What best to do with money from house sale in Britain

[Will B Good]

3 minutes ago, KannikaP said:

Does each Bond not have exactly the same chance of winning as any other owned by someone with say 100,000? Same as the National Lottery, the actual numbers chosen are immaterial. It's the numbers which are drawn which matter.

Love the Lottery ads which tell you how much you have contributed to Charities. You must be a loser then. 555

 

Lost a £1 in a fruit machine in 1973......never gambled since.

[Will B Good]

2 minutes ago, olongapo said:

Wise also close your account  if you have too many transactions and you cannot appeal.

 

What might be considered too many??

[KannikaP]

4 minutes ago, olongapo said:

Wise also close your account  if you have too many transactions and you cannot appeal.

Have you experienced this? I do maybe three transfers per month, the big one being my Immigration transfer on the 1st of each month for the past three years. My account is still open.

[Will B Good]

8 minutes ago, KannikaP said:

Does each Bond not have exactly the same chance of winning as any other owned by someone with say 100,000? Same as the National Lottery, the actual numbers chosen are immaterial. It's the numbers which are drawn which matter.

Love the Lottery ads which tell you how much you have contributed to Charities. You must be a loser then. 555

 

True, but a single ticket in the national lottery has a 1 in 13 million chance of winning.......slightly better that 62 billion.

 

The difference of course is you still have your pound with the premium bonds......but inflation soon whittles away its purchasing power.

[KannikaP]

5 minutes ago, Will B Good said:

 

Lost a £1 in a fruit machine in 1973......never gambled since.

Did you not move to Thailand, and/or get married. Now those are gambles. 555

[Will B Good]

1 minute ago, KannikaP said:

Did you not move to Thailand, and/or get married. Now those are gambles. 555

 

 

How about this for a gamble.......met SWMBO.....together for three days in total............got married......that was in 2006.

[cowellandrew]

Buy a bar in Pattaya!

 

☻😂😂😂

[Homburg]

You perhaps need to get past the junior staff in the banks' customer service departments and talk to someone with more knowledge.  Only householders receive council tax & utility bills  etc, so that would mean that no one else in any household could open a bank account! Imagine a non-working spouse of a householder in the UK - no bills in their name, no letters from the tax authorities and so forever denied a bank account!  Unlikely!  Also, I suggest to search for UK bank accounts for non-reidents - that should turn up hits for banks' international sections which are more geared for people not able to produce the usual UK documentation.  If all else fails then find a Thai bank which sends statements to you showing your address and open an account so you can use that as proof of address. 

[oxo1947]

1 hour ago, Will B Good said:

Premium Bonds have to be the worst possible investment on the face of the Earth.

 

Premium Bonds: Each £1 bond has odds of 1 in 62 billion of winning the £1 million jackpot per monthly draw. NS&I, the issuer, allocates two £1 million prizes monthly, but the probability of a single bond winning is extremely small

The odds of any Premium Bonds winning any prize in a monthly prize draw is one in 22,000. Your chances of winning a prize depend on NS&I's “prize fund rate” and the amount you've invested. The higher the prize fund rate, the more prizes NS&I will be handing out in each draw.--In pure statistical terms that means you need at least £22,000 of Premium Bonds before you'll average a prize each month.---

Jackpot Chance

1 in 539,923 This is your chance of winning the £1,000,000 jackpot over a year.

-----------------------------------------------------------------------------------------------------------------------------------------------------------------

Will.B would you like to share where you found Odds of 62 billion----- he is more interested in where to put the money, how to move money-- if he wasn't then you would look at an long term investment-- he states in his post he doesn't know what is about to happen in his personal life.  Very short term you could and can lose money putting it in a bank with fees etc. If he wants to put it somewhere safe for a unknown period-- You can redeem all or part of it by just walking into any post office have it transferred to any account with in 24 hours---if he did win some money then it is entirely tax free.--yes the odds on the first prize are high---not as high as the Euro Lotto ---and just a small thing WillB---his money is safe---he can not lose a penny of it.

[dayo202]

2 hours ago, Will B Good said:

 

Premium Bonds have to be the worst possible investment on the face of the Earth.

 

Premium Bonds: Each £1 bond has odds of 1 in 62 billion of winning the £1 million jackpot per monthly draw. NS&I, the issuer, allocates two £1 million prizes monthly, but the probability of a single bond winning is extremely small

I have 50k in NS&I bonds, this year my total cash price was £1825,00.

Just under 3.65% return.

[Keeps]

10 hours ago, Chivas said:

The tax angle on investing house proceeds presumbly large needs investigating once you invest it

 

Now I'm always likely to be a more aggressive type of investor having worked in finance for decades. These days 80% is in Dividend stocks and I always recommend Henderson Far East high income, Phoenix Holdings and M and G

 

If I average out the dividends these pay 10.1% currently (at todays share price) but in my case are all in ISA's which obviously are tax free (which is the tax angle I mentioned in opening sentence)

 

I take 7.5% of the dividends as they are paid and reinvest the balance 2.6% back into same stocks.....obviously you can tweak the ratio's

 

I have many other dividend stocks but those 3 are my favourites......obviously you have to be happy with  a floating capital balance

I hold all of the first three Stocks you mention and periodically top up when the pricing is attractive.

 

Other high yield Stocks I currently hold are BAT, Imperial Brands, HSBC, Aviva and a large holding in Legal & General. This proportion of my holdings provides the majority of the annual income I need. The larger part of the portfolio is invested in a combination of growth and income funds, both UK and Global along with bond funds and a few speculative 'punts' on individual shares (success and abject failure in this regard but not enough for me to worry about).

 

This portfolio balance seems to work for me and I try and stick by the 4% rule (or X25 rule as I have seen others refer to it). If I take up to 4% of my pot each year then, in theory, there is no chance of the pot ever dwindling over, say, a 5-7 year rolling period. Of course there will be some ups and downs but if you comply with the 4% rule then you really shouldn't go wrong.

 

 

[Will B Good]

3 hours ago, dayo202 said:

I have 50k in NS&I bonds, this year my total cash price was £1825,00.

Just under 3.65% return.

I invest in Heavy Finance and have a return of 11%....????? As does every other Heavy Finance investor.....how many other bond holders have scooped the jackpot at 3.65%.......5555

 

 

[dayo202]

48 minutes ago, Will B Good said:

I invest in Heavy Finance and have a return of 11%....????? As does every other Heavy Finance investor.....how many other bond holders have scooped the jackpot at 3.65%.......5555

 

 

Wow !!!

You are such a hero, super human 😊.

Congratulations 👏 

 

[gamb00ler]

16 hours ago, KannikaP said:

No need for insults. From your OP I was under the impression that you had sold a house in UK, and wanted to get the money to Thailand.

Happy Happy also suggested WISE or Revolut.

I am not the OP.

You responded to the OP's statement that moving money from Thailand to Britain is apparently complicated.  WISE doesn't do that.

Happy Happy responded about other services from WISE.

[KannikaP]

1 hour ago, gamb00ler said:

I am not the OP.

You responded to the OP's statement that moving money from Thailand to Britain is apparently complicated.  WISE doesn't do that.

Happy Happy responded about other services from WISE.

OK, sorry I got mixed up

[Foxx]

With premium bonds, it's important to remember that they will only deal with UK bank accounts - not offshore ones.  So, if you don't have a UK bank account you can't buy them, redeem them or collect winnings.

[hotandsticky]

12 minutes ago, Foxx said:

With premium bonds, it's important to remember that they will only deal with UK bank accounts - not offshore ones.  So, if you don't have a UK bank account you can't buy them, redeem them or collect winnings.

 

 

Use WISE.

[Foxx]

1 hour ago, hotandsticky said:

Use WISE.

 

NS&I says

 

Quote

You need a UK bank or building society account
To save with us, you’ll need a UK bank or building society account in your name. This is because we can only make payments to, and receive payments from, a UK account in pounds sterling.

https://www.nsandi.com/help/join-nsandi/using-nsandi-outside-uk#:~:text=You need a,in pounds sterling.

 

WISE is not a bank.

 

[Will B Good]

14 hours ago, dayo202 said:

Wow !!!

You are such a hero, super human 😊.

Congratulations 👏 

 

Too kind

[hotandsticky]

3 hours ago, Foxx said:

 

NS&I says

 

 

WISE is not a bank.

 

 

Semantics!

 

 

As good as and it has a UK sort code and account number.

 

You would have to be very stupid to think that WISE could not satisfy the service discussed above.

 

 

Many friends use WISE for receipt of their state pension and then forward to Thailand.

[Scouse123]

On 12/8/2024 at 7:44 PM, Eratosthenes said:

I had the 3 profs of address translated, but the offshore banks were not interested.

My UK bank (Starling) saw the money from the house sale, asked me why I had a large amount of money, I explained, they told me I could keep the account for now, but I think that is temporary. The terms of most UK accounts are that you have to be resident in the UK.

 

🤣🤑

 

well, it cannot be in a British account because I am not resident in Britain. In an ideal world, I could move it to Thailand, but I understand foreign currency accounts attract little interest, and moving money from Thailand to Britain is apparently complicated. It could be Europe, but the same problem exists, opening an account without Western bank proods of address

 

good idea, but it is £270,000, too much for that, not enough to be really attractive to banks

 

 

You can open a non-resident account in Cambodia and get around 4%, you can get monthly interest payments.

 

Tax on interest is around 15% on your interest payment or 7% if you are resident there, which is also easy.

 

Your money would be in USD.

 

Here are two of the strongest banks.

 

ATM card withdraw your interest in Thailand.

 

https://www.acledabank.com.kh/kh/eng/ps_defixeddeposit

 

https://www.canadiabank.com.kh/personal/fixed-deposit-account

 

 

 

 

 

[Foxx]

2 hours ago, hotandsticky said:

Many friends use WISE for receipt of their state pension and then forward to Thailand.

 

Poor comparison.  State pension can be sent directly to Thailand.  There is no requirement for it to be paid into a British bank account.  There is that requirement for NS&I.

[OneMoreFarang]

On 12/8/2024 at 10:22 AM, Eratosthenes said:

I am having zero success opening an offshore bank account

 

Try this one: Comprehensive international banking | Standard Bank

I know at least one financial advisor in Thailand who (used to) open these bank accounts for people who live in Thailand.

My information is maybe 4 years old; I don't know if anything changed.

 

[fieldsofgreen]

On 12/9/2024 at 10:29 AM, dayo202 said:

I have 50k in NS&I bonds, this year my total cash price was £1825,00.

Just under 3.65% return.

Yes people who criticise it should not be investing anything. It has its place in the spectrum of investments. And for certain circumstances it works.

[sidneybear]

Fly to Thailand and spend as much as you can on booze, tarts and drugs. Squander the rest (to quote a famous footballer).

[Thailand J]

On 12/8/2024 at 5:57 PM, sometimewoodworker said:

There are competent wealth management companies who can advise you on sensible investments that are low risk and incur no UK tax. You can expect about a 5% ROI. That is what I am getting on a low risk portfolio   You can do better if you want to work on the investments, you may do much worse. My 5% is an average from around 15 years so I am reasonably confident that it will continue to maintain that ROI. 

Which financial management companies would you suggest, in Hong Kong and/or Singapore?

I need to move my portfolio out of US to avoid IRS Transfer Certificate Form 5173.

 

[sometimewoodworker]

8 hours ago, Thailand J said:

 

 

[Yellowtail]

16 hours ago, sidneybear said:

Fly to Thailand and spend as much as you can on booze, tarts and drugs. Squander the rest (to quote a famous footballer).

My buddy (RIP Billy) used to say: "All my money is in houses and lots. Whorehouses and lets of booze."