Those who have had their accounts closed by UK banks

[scubascuba3]

1 hour ago, The Fugitive said:

Yes, they had my UK mobile number (VOIP) to which they have previously sent OTP's. It definitely works. There were no secure messages or emails from them. I suspect writing to the address upon the account is considered more secure?

Maybe, i have already hopefully turned off all paper correspondence with them

[Mario Cosmopolite]

On 7/27/2023 at 5:03 PM, hotandsticky said:

The cash argument is largely a lost battle in the U.K. 

 

Having spent the last month in the U.K. I reckon that 90+% of high street transactions are by card. The occasional small retailer will fight the tide, but I only came across one cash only shop - up to 40% were card only, possibly continuing pandemic practices.

but all the non-chain takeaway restaurants were cash only when I was there this year. And the post office would only take cash for certain transactions.

[Jenkins9039]

2 hours ago, scubascuba3 said:

Did you not have a mobile number they could sms? also they can send emails or account message 

I did, and during the KYC call, i provided it again, they still rang my 95 yr old grandmother lol

[Jenkins9039]

On 7/31/2023 at 4:48 AM, Pumpuynarak said:

Time to use my VPN then.

VPN doesn't work.... 

[KannikaP]

15 minutes ago, Jenkins9039 said:

VPN doesn't work.... 

For what please?

[BritManToo]

29 minutes ago, Jenkins9039 said:

I did, and during the KYC call, i provided it again, they still rang my 95 yr old grandmother lol

GiffGaff SIM, they'll post it from the UK to Thailand 10UKP phone credit required (good for OTP).

Skype UK phone number, makes you appear to be calling from a UK landline, $88/year(no good for OTP).

UKpostbox.com, street address makes you appear to live in the UK 120UKP/year.

[Mutt Daeng]

On 8/2/2023 at 6:22 AM, Pumpuynarak said:

Tell ya what guys i've had a HSBC account in the UK whilst living in Thailand for 17 years. I've never told them about my residency in Thailand for fear of them closing the account but i've also got a credit card with a 5K limit and an overdraft facility of 15K.

Now if they knew of my Thai residency would they not cancel both these arrangements for obvious reasons ?

I am also a customer of HSBC and my pensions are paid into my account each month. I changed my bank registered address to my Thai address more than 10 years ago. I also have a HSBC VISA card registered at my Thai address (I don't have a UK address since 2014).  I was informed by a bank rep that I should make regular transactions to ensure that it didn't become dormant and risk being closed. Replacement credit/debit cards are sent to me here in Thailand. I don't think they have a problem with existing account holders at the moment. I realise this can change.

[BritManToo]

42 minutes ago, Mutt Daeng said:

I am also a customer of HSBC and my pensions are paid into my account each month. I changed my bank registered address to my Thai address more than 10 years ago. I also have a HSBC VISA card registered at my Thai address (I don't have a UK address since 2014).  I was informed by a bank rep that I should make regular transactions to ensure that it didn't become dormant and risk being closed. Replacement credit/debit cards are sent to me here in Thailand. I don't think they have a problem with existing account holders at the moment. I realise this can change.

You didn't read the story of HSBC closing the elderly Scots couples account and posting them a cheque for 35,000 pounds then, despite them both having their state pensions paid into it and using it for all their outgoings.

 

https://www.thisismoney.co.uk/money/saving/article-12340459/CRANE-CASE-vulnerable-laws-got-debanked-HSBC.html

[Pumpuynarak]

31 minutes ago, Mutt Daeng said:

I am also a customer of HSBC and my pensions are paid into my account each month. I changed my bank registered address to my Thai address more than 10 years ago. I also have a HSBC VISA card registered at my Thai address (I don't have a UK address since 2014).  I was informed by a bank rep that I should make regular transactions to ensure that it didn't become dormant and risk being closed. Replacement credit/debit cards are sent to me here in Thailand. I don't think they have a problem with existing account holders at the moment. I realise this can change.

Now that is great news and i would dearly like to inform HSBC of my residency in Thailand but i just fear that they would close my account. Its a PITA when my cards are up for renewal and my son has to send out to me and then because of the postal delay they are harassing me to validate them.

I am aware of the fact if you don't use the CC a couple of times a year they will eventually cancel because of lack of use so i oblige by buying stuff online.

 

I've a good mind to call them and ask what their policy is with long standing account holders living in Thailand not complying with their UK residents only policy but of course not disclosing my name lol

[Mutt Daeng]

17 minutes ago, BritManToo said:

You didn't read the story of HSBC closing the elderly Scots couples account and posting them a cheque for 35,000 pounds then, despite them both having their state pensions paid into it and using it for all their outgoings.

 

https://www.thisismoney.co.uk/money/saving/article-12340459/CRANE-CASE-vulnerable-laws-got-debanked-HSBC.html

Yes I did read that sad story. Just relating my personal experience.

[BritManToo]

5 minutes ago, Mutt Daeng said:

Yes I did read that sad story. Just relating my personal experience.

Looks like a lot of accounts being closed are because the source of funds is unclear.

People having their pensions being paid into their account should be more secure.

[Pumpuynarak]

17 minutes ago, BritManToo said:

Looks like a lot of accounts being closed are because the source of funds is unclear.

People having their pensions being paid into their account should be more secure.

I sincerely hope that is the case, i have three pensions paid into my account every month totaling a sizeable amount (i dare not state the amount as it seems to upset ONE BM lmao)

[scubascuba3]

55 minutes ago, Pumpuynarak said:

Now that is great news and i would dearly like to inform HSBC of my residency in Thailand but i just fear that they would close my account. Its a PITA when my cards are up for renewal and my son has to send out to me and then because of the postal delay they are harassing me to validate them.

I am aware of the fact if you don't use the CC a couple of times a year they will eventually cancel because of lack of use so i oblige by buying stuff online.

 

I've a good mind to call them and ask what their policy is with long standing account holders living in Thailand not complying with their UK residents only policy but of course not disclosing my name lol

Maybe don't bother to get cards sent over, photograph both sides, that's all you need, that's what i do

[pattaya1234was]

On 7/27/2023 at 3:54 PM, Brickleberry said:

If the bank closes your account, then just open a Wise account. Problem solved.

Corect. This is what I have done. The only problem at the moment is that I cannot get an ATM Card with Wise-why?- because I live in Thailand! Round and round I go!

[scubascuba3]

3 minutes ago, pattaya1234was said:

Corect. This is what I have done. The only problem at the moment is that I cannot get an ATM Card with Wise-why?- because I live in Thailand! Round and round I go!

Apparently you can't use a Wise account as your broker bank account, would effect many people

[observer90210]

Something seems to be going on as Currency Fair also recently banned any positive balance on the customer account and summed customers to rapidly transfer out any balance, at the risk of blocking the account.

[Pumpuynarak]

40 minutes ago, scubascuba3 said:

Maybe don't bother to get cards sent over, photograph both sides, that's all you need, that's what i do

I've never thought of that, what a great idea, thanks.

[Pumpuynarak]

40 minutes ago, scubascuba3 said:

Apparently you can't use a Wise account as your broker bank account, would effect many people

Now would you mind explaining that to me ?

[scubascuba3]

1 hour ago, Pumpuynarak said:

Now would you mind explaining that to me ?

If you have a broker type account where you keep your investments which could be ISAs, SIPPs or just investment account they may not accept Wise as it isn't a bank, that was reported by one post so far

[Pumpuynarak]

19 minutes ago, scubascuba3 said:

If you have a broker type account where you keep your investments which could be ISAs, SIPPs or just investment account they may not accept Wise as it isn't a bank, that was reported by one post so far

Thanks, my reason for asking is i intend using Wise as my bank account if HSBC ever dump me so i need to be well informed of any issues.

[Jenkins9039]

On 8/5/2023 at 7:53 AM, scubascuba3 said:

Apparently you can't use a Wise account as your broker bank account, would effect many people

Use Revolut... it's a bank... 

 

Wise is a EMI...

 

 

[BritManToo]

13 minutes ago, Jenkins9039 said:

Use Revolut... it's a bank... 

 

Wise is a EMI...

 

 

No it isn't .......

Revolut, as an e-money institution (EMI), protects your money through “safeguarding”, which differs from how your money is protected by banks in the UK through the Financial Services Compensation Scheme (FSCS). It is important to know this difference and we have put together this blog on how your money is protected with Revolut through “safeguarding”, and not through FSCS.

 

https://blog.revolut.com/how-we-keep-your-money-safe/

[Jenkins9039]

1 hour ago, BritManToo said:

No it isn't .......

Revolut, as an e-money institution (EMI), protects your money through “safeguarding”, which differs from how your money is protected by banks in the UK through the Financial Services Compensation Scheme (FSCS). It is important to know this difference and we have put together this blog on how your money is protected with Revolut through “safeguarding”, and not through FSCS.

 

https://blog.revolut.com/how-we-keep-your-money-safe/

It's a bank Lithuania https://help.revolut.com/business/help/more/general/is-revolut-a-bank/

 

Revolut Business is a bank in some regions we operate in, including the EEA (European Economic Area). Revolut Bank UAB holds a full banking license in Lithuania, allowing us to offer cross-border banking services to our business customers in the EEA.

But Revolut Business is not a bank everywhere yet, including in the UK. Revolut Business continues to work towards securing a UK Banking Licence. In the meantime, we offer our UK Customers e-money services, and hold our customer's deposits securely in a third-party licenced bank. Read more about how we safegaurd customer deposits here.

We'll communicate any future changes and updates well in advance to all our customers.

 

 

Note Revolut does CRS, Wise currently does not (hence you know the difference between bank and EMI).

[BritManToo]

1 hour ago, Jenkins9039 said:

It's a bank Lithuania https://help.revolut.com/business/help/more/general/is-revolut-a-bank/

 

Revolut Business is a bank in some regions we operate in, including the EEA (European Economic Area). Revolut Bank UAB holds a full banking license in Lithuania, allowing us to offer cross-border banking services to our business customers in the EEA.

But Revolut Business is not a bank everywhere yet, including in the UK. Revolut Business continues to work towards securing a UK Banking Licence. In the meantime, we offer our UK Customers e-money services, and hold our customer's deposits securely in a third-party licenced bank. Read more about how we safegaurd customer deposits here.

We'll communicate any future changes and updates well in advance to all our customers.

 

 

Note Revolut does CRS, Wise currently does not (hence you know the difference between bank and EMI).

I wouldn't want to deal with a bank that claims it's an EMI on it's own webpage.

If you're too stupid/ignorant to follow the link, or read the quote from their own website I posted it's probably better I put you on ignore.

No need for any discussion.

[Mike Teavee]

On 8/5/2023 at 9:48 AM, scubascuba3 said:

If you have a broker type account where you keep your investments which could be ISAs, SIPPs or just investment account they may not accept Wise as it isn't a bank, that was reported by one post so far

Barclays will allow you to pay money into your investment/ISA account via a Debit card so I don't see why a Wise (MasterCard) Debit Card wouldn't work. 

 

Unfortunately I can't try it as I've just dug out my Wise Debit Card & found out it has expired ???? 

 

https://www.barclays.co.uk/smart-investor/video/how-to-videos/debit-card-payment-isa-gia/

 

 

 

 

[scubascuba3]

4 hours ago, Jenkins9039 said:

Use Revolut... it's a bank... 

 

Wise is a EMI...

 

 

i binned Revolut years ago

[Andrew Dwyer]

1 hour ago, scubascuba3 said:

i binned Revolut years ago

Why ?

[scubascuba3]

14 minutes ago, Andrew Dwyer said:

Why ?

At the time i had a card and they classed baht and ruble the same as volatile currencies, they had hidden charges at the weekend in calculating the rate, hidden in the small print, most didn't realise

[rickudon]

Banks closing accounts because you live abroad is worrying, because sometimes we need a UK bank. I was careful to set up my financial and legal affairs to work in the UK as far as possible when i moved to Thailand 13 years ago. I maintain a UK address ( relatives home) and have internet banking for all my banks. I use 3 main banks, have regular transfers between each bank ( a circular transaction through each bank in turn) to keep the accounts active. Also have a UK credit card. Means i have options if one bank is lost temporarily or permanently. Get pensions paid in, some direct debits paid out, and this allows me to move money around and take advantage of any higher interest accounts. 

Still get some issues - logging in sometimes requires OTP's, which can be an issue as one bank would not accept foreign telephone numbers. Also had issues with Nationwide refusing to send money to Wise half the time, so just use my Clarity credit card (which is actually cheaper, as long as you pay off your debt same day). And of course getting new bank cards requires them to be forwarded by family. So reasons to keep more than one account active.

 

Especially important to keep UK bank accounts now as opening new accounts with Thai banks is a nightmare, even with a long term Visa.

[Yorkshire Tea]

Closing of expat's accounts in the UK press.  Not just Farage.

 

https://www.theguardian.com/business/2023/aug/06/92-year-old-debanked-natwest-jamaica