Those who have had their accounts closed by UK banks

[doctormann]

6 minutes ago, Liverpool Lou said:

That is the point, exactly, that was fifteen years ago. Banking regulations have changed since then. 

So many people have blinkered themselves into not seeing that current banking protocol can be applied retrospectively to expat customers who no longer fit the requirement that to have a UK bank account the holder must be UK resident. 

 

I do not wish account closure on anyone but those non-UK residents in that position must not be surprised, nor indignant, when their turn comes around.

More like retroactive actually - in this case called 'pulling the rug from under' with no concern for the consequences!

[Liverpool Lou]

1 hour ago, doctormann said:

1 hour ago, Liverpool Lou said:

That is the point, exactly, that was fifteen years ago. Banking regulations have changed since then. 

So many people have blinkered themselves into not seeing that current banking protocol can be applied retrospectively to expat customers who no longer fit the requirement that to have a UK bank account the holder must be UK resident. 

 

I do not wish account closure on anyone but those non-UK residents in that position must not be surprised, nor indignant, when their turn comes around.

More like retroactive actually - in this case called 'pulling the rug from under' with no concern for the consequences!

You're right but it's actually retroactively and retrospectively.  Pulling the rug from under those who know full well that their banking could be living on borrowed time but refuse to accept it until it happens...then the whinging starts!

[SisaketS]

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

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

Wise is an excellent alternative, unless you have an account with a broker.    Stock brokers do not accept funding from any foreign exchange account.    Nor will they allow you to transfer funds from your account into a foreign exchange company account.

[doctormann]

28 minutes ago, Liverpool Lou said:

You're right but it's actually retroactively and retrospectively.  Pulling the rug from under those who know full well that their banking could be living on borrowed time but refuse to accept it until it happens...then the whinging starts!

Well, in my case there was no indication that my banking arrangements were 'living on borrowed time'.  I have banked with the blue eagle bank for nigh on 60 years, for the last 19 of which I have been in Thailand.  There was never any indication that the bank was unhappy about this then suddenly, out of the blue, 'We need to close your accounts.'  The reason that was given was that I do not maintain a UK address.  As a UK tax payer whose sole source of income stems from UK pensions I find this rather unfair.

 

It seems that not all UK banks are acting in this way so is this UK address requirement set in stone by the BoE or is it discretionary and left to the individual banks to decide?  I don't know but, as I said earlier, it does seem like having the rug pulled, or being thrown under the bus.  I think that a far fairer way would be to 'grandfather' those customers who have a blameless financial record and allow them to keep their accounts.  If all this is being done in the name of 'money laundering' perhaps they should concentrate on the real criminals and not victimize pensioners who need UK accounts in order to receive their pension payments.  Easy enough for the banks to keep tabs on the money flow so any anomalous transfers could be easily detected and investigated.

[Liverpool Lou]

8 minutes ago, doctormann said:

not victimize pensioners who need UK accounts in order to receive their pension payments. 

Expat, non-UK resident pensioners do not need a UK account to receive their pension.

Edited July 29, 2023 by Liverpool Lou

[Eff1n2ret]

2 hours ago, Liverpool Lou said:

Banking regulations have changed since then. 

So many people have blinkered themselves into not seeing that current banking protocol can be applied retrospectively to expat customers who no longer fit the requirement that to have a UK bank account the holder must be UK resident. 

 

I agree with you that if you are not a UK resident you almost certainly can not now open a new account, as my existing bank declined to do this for me a few years ago. But do you have any specialised knowledge of "banking regulations" or "current banking protocol" that leads you to imply that it is no longer legal for non-residents to hold a UK account and that those of us who still do are somehow getting away with it? The banks are obviously becoming more discriminatory about their customer base whether UK residents or not, but that seems to be for obscure commercial reasons rather than "regulations". On Page 2 of this thread I provided a link to the Banking Conduct of Business Source Book, where the only reference I found to customers without a UK address implies that the banks may deal with such customers. Can you supply any link that says they may not?

[Liverpool Lou]

9 minutes ago, doctormann said:

in my case there was no indication that my banking arrangements were 'living on borrowed time'. 

There never is until that time comes but there has been so much talk about it recently, hence this and many other threads, that there is every indication that being a non-UK resident account holder, your account could be living on borrowed time.   There is a way to find out, of course, and that is to call your bank and tell them that you are a non-UK resident and ask them what that means for your account.

[doctormann]

2 minutes ago, Liverpool Lou said:

Expat, non-UK resident pensioners do not need a UK account to receive their pension.

Sorry but you are incorrect.

 

It is certainly possible for UK State Pensions to be paid into a foreign bank account but this is not the case with some occupational pension providers, who will only pay into an account with a UK sort code.  There is at least one report, on this forum, where the pension provider refused to pay into a Wise account - even though Wise have a UK sort code - because, as they said, Wise is not actually a bank.  A financial institution it may be but a bank it is not.

 

[Liverpool Lou]

1 minute ago, Eff1n2ret said:

But do you have any specialised knowledge of "banking regulations" or "current banking protocol" that leads you to imply that it is no longer legal for non-residents to hold a UK account and that those of us who still do are somehow getting away with it?

No, I do not (apart from knowing what has been happening recently and what current requirements are) but then I did not imply, nor state, that it is illegal.   

You could always call/email your bank and tell them specifically that you're non-UK resident and ask them what effect that may have on your account.

[doctormann]

5 minutes ago, Liverpool Lou said:

There never is until that time comes but there has been so much talk about it recently, hence this and many other threads, that there is every indication that being a non-UK resident account holder, your account could be living on borrowed time.   There is a way to find out, of course, and that is to call your bank and tell them that you are a non-UK resident and ask them what that means for your account.

There has certainly been a lot of talk about this over the last three months but, before that, not so much.  I received my closure notice about three months ago - a complete surprise to me as I had seen nothing about this before then.

[Liverpool Lou]

6 minutes ago, doctormann said:

14 minutes ago, Liverpool Lou said:

Expat, non-UK resident pensioners do not need a UK account to receive their pension.

Sorry but you are incorrect.

I'm not incorrect, I have been referring all along to UK state pensions.

[doctormann]

Just now, Liverpool Lou said:

I'm not incorrect, I have been referring all along to UK state pensions.

OK but that doesn't actually help at all.  I am sure that you are aware that the meager UK state pension falls far short of meeting the Thailand Immigration requirements so pensioners here require an additional source of income, which may or not be payments from an occupational pension scheme.  That money has to be paid into some sort of account and that may need to be a 'proper' UK account.

 

[Liverpool Lou]

2 minutes ago, doctormann said:

I am sure that you are aware that the meager UK state pension falls far short of meeting the Thailand Immigration requirements so pensioners here require an additional source of income, which may or not be payments from an occupational pension scheme.  That money has to be paid into some sort of account and that may need to be a 'proper' UK account.

All that's irrelevant to my comments on accounts being closed in the UK and receipt of state pensions in Thailand.

[scubascuba3]

1 hour ago, SisaketS said:

Stock brokers do not accept funding from any foreign exchange account.    Nor will they allow you to transfer funds from your account into a foreign exchange company account.

What's their solution then if your bank account is closed?

[OJAS]

59 minutes ago, Liverpool Lou said:

I have been referring all along to UK state pensions.

IMHO it is singularly unfortunate (to put it mildly) that you have only now chosen to make that fundamental point clear.

 

EDIT: And yes, I did re-read all your previous posts on this thread before making this comment!

 

Edited July 29, 2023 by OJAS

[Chivas]

On 7/27/2023 at 9:49 AM, CharlieKo said:

Rubbish. I earn an income in the UK. Being able to keep that account is important to me. The bank wanted to know certain information. I provided that info. That is not rolling over. That is protecting myself from having my account closed. 

 

But if you want to be at loggerheads with your bank, go for it see how far it gets you! 

Yep spot on

Never rock the boat or burn your bridges. Life is too short

[Chivas]

Out of interest since the racist grifter Farage launched his latest earner I totted up how many accounts I've got

 

I havent included out and out savings accounts but have included online only accounts whereby you can forward monies to a 3rd party

 

Staggeringly I've got 14 albeit only 4 have got  dosh in them the rest fairly dormant whereby I will churn thro a tenner a year to keep them active (because you never know lol)

 

If I included SCB its 15 and if I included savings accounts its in the 20's lol

 

(edited in....have a think back yourself how many accounts you've opened down the decades that may in fact still be open but unused)

 

(lol double edit.....I completely forgot Wise and Revolut)

Edited July 29, 2023 by Chivas

[BritManToo]

1 hour ago, doctormann said:

OK but that doesn't actually help at all.  I am sure that you are aware that the meager UK state pension falls far short of meeting the Thailand Immigration requirements so pensioners here require an additional source of income, which may or not be payments from an occupational pension scheme.  That money has to be paid into some sort of account and that may need to be a 'proper' UK account.

 

At today's exchange rate I get 38,500/month for my UK state pension.

It's 40kbht/month income required for a marriage extension.

Not what I would describe as 'far short'.

(Expecting a 7% rise to be announced in August ......... so 41,200bht/month in 2024 )

 

But like most other people I just keep 400kbht in a Thai bank account, so no monthly income at all required.

Edited July 29, 2023 by BritManToo

[Chivas]

15 minutes ago, BritManToo said:

At today's exchange rate I get 38,500/month for my UK state pension.

It's 40kbht/month income required for a marriage extension.

Not what I would describe as 'far short'.

 

But like most other people I just keep 400kbht in a Thai bank account, so no monthly income at all required.

UK state pension for me in 2026 should I live long enough is going to be enormous "bonus" because it wont wholly or partly replace existing "employed" status income

 

Have got a fractured NI record but assuming voluntary contributions continue in full till that date am looking at currently 76% of full pension amount (at whatever it is at that date)

 

Over £650 a month (at  todays rates) for nothing in my opinion (ok we are all entiled but you get my drift)

 

Literally just under 1000 baht a day at current rates

Edited July 29, 2023 by Chivas

[Eff1n2ret]

1 hour ago, Liverpool Lou said:

You could always call/email your bank and tell them specifically that you're non-UK resident

I told them that when I came to Thailand almost 14 years ago.

[Liverpool Lou]

5 hours ago, Eff1n2ret said:

7 hours ago, Liverpool Lou said:

You could always call/email your bank and tell them specifically that you're non-UK resident

I told them that when I came to Thailand almost 14 years ago.

That's when the current rules weren't being applied...try it now.

[transam]

I have a Nationwide account that I have had for a looong time, they know I live in LOS, they send me happy emails near every week, but the strange thing is, I haven't used it for 15 years.................????

[Liverpool Lou]

6 hours ago, OJAS said:

7 hours ago, Liverpool Lou said:

I have been referring all along to UK state pensions.

IMHO it is singularly unfortunate (to put it mildly) that you have only now chosen to make that fundamental point clear.

I don't care but it is singularly unfortunate (to put it mildly) that you have chosen now to make it fundamentally clear how you misinterpreted my post.  

Edited July 29, 2023 by Liverpool Lou

[The Fugitive]

49 minutes ago, transam said:

I have a Nationwide account that I have had for a looong time, they know I live in LOS, they send me happy emails near every week, but the strange thing is, I haven't used it for 15 years.................????

If not used for 15 years then you obviously don't need it. However, if any of your other accounts were closed would the Nationwide one become of use again? I would be inclined to transfer some money in/out on a monthly basis to avoid the unlikely possibility of it being closed.

[transam]

13 hours ago, The Fugitive said:

If not used for 15 years then you obviously don't need it. However, if any of your other accounts were closed would the Nationwide one become of use again? I would be inclined to transfer some money in/out on a monthly basis to avoid the unlikely possibility of it being closed.

What other accounts.................?  ????

Why wouldn't I need it, one never knows what the future may hold.....?    ????

[scubascuba3]

If you've had your account closed or just agree that they shouldn't be allowed to close your account, sign up after a short survey

 

https://www.accountclosed.org

[topt]

It looks like expats are not the only ones to suffer -

https://www.thisismoney.co.uk/money/markets/article-12351619/Banks-shut-1-000-accounts-day.html?ico=mol_desktop_money-newtab&molReferrerUrl=https%3A%2F%2Fwww.dailymail.co.uk%2Fmoney%2Findex.html

 

I am sure there is more to this specific case but it reads like a nightmare for those concerned -

https://www.thisismoney.co.uk/money/saving/article-12340459/CRANE-CASE-vulnerable-laws-got-debanked-HSBC.html?ico=mol_desktop_money-newtab&molReferrerUrl=https%3A%2F%2Fwww.dailymail.co.uk%2Fmoney%2Findex.html

[freedomnow]

On 7/27/2023 at 7:44 AM, CharlieKo said:

Even then I received a letter from my bank, saying they were aware I was living in Thailand and asking for my tax details here in Thailand.

How did they 'become aware' ?

[CharlieKo]

2 hours ago, freedomnow said:

How did they 'become aware' ?

I have no idea. 

[freedomnow]

1 hour ago, CharlieKo said:

I have no idea. 

If you log-in to banking from Thailand for a significant amount of time that can show up