Banking been stopped!!!!!!!!!!!

[Liverpool Lou]

7 hours ago, Mike Teavee said:

Could try the Lloyds International Instant Saver account, doesn't seem to have any minimum deposit 

 

https://www.lloydsbank.com/international/products-and-services/saving-accounts/international-instant-saver-account.html

£5,000 within the first three months of account opening.

[Liverpool Lou]

6 hours ago, jwest10 said:

You might have to open an international bank account but who had 50k to spare these days and yes a huge headache indeed.

Not too much of a headache to open an offshore account and there are banks/accounts that do not require £50k initial deposits. 

[Liverpool Lou]

6 hours ago, RayC said:

10 hours ago, Liverpool Lou said:

It is all to do with banking regulations that state that only UK residents can have a UK bank account,  You can rectify the situation by making yourself UK resident again.

 

That's not correct. 

It is correct - whether all banks act on that regulation for all customers is up to their discretion, some account holders do not get their accounts closed, some do.

[Liverpool Lou]

5 hours ago, GroveHillWanderer said:

10 hours ago, Liverpool Lou said:

Wise and Revolut, although they maybe useful, are not banks, they're deposit takers.

Revolut may not be a fully-fledged UK bank just yet, but they're well on the way to becoming one. 

 

Revolut receives UK banking licence

Thank you...I'm four weeks behind the news.

[Liverpool Lou]

4 hours ago, anchadian said:

Slightly off topic but I'll ask.
 

If you have a sizeable sum in Wise Ltd and your UK and private pensions are paid into them, how does Wise know that you have passed away if you don't have a UK Will and no relatives in the UK and only you know that you have a Wise account?

They won't know unless normal enquiries about you after your death, such as documentation or phone apps, discovers it.   Your pension providers may advise them when they are informed.

[RayC]

5 hours ago, Liverpool Lou said:

It is correct - whether all banks act on that regulation for all customers is up to their discretion, some account holders do not get their accounts closed, some do.

 

If you can supply a link detailing the regulation, which states that only UK residents can hold a UK bank account, then I will willingly withdraw my comment and apologize. In the meantime, I maintain that you are incorrect. 

 

Moreover, in the unlikely event that such a regulation does indeed exist, UK banks would have no real discretion about whether to implement and enforce it. They would have to do so or run the risk of being taken to court and/or being sanctioned by the Financial Conduct Authority (FCA).

[Thingamabob]

20 hours ago, Celsius said:

I told you foolz that this Thai tax law will have major consequences in YOUR country, not Thailand.

 

I received the letter from my Canadian bank to prove my tax residency or they will terminate my account.

 

Your UK pensions are next.

Nonsense.

 

This is entirely about many banks in many countries now closing any customer's account which has an overseas address.

 

It is part of a general clamp down on the rise in money laundering offences across borders. It has nothing to do with pensions, or pension related issues.

 

I had the same experience with Barclays UK, No warning, just a brief message saying that as I had an oversas address they would be closing my account in 3 months. 

 

I have been with Barclays since 1957, and my family since way back in time, however our long history counted for nothing in this case.

 

If you do your research properly you will find that thousands of others have been faced with the same experience as myself.

 

 

 

 

 

[The Fugitive]

20 hours ago, slappy said:

Hi all

Need advise from fellow members if possible.

 

I just had notice from my bank(Santander) in the UK and they have given me 2 months notice and will close my banking facilities.

 

Been with them for over 30years both business and personal banking. And never had a banking problem, never been in debt. Been living here in Thailand for the last 15 years, to which they knew from day one. I have property in the UK. And everything is above board. 

Obviously, been in touch with the bank many times asking why they are taking this decision. But all I get at the bank end. I don't, i can not give you an answer for why?

 

Has anybody on this forum had the same problem with Santander or another bank and how did you rectify it.

 

Many Thanks

 

Slappy

Santander UK suspended my online access. I telephoned to ask why? Customer services told me they had written to me, but because no reply was received, they suspended my internet banking. I told them I was out of the country 'until further notice' hence had not received their letter. They told me I could answer their questions now over the 'phone. They wanted to know my future intended use of my savings and current account? I told them I was now using Chase UK as my main bank because of the interest and cash back. They told me this was satisfactory and reinstated my on-line access.

[foreverlomsak]

18 hours ago, Mike Teavee said:

Can I ask which account you have now & how much the monthly fee is?

Lloyds International Premier, it's 20GBP per month if I don't maintain the 2,500GBP balance'

As far as I can see it is no longer available at these rates to new customers, and I fully expect to find it being closed from under me. Hence why I have been looking to move elsewhere, but all I've seen to date are either must have UK residence or require sums outside my ability.

[Celsius]

I don't see any of these "expat" banks giving any interest rates on your deposits.

 

May as well keep it in a Thai bank.

[foreverlomsak]

17 hours ago, SpaceKadet said:

I keep much less that that with them, usually GBP10,000 to GBP 20,000. They have not complained. Are you sure you're reading requirements for private customers, and not the corporate? In fact I have never held that much in that account. Mind you, I've been their customer, and previous incarnations since Tyndall IoM since 1980's.

 

I know that they want you to keep a minimum of GBP5,000. Less than that ,they will charge you a small fee. 

Copy and paste.

Like you, I've had my Lloyds account for so long my minimum balance requirements and fees are not consistent with the current iteration of the account, expect this to be addressed soon, i.e. meet the new requirements of be off.

[In the jungle]

9 minutes ago, Celsius said:

I don't see any of these "expat" banks giving any interest rates on your deposits.

 

May as well keep it in a Thai bank.

 

Santander International are paying me 4.5% interest on a twelve month fixed term deposit right now.  Other offshore banks also have accounts that pay interest.

[foreverlomsak]

54 minutes ago, Thingamabob said:

This is entirely about many banks in many countries now closing any customer's account which has an overseas address.

When I informed Royal Bank of Scotland (20 years ago) of my imminent intention to sell up and move to Thailand, I was informed even back then that "no UK address" means "no UK bank account", I would need to open an Offshore/International account.

[Gottfrid]

21 hours ago, Celsius said:

 

2 seconds later

 

 

 

Best if you give foruming the rest. You always pretend to be know it all regarding.....everything.

What are you trying to point out? Just because UK residency is required for Starling Bank and a range of other UK based banks, where has that any kind of connection with the Thai tax? Please explain.

[Mike Teavee]

31 minutes ago, foreverlomsak said:

When I informed Royal Bank of Scotland (20 years ago) of my imminent intention to sell up and move to Thailand, I was informed even back then that "no UK address" means "no UK bank account", I would need to open an Offshore/International account.

When Barclays moved me to Singapore (16 years ago) they told me to just use my parent's address so that's what I've been doing ever since. Spent 6 years working for them there so it's not like they didn't know I wasn't living in the UK. 

 

I have a One Account mortgage with RBS/Natwest & I don't know how they know (again I use my parents address)  but they do know that I live in Thailand as 2 years ago they asked me for a Thai Tax identification Number, no mention of closing down the account though the Mortgage finishes in March so the account will be closed then anyway.  

 

Edited August 19 by Mike Teavee

[Gottfrid]

5 hours ago, RayC said:

 

If you can supply a link detailing the regulation, which states that only UK residents can hold a UK bank account, then I will willingly withdraw my comment and apologize. In the meantime, I maintain that you are incorrect. 

 

Moreover, in the unlikely event that such a regulation does indeed exist, UK banks would have no real discretion about whether to implement and enforce it. They would have to do so or run the risk of being taken to court and/or being sanctioned by the Financial Conduct Authority (FCA).

There is a regulation, but it´does not seem to be available easily online. Below is a general answer on the question:

UK banks have the discretion to close accounts for non-residents, especially following Brexit-related changes. Banks like Barclays have been closing accounts for expats, and it’s unlikely to open a standard UK bank account once you’re no longer a resident. However, there are expat-specific banks that offer accounts depending on your situation¹. It’s best to check with your specific bank for their regulations and any options available to you.

Here is the reules that Barclays post online: https://www.barclays.co.uk/important-information/living-outside-the-uk/

The account mostly available in UK for non-residents is a savings account. Same as for most expats in Thailand. Therefore, it´s normal to assume that the people on this forum who have problems with their bank wanting to close their accounts, have standard accounts. If they are willing to change to savings accounts, they could probably remain in the same bank.

The below will be a scenario that makes some people not have any problem with the bank account.

What are the restrictions for having an address outside the UK and keeping your accounts open?

from barclays.co.uk

You'll only be able to have an address outside the UK and keep your accounts open if: You’re a UK Crown employee, or you’re the spouse or civil partner of a UK Crown employee

 

[Liverpool Lou]

6 hours ago, RayC said:

12 hours ago, Liverpool Lou said:

It is correct - whether all banks act on that regulation for all customers is up to their discretion, some account holders do not get their accounts closed, some do.

 

If you can supply a link detailing the regulation, which states that only UK residents can hold a UK bank account

Take a look at the account opening procedures online for any UK bank.  Under the "Eligibility" section, every bank states that applicants must be UK residents.

[RayC]

1 hour ago, Liverpool Lou said:

Take a look at the account opening procedures online for any UK bank.  Under the "Eligibility" section, every bank states that applicants must be UK residents.

 

That may well be the case but it is completely different from your original proposition i.e. "It is all to do with banking regulations that state that only UK residents can have a UK bank account", which I maintain is untrue in the absence of a link to the contrary from a relevant authority e.g. UK government/ FCA website.

 

The bottom line is as follows:

 

1. It is NOT illegal to either open or maintain a UK bank account while living abroad however ...

 

2. It is extremely difficult (in practice, perhaps, Impossible?) to open a new UK bank account while living abroad 

 

3. SOME banks may close your UK account if you are living/ relocate abroad. Again, this not a legal requirement; it is policy put in place by the individual banks and the extent to which this restriction is enforced depends on the individual bank. My own experience - and that of friends - is that HSBC appear to be less strict in closing accounts. Others may have had a different experience.

 

I am not usually pedantic and I am not trying to score points, but it is important to be clear about this matter and not post misleading information which might possibly, cause unnecessary worry to some individuals.

[ericbj]

The UK Government recently specifically authorised UK banks to close, without providing justification, the accounts of depositors who are no longer resident in the UK.  Long gone are the days when banks such as the Chartered Bank, Standard Bank, and National & Grindleys catered specifically to expatriates.

 

Maybe the UK Government is planning on re-instating currency controls.
In my youth you could only take a maximum of 50 GBP out of the Sterling Area.  Now the "Sterling Area" is limited to the UK.

So be warned!  Maybe worth considering holding some bullion in, say, Singapore, to hedge against currency fluctuations and government fickleness.

[RayC]

2 hours ago, Gottfrid said:

There is a regulation, but it´does not seem to be available easily online. Below is a general answer on the question:

UK banks have the discretion to close accounts for non-residents, especially following Brexit-related changes. Banks like Barclays have been closing accounts for expats, and it’s unlikely to open a standard UK bank account once you’re no longer a resident. However, there are expat-specific banks that offer accounts depending on your situation¹. It’s best to check with your specific bank for their regulations and any options available to you.

Here is the reules that Barclays post online: https://www.barclays.co.uk/important-information/living-outside-the-uk/

The account mostly available in UK for non-residents is a savings account. Same as for most expats in Thailand. Therefore, it´s normal to assume that the people on this forum who have problems with their bank wanting to close their accounts, have standard accounts. If they are willing to change to savings accounts, they could probably remain in the same bank.

The below will be a scenario that makes some people not have any problem with the bank account.

What are the restrictions for having an address outside the UK and keeping your accounts open?

from barclays.co.uk

You'll only be able to have an address outside the UK and keep your accounts open if: You’re a UK Crown employee, or you’re the spouse or civil partner of a UK Crown employee

 

 

See also my reply to Liverpoollou.

 

The key phrase is, "UK banks have the DISCRETION (my caps) to close accounts for non-residents"

 

However, to repeat: There is NO regulation i.e. legal restriction, which prevents UK banks from either offering new accounts to those who live overseas* or forcing UK banks to close the accounts of those who live overseas. These are self-imposed restrictions by the individual UK banks.

 

* In practice it appears all but impossible for an account to be opened.

[RayC]

2 minutes ago, ericbj said:

The UK Government recently specifically authorised UK banks to close, without providing justification, the accounts of depositors who are no longer resident in the UK. 

 

Can you post a link please.

[D2Pipes]

On 8/18/2024 at 7:33 AM, Liverpool Lou said:

Nonsense.  This action by UK banks has been going on for years, the Thai tax rules have nothing to do with it.

You're spot on:-

https://www.retailbankerinternational.com/news/barclays-to-close-thousands-of-expats-accounts/

https://www.moneysavingexpert.com/news/2023/12/barclays-expat-account-closed-bank-alternatives/

[D2Pipes]

On 8/18/2024 at 7:30 AM, Liverpool Lou said:

It is all to do with banking regulations that state that only UK residents can have a UK bank account,  You can rectify the situation by making yourself UK resident again.

It is not only UK resident but you need a UK address proved by a utiltiy bill etc.

[D2Pipes]

On 8/18/2024 at 7:10 AM, slappy said:

Hi all

Need advise from fellow members if possible.

 

I just had notice from my bank(Santander) in the UK and they have given me 2 months notice and will close my banking facilities.

 

Been with them for over 30years both business and personal banking. And never had a banking problem, never been in debt. Been living here in Thailand for the last 15 years, to which they knew from day one. I have property in the UK. And everything is above board. 

Obviously, been in touch with the bank many times asking why they are taking this decision. But all I get at the bank end. I don't, i can not give you an answer for why?

 

Has anybody on this forum had the same problem with Santander or another bank and how did you rectify it.

 

Many Thanks

 

Slappy

If you have an annual income of £50k then Lloyds charge £7.5/m for their International account, Thailand is anaccepted country to live in:-

https://www.lloydsbank.com/international/products-and-services/current-accounts.html
or you may have joy with a Standard Inetrnational account:-
https://international.standardbank.com/international/personal/products-and-services/bank/international-bank-accounts/optimum-bank-account?

which only requires you keep £5k in the account.

[FruitPudding]

On 8/18/2024 at 1:15 PM, Celsius said:

I told you foolz that this Thai tax law will have major consequences in YOUR country, not Thailand.

 

Which tax law?

[slappy]

Many thanks to all who have taken the time to respond to my issue.

 

Just to add to my issue. In April of this year, I got an email from Santander asking me to contact them. If I did not they would stop my online banking facilities in three weeks time. Obviously I got in touch straight away. And I got interrogated by an annoying customer service person. Asking me various questions about my account dealing in the last 6 months. (in and outs).  In February I had to fly back to the UK, as my mother was just about to pass away. I was the executor of my mum's will.  But there was no compassion shown in the questioning.

Anyhow I provided all the details I was asked for. Spoke with many different customer service people in the process. Also, I was given the wrong information. Therefore I lodged a complaint process in the way I had been dealt with. complaints dept rang me here. And gave me straightaway 150 pounds into my account for the way they had dealt with me.  And was told by customer services the case has now been closed. 

Then to find out one month later, my accounts were being closed was a shock. 

If they had given me a reason ie living abroad then I could understand, but I have a property and other investments in the UK and I have also paid my taxes on time, as one member pointed out could be an issue. But they will not give a reason of Why, and that is what baffles me.  It's like the Nigel Farage case.

 

Regarding to some messages from you. regarding Wise. yes, I have had an account for the last 2 years. So I am not in dire straits.  Also, 1 member stated insurance/annuity companies would not transfer to Wise. I have just had an email from my private pension provider that confirms in sending my pension to my wise account.

 

Once again thanks to all who responded with various advice

Edited August 19 by slappy

[Moonlover]

20 hours ago, RayC said:

21 hours ago, Liverpool Lou said:

Take a look at the account opening procedures online for any UK bank.  Under the "Eligibility" section, every bank states that applicants must be UK residents.

 

20 hours ago, RayC said:

 

That may well be the case but it is completely different from your original proposition i.e. "It is all to do with banking regulations that state that only UK residents can have a UK bank account", which I maintain is untrue in the absence of a link to the contrary from a relevant authority e.g. UK government/ FCA website.

 

The bottom line is as follows:

 

1. It is NOT illegal to either open or maintain a UK bank account while living abroad however ...

 

2. It is extremely difficult (in practice, perhaps, Impossible?) to open a new UK bank account while living abroad 

 

3. SOME banks may close your UK account if you are living/ relocate abroad. Again, this not a legal requirement; it is policy put in place by the individual banks and the extent to which this restriction is enforced depends on the individual bank. My own experience - and that of friends - is that HSBC appear to be less strict in closing accounts. Others may have had a different experience.

 

I am not usually pedantic and I am not trying to score points, but it is important to be clear about this matter and not post misleading information which might possibly, cause unnecessary worry to some individuals.

I completely agree with you @RayC and I've repeatedly said so on this forum. My banker, the Nationwide, even has a helpful advise page on their website on what to do when one goes to live abroad and how they are able to support their overseas customers like myself. And they do.

[ElwoodP]

Troll post removed.

[john donson]

On 8/18/2024 at 1:44 PM, brianthainess said:

I opened an account with nationwide, with DL and a rent agreement which my friend just downloaded and filled out, I was not even paying rent to him. 

 

imagine your friend becomes less friendly and actually sue you for months of back rent... if you signed a contract even a fake one for that purpose....

[jayboy]

There are still banks in the Channel Islands - and probably the Isle of Man - that specifically cater for expats.However they will still want your overseas tax identification number and will keep on pressing for it.I suppose in extremis they might close your account if you don't provide one (though I have never heard of such a case). Additionally they will sometimes ask why exactly you need an offshore account with the clear implication they will close it if you don't satisfy with your answers.I think they are looking for a minimum balance (I'm guessing about £ 50,000), evidence of activity etc.