Moving to Thailand (66 years old) Brit but living in Switzerland

[OJAS]

On 7/14/2023 at 3:36 AM, Northstar1 said:

Keep your money in your bank in your country!

don’t be a fool!

So what do you then do when your home country bank tells you that they are closing your account with them, as has happened to quite a few on here?

[Northstar1]

4 hours ago, OJAS said:

So what do you then do when your home country bank tells you that they are closing your account with them, as has happened to quite a few on here?

Why would they close it unless your broke? Don’t leave it stagnant!

how do they close your account with several hundreds of thousands of dollars in it?

[Klonko]

31 minutes ago, Northstar1 said:

Why would they close it unless your broke? Don’t leave it stagnant!

how do they close your account with several hundreds of thousands of dollars in it?

E.g. Switzerland: Tailand is considered a sensitive country by the Swiss regulator requiring burdensome processes to ensure  cross border and money laundering standards. AFAIK UBS, ZKB, BCGE and Post Finance  have set up processes to maintain accounts (for Swiss nationals?) with Thai domicile. UBS has a dedicated Thai desk and charges you with THB 144k p.a. unless you have mortgages or invested funds with them. Other banks may continue existing relationships, but will have to exit this business and cancel relationships if they cannot comply with required standards, as it happened with Raiffeisen.

 

 

[nglodnig]

52 minutes ago, Northstar1 said:

how do they close your account with several hundreds of thousands of dollars in it?

Simple tell you to move the money out. 

 

Perhaps if you were aware of what is happening to citizens of countries that don't use dollars as currencies you wouldn't be so quick to offer your helpful advice.

Edited July 16, 2023 by nglodnig