Depositing A Gbp Cheque Into A Bangkok Branch Of Say Hsbc?

[roog]

Hi

I have a cash windfall in GBP arrived by cheque at my UK address and would like to open an offshore account with that sum. Is there a branch of HSBC or Barclays in Bangkkok where I could deposit that cheque ? I have not already opened any offshore account here yet, but would do so in preparation.

Thanks in advance.

[samtam]

HSBC closed last June (2012). There is no Barclays here. Curious why you want to open in Thailand, as you do not appear to live here. Try HSBC Jersey (HSBC International), although if you're a UK resident you are subject to UK tax.

[roog]

HSBC closed last June (2012). There is no Barclays here. Curious why you want to open in Thailand, as you do not appear to live here. Try HSBC Jersey (HSBC International), although if you're a UK resident you are subject to UK tax.

I do live in Thailand, for 6 years now. The UK address is my correspondence address, owned by a close relative. I'm thinking the time is right to become fully "ex-pat" as far as UK authorities are concerned, but have not done this yet. I currently pay a small amount of UK tax on the pension I receive.

[BlackPuddingBertha]

I'm thinking the time is right to become fully "ex-pat" as far as UK authorities are concerned, but have not done this yet. I currently pay a small amount of UK tax on the pension I receive.

A UK pension will continue to be liable to UK tax regardless of where you live. The main benefit of being a UK non-resident is that UK savings interest and capital gains can be tax-free (if you do it the right way).

One cant be "fully expat" any more than one can be "partially dead". You either are or you aren't.

[roog]

I'm thinking the time is right to become fully "ex-pat" as far as UK authorities are concerned, but have not done this yet. I currently pay a small amount of UK tax on the pension I receive.

A UK pension will continue to be liable to UK tax regardless of where you live. The main benefit of being a UK non-resident is that UK savings interest and capital gains can be tax-free (if you do it the right way).

One cant be "fully expat" any more than one can be "partially dead". You either are or you aren't.

Would a start to "doing it the right way", be to deposit that cheque into an off shore account here in Thailand?

[regedit]

The main benefit of being a UK non-resident is that UK savings interest and capital gains can be tax-free (if you do it the right way).

Regarding UK savings interest, all UK non-residents are liable to tax on any interest above their UK personal allowances since it is income earned in the UK. Perhaps you mean non-UK interest (e.g. Channel Islands ?)

[BlackPuddingBertha]

Would a start to "doing it the right way", be to deposit that cheque into an off shore account here in Thailand?

I dont think that where you deposit a cheque makes any great difference to anything. I dont live or work in the UK but I have deposited large numbers of cheques there for many years. No one has ever suggested that I am anything other than non-resident, not least because I hardly ever actually go to the UK.

[BlackPuddingBertha]

Regarding UK savings interest, all UK non-residents are liable to tax on any interest above their UK personal allowances since it is income earned in the UK.

Yes and no. Such interest is taxable, but by concession the tax liability for non-residents on UK deposit interest is limited to that paid at source. So if the deposits are organised the right way there may be no liability.

[Forkinhades]

To the OP

First open an account with say 1000 baht, then you can deposit the cheque, but it will take bewteen 6 and 8 weeks to clear.

[maturebrit]

I found that HSBC in Kuala Lumpur was easy enough or Hong Kong. just make sure you get access at the amount you want....not at what they say you can get.....

Sent from my GT-N7000 using Thaivisa Connect App

[samtam]

HSBC closed last June (2012). There is no Barclays here. Curious why you want to open in Thailand, as you do not appear to live here. Try HSBC Jersey (HSBC International), although if you're a UK resident you are subject to UK tax.

I do live in Thailand, for 6 years now. The UK address is my correspondence address, owned by a close relative. I'm thinking the time is right to become fully "ex-pat" as far as UK authorities are concerned, but have not done this yet. I currently pay a small amount of UK tax on the pension I receive.

You've lived here for 6 years and do not have a bank account in Thailand? You become non-resident by completing an Inland Revenue Non-Resident status form at your UK bank, and you are then not liable for tax in UK on income earned outside of UK, (or within your allowance, I think).

[BlackPuddingBertha]

You become non-resident by completing an Inland Revenue Non-Resident status form at your UK bank, .....

Certainly not. HMRC decide who is and isn't resident (based on their own rules which take into account the number of days spent in the UK, whether any family or property is there, where your job is etc) and it has nothing to do with filling in any form (R105) at your bank. The R105 form allows your bank to pay your interest gross in accordance with your declaration that you are non-resident, but it doesn't necessarily mean that you actually are non-resident.

[roog]

Thanks for the useful information.

As it happens I do have a couple of Thai bank accounts, but I want a GBP currency account located here. Following up on some useful threads on this forum, it looks as if the Krungsri bank has the simplest requirement of merely supplying one's passport to open the currency account.

I didn't realise I could deposit the GBP cheque into my Thai Baht account, but I do now, though do not want the whole sum in Baht.

[samtam]

You become non-resident by completing an Inland Revenue Non-Resident status form at your UK bank, .....

Certainly not. HMRC decide who is and isn't resident (based on their own rules which take into account the number of days spent in the UK, whether any family or property is there, where your job is etc) and it has nothing to do with filling in any form (R105) at your bank. The R105 form allows your bank to pay your interest gross in accordance with your declaration that you are non-resident, but it doesn't necessarily mean that you actually are non-resident.

My word choice was inadequate, but I qualify as non-resident by my tax declaration on R105 and the fact that I spend days under the limit in UK. But I may not be non-domiciled. The two are different and in the case of the latter the HMRC will decide whether I am domiciled or non-domiciled. If I exceeded the permitted number of days in UK then the HMRC may decide that I do not qualify as non-resident, or that I am subject to UK taxation.

[samtam]

Thanks for the useful information.

As it happens I do have a couple of Thai bank accounts, but I want a GBP currency account located here. Following up on some useful threads on this forum, it looks as if the Krungsri bank has the simplest requirement of merely supplying one's passport to open the currency account.

I didn't realise I could deposit the GBP cheque into my Thai Baht account, but I do now, though do not want the whole sum in Baht.

I'm not sure I understand why you would want at GBP account in Thailand, given the very low interest rate - 0.3% for 1 month or 0.8% for 12 months, but yes Krungsri offer this product.

[Briggsy]

Holding a GBP account in Thailand may be a lot more expensive than you think. There are bank charges.

[mccw]

Why does some one always try to make out like non residents should have to pay tax in these situations?

Still living in UK and feeling a bitter?

[BlackPuddingBertha]

Why does some one always try to make out like non residents should have to pay tax in these situations?

I dont see anyone doing that in this thread.

[mccw]

Yes, Yes, quite right, I must of misread it.