Barclays are going to close my UK bank account

[Moonlover]

48 minutes ago, Stocky said:

I think the following FAQ and Answer is pretty conclusive.

 

Alternatively you can supply them a 'UK address' and make sure nothing raises their suspicions. 

 

.

Well actually, I am not a Barclays, so I have no vested interest, but I did read their FAQs out of interest and they do seem to be somewhat ambiguous. 

 

My own bankers, Nationwide BS however are quite clear on this matter. They are quite happy for me to register an overseas address as I have done for the last 20 years without any issues. 

 

 

[Stocky]

13 hours ago, Moonlover said:

I did read their FAQs out of interest and they do seem to be somewhat ambiguous

I saw no ambiguity in the FAQ/Answer I quoted.

 

Though, like you I'm not with Barclays but Nationwide.

[Moonlover]

13 minutes ago, Stocky said:

I saw no ambiguity in the FAQ/Answer I quoted.

 

Though, like you I'm not with Barclays but Nationwide.

Well I think we'd best leave it to Barclay's customers, don't you. ????

[Stocky]

1 hour ago, Moonlover said:

Well I think we'd best leave it to Barclay's customers, don't you. ????

No, it's of interest to anyone having a bank account in the UK who's not actually resident. What Barclays in doing now, and Nat West started doing earlier, is quite probably something all UK banks and building societies could be doing in the future.

 

Forewarned is forearmed. 

[Jack100]

Anyone know the exact reason for this  Banking madness ?

[BritManToo]

40 minutes ago, Jack100 said:

Anyone know the exact reason for this  Banking madness ?

UK government policy made allegedly to stop money laundering.

[foreverlomsak]

On 5/20/2023 at 5:12 PM, nglodnig said:

have decided to cull all non-resident accounts it seems.

When I was looking at the options/problems associated with moving to Thailand, I was told mid 2005 by The Royal Bank of Scotland, that this was going to happen through all High Street Banks and Building Societies, why I have an Offshore Account, (and hopefully it will not be affected by this policy).

[foreverlomsak]

On 5/23/2023 at 11:35 AM, Stocky said:

No, it's of interest to anyone having a bank account in the UK who's not actually resident. What Barclays in doing now, and Nat West started doing earlier, is quite probably something all UK banks and building societies could be doing in the future.

 

Forewarned is forearmed. 

Agree in part, being a resident of the UK is currently linked to just having a postal address.

I believe with the Money Laundering Regs, the banks KYC policies and the Governments need to garner more revenue, it could result in having to spend time in the UK, or be liable to increased tax rates, (same as they have frozen our annual DWP increases as a penalty for not living in the UK - OK so you still get them in some countries).

[Mike Teavee]

On 5/28/2023 at 2:53 PM, Jack100 said:

Anyone know the exact reason for this  Banking madness ?

I believe a lot of it has stemmed from Brexit whereby the UK Banks can no longer service EU customers so have spat their dummy out & are saying they’ll only service UK customers 

 

[Jim1000]

On 5/31/2023 at 1:51 PM, Mike Teavee said:

I believe a lot of it has stemmed from Brexit whereby the UK Banks can no longer service EU customers so have spat their dummy out & are saying they’ll only service UK customers 

 

Barclays rang me  last week about my account closure - when she told me it was due to ' Brexit "  my

reply was a polite version of WTF has Brexit got to do with me living in Thailand ?
I am still waiting ! 

[The Fugitive]

15 minutes ago, Jim1000 said:

Barclays rang me  last week about my account closure - when she told me it was due to ' Brexit "  my

reply was a polite version of WTF has Brexit got to do with me living in Thailand ?
I am still waiting ! 

At least the lady did communicate! The only reasonable answer would have been that to continue their banking relationship with you would be unfair to those in the EU who they can no longer serve. As you do, I don't believe there isn't scope to 'look the other way' if it suits them.

[Laughing Gravy]

I have a UK account with the bank for 56 years. It use to be a decent bank and it got raped by the big black horse and now is an awful bank.

 

I have been overseas for 25 years and still have a UK address. I pay my national insurance via the bank DD.

 

I recently tried to get another account from another bank/building society. As soon as I said i work outside the country they told me to Foxtrot Oscar. Santander actually gave me w card and once I gave my Chinese tax number, retracted it and closed the account without any reason.

 

I managed to get two online banks with Monzo and Revolut.  Both fine, set up no problem told them i worked in China. Actually and much better service than the black horse by far.

 

Speaking with friends in banking/finance it has to do with a few things. One is the fact that the governments can't get you on capital gains tax. Secondly with CBDC's on the agenda, it will be easier to run this out with everyone who are residents.

 

I have also heard that this is happening in many other countries and seems to be the MO in the UK.

 

I am still bewildered that people still use the excuse of Brexit for everything.

 

 

Edited June 12, 2023 by Laughing Gravy

[Mike Teavee]

3 hours ago, Laughing Gravy said:

I am still bewildered that people still use the excuse of Brexit for everything

It's not an excuse... It is the reason that the UK banks are no longer servicing customers in the EU & as a knock-on effect are clamping down on other non-UK accounts. 

 

It's just a side-effect of Brexit... Nothing to do with whether Brexit is/was a good idea or not.

 

[Kwasaki]

8 minutes ago, Mike Teavee said:

Don't you just love the anonymity of being able to post an Emoji without anybody knowing what a fcking idiot you are... 

 

Go you random guy... 

 

Why care I have just given you another laugh. ????

[Mike Teavee]

3 hours ago, Laughing Gravy said:

I have a UK account with the bank for 56 years. It use to be a decent bank and it got raped by the big black horse and now is an awful bank.

 

I have been overseas for 25 years and still have a UK address. I pay my national insurance via the bank DD.

 

I recently tried to get another account from another bank/building society. As soon as I said i work outside the country they told me to Foxtrot Oscar. Santander actually gave me w card and once I gave my Chinese tax number, retracted it and closed the account without any reason.

 

I managed to get two online banks with Monzo and Revolut.  Both fine, set up no problem told them i worked in China. Actually and much better service than the black horse by far.

 

Speaking with friends in banking/finance it has to do with a few things. One is the fact that the governments can't get you on capital gains tax. Secondly with CBDC's on the agenda, it will be easier to run this out with everyone who are residents.

 

I have also heard that this is happening in many other countries and seems to be the MO in the UK.

 

I am still bewildered that people still use the excuse of Brexit for everything.

 

 

Sorry, you're saying that that you pay CGT on UK Assets bought 25 years ago!!! - Unless you're talking about Property (and that was pre-2016), you need to sack your accountant fella... 

 

I've been Non-UK Resident (For Tax) for 15 years & in that time haven't paid a penny in UK Income, Dividend or Capital Gains Tax, my accountant doesn't bother to ask me about Capital Gains Tax as they know it's a completely mute point (5 year rule). 

 

[n00dle]

On 5/20/2023 at 6:14 PM, Thailand said:

Lying to your bank or government offices is probably not a good idea.

not telling is not lying

[Mike Teavee]

1 minute ago, Kwasaki said:

Why care I have just given you another laugh. ????

Cool... 

 

Enjoy...  

 

 

[Kwasaki]

1 minute ago, n00dle said:

not telling is not lying

You are deceptive, into skulduggery, untrustworthy then. ????

[n00dle]

Just now, Kwasaki said:

You are deceptive, into skulduggery, untrustworthy then. ????

correct

[Kwasaki]

1 minute ago, n00dle said:

correct

Maybe he could be a keyboard warrior. ????

[Laughing Gravy]

11 hours ago, Mike Teavee said:

Sorry, you're saying that that you pay CGT on UK Assets bought 25 years ago!!! - Unless you're talking about Property (and that was pre-2016), you need to sack your accountant fella..

Obviously you struggle with reading. I said I left the UK 25 years ago. I did not say I bought property then.

Was that a result of Brexit. There are a few other things that you can get capital gains tax on. Maybe get your accountant to tell you

 

I am not going to go into all the ins and outs of things fella . I just gave you a what was said to me. Take it or leave it and jog on.

Edited June 12, 2023 by Laughing Gravy

[Chivas]

Interestingly and clearly this wont be suitable for all but why not just redirect all post from your previous address when you initially move to Thailand

 

Now I only came across this facility because I had redirected my own (within the UK) but hadnt read the full website

 

I wasnt aware you could redirect overseas as well and whilst its not cheap at £275 a year I cant help thinking it would be useful for many different issues that arise

 

More to the point I wasnt asked for proof of being at my original address when I did my own.

 

Point being you always retain the UK address and whoever moves in would simply have no idea

 

Edited in....as an alternate just use Boatmail which I've mentioned before

Edited June 13, 2023 by Chivas

[topt]

11 hours ago, Laughing Gravy said:

There are a few other things that you can get capital gains tax on.

Why would that have any affect on a bank's reasoning whether to keep a non res on the books? Capital Gains tax is nothing to do with them other than if paying HMRC it would probably get paid out of that account......

For most registered as non residents for tax there is no Capital Gains payable except on property (where details changed from 2015). 

On 6/12/2023 at 12:58 PM, Laughing Gravy said:

Speaking with friends in banking/finance it has to do with a few things. One is the fact that the governments can't get you on capital gains tax.

So I don't see how this can be in any way relevant.........

[Laughing Gravy]

2 hours ago, topt said:

Why would that have any affect on a bank's reasoning whether to keep a non res on the books? Capital Gains tax is nothing to do with them other than if paying HMRC it would probably get paid out of that account......

For most registered as non residents for tax there is no Capital Gains payable except on property (where details changed from 2015). 

So I don't see how this can be in any way relevant.........

You sound like you think the banks are there to help people and are independent from politics. Anyway as I said what friends said. Take it or leave, I don't care

[Kwasaki]

18 hours ago, topt said:

Why would that have any affect on a bank's reasoning whether to keep a non res on the books? Capital Gains tax is nothing to do with them other than if paying HMRC it would probably get paid out of that account......

For most registered as non residents for tax there is no Capital Gains payable except on property (where details changed from 2015). 

So I don't see how this can be in any way relevant.........

I reckon the reason is uk banks want accounts with UK address only is because if there is a default on the account such as overdraft abuse, unable to pay, no regular payments or use of the account they have a uk address and maybe retrieve some of the money back.

 

In Thailand I could easily abuse my uk account so what can they do other than freeze it but to recover any losses I don't think they can do much. 

 

I do have restrictions still which doesn't effect me I'm just glad that things keep rolling on like clockwork and can basically just use the uk banks still and not have to think about it.

[Pumpuynarak]

2 hours ago, Kwasaki said:

I reckon the reason is uk banks want accounts with UK address only is because if there is a default on the account such as overdraft abuse, unable to pay, no regular payments or use of the account they have a uk address and maybe retrieve some of the money back.

 

In Thailand I could easily abuse my uk account so what can they do other than freeze it but to recover any losses I don't think they can do much. 

 

I do have restrictions still which doesn't effect me I'm just glad that things keep rolling on like clockwork and can basically just use the uk banks still and not have to think about it.

BINGO. I know of expats who left the UK and before leaving max out their credit cards and have never paid them off.

 

Edited June 14, 2023 by Pumpuynarak

[Liverpool Lou]

On 5/28/2023 at 3:36 PM, foreverlomsak said:

I was told mid 2005 by The Royal Bank of Scotland, that this was going to happen through all High Street Banks and Building Societies, why I have an Offshore Account, (and hopefully it will not be affected by this policy).

"...and hopefully it will not be affected by this policy".

This issue is about UK banks.  Offshore banks are not UK banks so UK regulations will not affect them.

[Liverpool Lou]

On 6/12/2023 at 4:22 PM, Mike Teavee said:

it's a completely mute point (5 year rule). 

No, it definitely is not, it could be a moot point, though

[Pink Mist]

Profane post reported and removed 

[Bangkok Barry]

I've had an HSBC account for something like 40 years and along the way they accepted my having a Thai address. Things tightened up (UK address needed) many years ago, but I wasn't told to close my account. New rules didn't apply to existing customers. Grandfathered, they call it. And that hasn't changed.

 

Barclaycard also accept my Thai address in transactions but not to send my new cards to. They go to my sister's UK address (before HSBC I had a Barclays account, hence the Barclay visa card). I have never understood how they allow both addresses, but I'll take it. They did once tell me they were closing the account and I should call them. I did, and they knew nothing about that and the account has continued for years after.

 

So it appears that the banks are being selective about who they close down. What criteria they use, I have no idea. But it isn;t based only on where you live.