into my Thai Bank here are too good to be true. 

Any help or advice will ne much appreciated, 

Edited January 12, 2023 by CharlieH
bold removed.

[KannikaP]

Change the address on your UK account to a UK one.

I have a Nationwide account with a Thai address no problem

Or open a Wise account

Edited January 12, 2023 by KannikaP

[jwest10]

1 minute ago, KannikaP said:

Change the address on your UK account to a UK one.

Er? Am I missing something!!!

[MRToMRT]

Option - Change to a relative's address

Option - Open an "offshore account" with your bank or another (i.e. Jersey, IOM, etc)

 

[BritManToo]

2 minutes ago, MRToMRT said:

Option - Change to a relative's address

Option - Open an "offshore account" with your bank or another (i.e. Jersey, IOM, etc)

 

Option - buy a UK mailing address (ukpostbox.com)

[howerde]

You need to be resident in the UK to have a bank account, some people might use a relatives address, but if the bank know you a non resident, they may want to see some evidence ie council tax bill etc, some might arrange this before they move to Thailand, but the banks are slowly enforcing this requirement(money laundering/scammers etc). you can open international accounts in jersey/guernsey or isle of man, without living there, but there  maybe minimum deposit requirements. i have read that starling bank and revolut dont ask for an address

Edited January 12, 2023 by howerde

[brewsterbudgen]

1 minute ago, howerde said:

You need to be resident in the UK to have a bank account, some people might use a relatives address, but if the bank know you a non resident, they may want to see some evidence ie council tax bill etc, some might arrange this before they move to Thailand, but the banks are slowly enforcing this requirement(money laundering/scammers etc). you can open international accounts in jersey/guernsey or isle of man, without living there, but there  maybe minimum deposit requirements

I haven't lived in the UK since 2005, but my accounts are still open and I use them to transfer money to Thailand, for my Premium Bond winnings and pension.  I also have a UK credit card which I pay off (online) from my UK account.  As long as your account is active, it doesn't matter where you live (as long as there's a UK address for the account).

[IvorBiggun2]

Open an internet bank account such as 'Smile Bank '  https://www.smile.co.uk/

I haven't had a UK address since 2005.

Edited January 12, 2023 by IvorBiggun2

[Isan Farang]

Open account with HSBC Jersey, at present they give 4.00 % for GBP for 1 year FD

[sungod]

I also have a Nationwide account registered to my address in Thailand.

 

If you want an offshore account, I have found Standard Bank very easy to deal with (compared to the UK high Street Banks who have offshore banking.)

[BobBKK]

I closed my Nationwide but I still have a Nat West account with a Thai address. Which bank?

[mancub]

Offshore banking is the option then, as UK banks appear to require residency to open a Fixed Term Savings Account. LLoyds International and others offer rates around 4% currently. 

Opening an account is a pain, however, as need to show proof of address in Thailand and probably certify your passport. Also requires a linked account for fund transfers.

[KannikaP]

32 minutes ago, jwest10 said:

Er? Am I missing something!!!

I did not say his own address. That of a relative or good friend would suffice.

[anchadian]

11 minutes ago, sungod said:

I also have a Nationwide account registered to my address in Thailand.

 

If you want an offshore account, I have found Standard Bank very easy to deal with (compared to the UK high Street Banks who have offshore banking.)

Agree. and Standard Bank are a South African bank.

 

 

[Robin]

After I changed from UK to Thai address, Nat West closed my UK account without giving any reason.

Investigation last year while in UK revealed that HSBC will allow an account in UK with Thai address, and that Santander will give UK bank account to anyone who is UK taxpayer.

To avoid further problems, I suggest that you look an each bank's website to see if you qualify for an account when living in Thailand. Do not rely on what I am telling you, i applied for me last year, but might have changed now.

Be aware that some UK credit cards will not send new or replacement cards to Thailand.

Where best to put your savings often depends on how much you have to offer

[sungod]

21 minutes ago, BobBKK said:

I closed my Nationwide but I still have a Nat West account with a Thai address. Which bank?

I had Nat West Offshore with Thai address, they started behaving like a High Street Bank and moved over to the 'too hard to deal with pile'

[indyo]

you need to open a non resident account

[neveragain]

Many thanks to you all for your suggestions, my account was already offshore (Barclays Guernsey) The amount of savings I have is not quite enough for other offshore banks, I have explored Wise but it seems geared for the sending of money rather than savings. I shall look into your other suggestions, again many thanks for taking the time to reply.

[Liverpool Lou]

56 minutes ago, brewsterbudgen said:

As long as your account is active, it doesn't matter where you live (as long as there's a UK address for the account).

That is incorrect, some people may get away with it but to have a UK bank account the account holder has to be a UK resident. as the OP has just found out.   A UK address that it not the account holder's actual address doesn't necessarily qualify if push comes to shove.

[Doctor Tom]

1 hour ago, howerde said:

You need to be resident in the UK to have a bank account, some people might use a relatives address, but if the bank know you a non resident, they may want to see some evidence ie council tax bill etc, some might arrange this before they move to Thailand, but the banks are slowly enforcing this requirement(money laundering/scammers etc). you can open international accounts in jersey/guernsey or isle of man, without living there, but there  maybe minimum deposit requirements. i have read that starling bank and revolut dont ask for an address

 I have lived and worked in many countries and I have had the same accounts for over 35 years.  It is not necessary to be resident in the UK to have a UK bank account. 

[Liverpool Lou]

1 hour ago, brewsterbudgen said:

I haven't lived in the UK since 2005, but my accounts are still open

You've been lucky, so far, but  your bank could, unilaterally, change that situation at any time.    Call them and tell them specifically that you have not been UK resident since 2005 and that do not have a genuine UK address of your own and see what their reaction is.

[Doctor Tom]

4 minutes ago, Liverpool Lou said:

That is incorrect, some people may get away with it but to have a UK bank account the account holder has to be a UK resident. as the OP has just found out.   A UK address that it not the account holder's actual address doesn't necessarily qualify if push comes to shove.

sorry,  but that is not correct. 

[Doctor Tom]

Just now, Liverpool Lou said:

You've been lucky, so far, but  your bank could, unilaterally, change that situation at any time.    Call them and tell them specifically that you have not been UK resident since 2005 and that do not have a genuine UK address of your own and see what their reaction is.

so poke the bear with a stick eh? Great advice. Not all UK banks are the same. 

[Adumbration]

Some comments on the points already raised.

 

• Wise charges a fee for funds held with them over a certain amount.  Not sure with GBP but with AUD any amount held 23K is charged an interest rate by Wise
• What amount are we talking about.  I used to have a Citibank offshore account but they changed the minimum deposit requirement dramatically and without prior notice so I closed it down
• You might be able to use the address of a friend but make sure you get a signed letter from them stating that they have given their permission
• I have recently opened a account with Interactive Brokers using my Thai mobile phone number to receive the 2FA SMS.  You could use that similar to a bank account and you can also convert money to THB and transfer to you Thai bank account like you would do with Wise
• Convert to crypto (this suggestion is sure to get some feedback)

[Liverpool Lou]

14 minutes ago, neveragain said:

Many thanks to you all for your suggestions, my account was already offshore (Barclays Guernsey)

"It appears that now without a UK address I can not have a UK bank account any more..."

 

What you are posting does not make sense, Barclays, Guernsey is not a UK bank, it is an offshore bank and an offshore bank would not need to close your account solely because you do not have a UK address. 

[Liverpool Lou]

7 minutes ago, Doctor Tom said:

Not all UK banks are the same. 

Officially, all UK banks' regulation require their account holders to be UK resident.   Some get away with it, some don't.

[Liverpool Lou]

9 minutes ago, Doctor Tom said:

11 minutes ago, Liverpool Lou said:

You've been lucky, so far, but  your bank could, unilaterally, change that situation at any time.    Call them and tell them specifically that you have not been UK resident since 2005 and that do not have a genuine UK address of your own and see what their reaction is.

so poke the bear with a stick eh? Great advice.

I wasn't advising him to do that.

[Liverpool Lou]

13 minutes ago, Doctor Tom said:

 I have lived and worked in many countries and I have had the same accounts for over 35 years.  It is not necessary to be resident in the UK to have a UK bank account. 

Officially, it is a requirement.  Long-established accounts may get away with it but that can change at any time at the bank's whim.  Try to open a new UK bank account without a UK address and see how far you get.

[Gaccha]

One of the vanishingly  few banks  that will open an account for you is the Bank of India UK. 

[Crossy]

Barclays pulled my on-shore account about 10 years ago, despite having a UK address, as I "appeared to be non-resident".

 

Nationwide know I live in Thailand but don't seem to mind (they have a UK address for me).

 

I have Lloyds offshore accounts in IoM, they also have my UK address.