UK Bank Account closed – seeking GBP alternatives Account for an elderly technology averse neighbour!

[Liverpool Lou]

2 hours ago, hotandsticky said:

Banking, pensions AND insurance .................................. couldn't you keep a job down?  ????????

Yes, but I preferred running my own broker businesses and they are all connected.

Edited March 18, 2023 by Liverpool Lou

[hotandsticky]

13 minutes ago, Liverpool Lou said:

Yes, but I preferred running my own broker businesses and they are all connected.

I did similar but wasn't qualified for pensions and insurance. 

[Kwasaki]

36 minutes ago, Liverpool Lou said:

Revolut is not available in Thailand.

Revolt is available as long as you do not want to stay here.. ????

[worgeordie]

I just get my UK pension paid into my daughters account ,obviously it has to be someone

you trust, I don't want or need the pension  to be paid to my account in Thailand ,never

had or had need of UK bank account for 30 odd years. I believe all this <deleted> is about money

laundering ,but only effects to ordinary man , drug dealers, corrupt officials ,despots are

still able to move their Millions and Billions with relevant ease .

 

regards Worgeordie

[hotandsticky]

44 minutes ago, worgeordie said:

I just get my UK pension paid into my daughters account ,obviously it has to be someone

you trust, I don't want or need the pension  to be paid to my account in Thailand ,never

had or had need of UK bank account for 30 odd years. I believe all this <deleted> is about money

laundering ,but only effects to ordinary man , drug dealers, corrupt officials ,despots are

still able to move their Millions and Billions with relevant ease .

 

regards Worgeordie

 

 

Was that state pension?

[worgeordie]

5 minutes ago, hotandsticky said:

 

 

Was that state pension?

Yes  , just leave it with her in UK , she can transfer or carry to me when she visits,

 

regards Worgeordie

[metisdead]

A post that was posted in error has been removed as well as the replies. 

[ReloTH]

OP here (been travelling this weekend) pleased that so many forum members have taken the time to respond on this one, thank you! 

 

Interestingly given two members have mentioned the same - it was also Barclays & notice the account will close in August so sounds like some department with time on their hands there has been judicious.  Said neighbour wasn't aware that a UK address was necessary btw so had provided them with a Thai address to which to correspond..

 

The modern banking system simply isn't designed with the overseas Octogenarian retiree in mind however I'll sit down with him and run through his alternatives.

 

Thanks again!

 

[stratocaster]

Just to add I had a Satander bank account which was active in that I used to top up every year to pay for some direct debits. A few months ago I received a letter with a check for the outstanding balance stating that as no regular deposits were being made the account was now closed.

Later I received a letter from my UK based unit trust company that they no longer wished to deal with UK citizens who were non resident. The choice was to close the account or provide them with proof of which country I was paying tax to.

 

[sandyf]

On 3/17/2023 at 5:10 PM, Kwasaki said:

Open Wise account.

From the heading - "an elderly technology averse"

[sandyf]

On 3/18/2023 at 3:36 PM, Kwasaki said:

I guess i can move it to the Thai one I am not sure, i haven't seen a reason to do that yet. 

You would convert some of your GBP holding into Thai baht, or any currency they handle. The only real benefit is you can do it at a time of your choosing when the rate may be beneficial. Last year I booked a holiday for this year in Turkey and converted some GBP to Turkish lira thinking the rate may not get any better or possibly deteriorate later, never anticipated the earthquake.

As far as purchasing is concerned it is not necessary to have other currencies as irrespective of where you are they will take funds from any currency to make the payment.

On my last return trip I bought a beer in Vienna airport and the sms said I had paid in USD, my EUR balance had run out. 

[NanLaew]

1 hour ago, stratocaster said:

The choice was to close the account or provide them with proof of which country I was paying tax to.

And this is the root cause of these increasingly frequent KYC (know your customer) checks from foreign banks you've held accounts with for ages and declaring where you have a tax ID and/or tax residency. I have just provided my UK offshore bank with a reason why I live in Thailand but don't have a Thai tax ID (yet).

 

I recently dropped by my local revenue office here to inquire about getting a tax ID (TIN) solely to satisfy the above bank's request for proof of tax residency/paid. I was passed from desk to desk until it was finally explained that if I fill in the form and provide my Thai bank account and other financial information, they will determine any tax obligations and after I pay them, my Thai tax ID will be divulged. She also said that they would advise the UK tax authorities but pretty sure that's a mangled interpretation that UK, Thai and other banks have some sort of (reciprocal?) access to a database somewhere at the Thai Revenue department? I'm pretty sure the branch in a provincial Thai backwater isn't about to hot text HMRC. However, the increasing need for ALL banks worldwide to fully comply with AMLO and FATCA rules and regulations is an ever tightening noose IMHO, regardless of your nationality and/or tax domicile.

 

Then I remembered that this is March which is 'tax month' in Thailand so I will ask again when the 'heat' is off. The first three ladies I dealt with at the local tax office were all pleasant and helpful but the last one had a distinctive "What's in your wallet?!" demeanor.

Edited March 20, 2023 by NanLaew