Can I? Hold bank account here if I move out

[Aneeliyo]

Hi...

I am in process of company relocation to UK. I have sold my condo, car and all my savings are here in Citibank. As I don't have UK bank account, which I need to open after I land there is it okay to hold Thai bank account? As company will be cancelling my visa and work permit after 7 days I move out. Or is there any way to open UK bank account prior to departure?

Any help will be highly appreciated

Thanks

[gandalf12]

The question is why would you want to? It seems you have sold up so what good would a bank account do you since you are leaving? I assume you will be paid up before you leave so better to get the cash and take it with you.

Edited June 2, 2016 by gandalf12

[Aneeliyo]

yes I got paid up but the thing is how do I take with me to UK? As I don't have UK bank account.My employment with start from 1st July so the tax consultant told me that if I take any money before I become and Tax resident of UK I won't be taxed. for that I have to show the source of fund (which is condo transaction document ) and the proof of that money was deposited in thai bank but my question is how do I take large amount of money with having an Bank account in UK. I want to hold thai bank till I get the UK bank account opened.

[55Jay]

Not sure if this is a useful lead for you situation, but thought I would post it up anyway.

https://www.citibank.co.uk/personal/moving-uk.do

[Aneeliyo]

I had read that link before and asked the citi people here but they told me they can't do it. I also contacted citibank UK about this they told me that once I am in UK take appointment with them and they will do the needful.

[DipStick]

Not sure if this is helpful, but I worked in Bangkok from 02-09 and had an account with the Bangkok bank, since 09 I have lived and worked in China, the original Bangkok account is still open and running. Of course every month the bank takes their usual fees, but every time I visit Bangkok I just top up the account to keep it a five

[Aneeliyo]

Ok.. So it would still be there till I open the account in UK. Thanks @gandalf12 @55Jay and @DipStick

[bangsaenguy]

The answer is, yes, you can

[lkn]

But unless you plan to come back, make sure you have internet banking, provided the necessary documentation for being allowed to transfer your funds abroad, and if your bank uses a OTP system that relies on your Thai number, that your Thai SIM-card works in the U.K.

[iggie]

Citibank is a Worldwide Banking Organization.

You will have challenges when trying to resolve your issue in any Bank in Thailand; the answer is always "Cannot Do".

You can always have a Thai Bank Account. I have a Thai Bank Account when I finished my Work Term in Thailand and returned to my Home Country.

Although I returned to work in Thailand, there was no issues from the Thai Bank when I was away for more than 8 years.

I was able to do Inter-banking activities even from my home country.

Go to UK, Open a Citibank Account; inform them that you also have a Citibank Thai Account and need to link to transfer the money to UK.

There should be a Transaction Fee (Not sure how much it is in UK).

Problem is that when you do the Transfer, there is a Max value allowable per Transfer depending on what you have in your Thailand Account.

I don't see any issues...from my previous experience having a Thai Account Open in Thailand and Dormant for 8 Years.

[Aneeliyo]

@iggie thanks for the detailed guide. @lkn yes my current Citibank requires OTP and thanks for reminding me that I almost forgot that but now the issue is I won't be using Thai SIM anymore as I am on permanent relocation.

Thanks @BangsaenGuy too

[fletchsmile]

Yes you can leave your accounts open. I've done that and been away for a couple of years then come back. You never know when you might end up returning even if at this point you've no intention, and there's worse places in the world to park money. Nice to come back and just carry on as if nothing happened. It's also getting more and more difficult to open accounts these days for non-residents in any country so think twice about closing at least until you have an alternative you're happy with.

You might come across the odd transaction which you can't do particularly if opening new things or investing.

Log on to internet banking and do a small transaction from time to time so your accounts don't go dormant. Ball park that's commonly around a year with no activity for Thai banks. It's a pain if they do make your account dormant as procedures vary to reactivate accounts and many require you to come in in person.

Easiest way around that is open a second account with them at the same branch while you're still here and have the right paperwork - some form of simple savings. Then just transfer 1 baht from one account online to another to keep both active every few months. You don't need a OTP to do a transfer from one of your accounts to another for most banks.

Also be aware what the minimum balances are that need to be held before they start charging you. 20k would cover most bank accounts to avoid fees. Many go as low as 5k, but again just watch out when they charge your ATM card each year and take you below. Don't know for Citi

Edited June 3, 2016 by fletchsmile

[bangkapi]

Definitely, yes.

[Wasa]

Ive had this problem. Set up an international transfer facility on your account while you're still in Thailand. You will need proof of income in Thailand to do so. They will probably use an OTP system for international transfers so just be aware to keep a thai phone number alive whilst in the UK. Also be aware that after two years BoT requirements are that the bank will check you're still employed in Thailand to keep the international transfer facility. But it sounds like you're leaving permanently so you may not be worried about this.

[Aneeliyo]

@ fletchsmile and @Wasa. Thanks a lot

[Aneeliyo]

@Bangkapi thanks

[Aneeliyo]

Can I carry International Cashiers check with me or any other alternative?

[JacChang]

Seems interesting some people are getting fees.

What I do is keep 2,000 in my bank account, all the rest in money-market funds to earn better interest rates. When I need to use any amount, I sell the funds and next day it's in my account for transferring where needed. Been doing this for over 10 years. Keep a pre-paid sim card and make sure it is registered with your online banking and that it has "International-Roaming enabled", some don't, so make sure before you leave. My sim card is pay 30 baht, get 30 day validity, the most cost effective plan. So every month or so, I will just use internet banking and make payment to my Thai sim card. Phone keeps working, bank account is active, win win situation.

[Aneeliyo]

@JacChang thanks for the response . I have already invested in MF here and globally but in this case I don't need to keep money here as I plan to buy a house in UK.