Keeping UK Bank Account- but no uk address

[Oxx]

16 minutes ago, scubascuba3 said:

4 hours ago, wordchild said:

no CGT as an expat, as long as you stay an expat and not return to the UK for the required period.

Thailand isn't a tax haven though so i assume you register for tax there?

 

There's no need to register for tax in Thailand if your only income is from offshore.

 

Thailand doesn't tax capital gains, even onshore.

 

There's a theoretical rule that if you bring income into Thailand in the same year as it's earned, but it's not actually implemented as far as I can tell.

 

So yes, Thailand really is a tax haven for many, including myself.  I pay zero income tax or CGT anywhere in the world, all quite legally.

[robin33]

I m no Brit and live oh the main land . I have a debit card from revolut. That also comes with a English bank account.


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[thai3]

I don't think the new banks like masthaven and atom (UK) care and they pay the highest interest rates

[thai3]

16 hours ago, wordchild said:

What is the point of an ISA if you are an expat?

whats the point if you are not as you can get better return with the tax deducted without them, waste of time now the rates are so low.

[Baerboxer]

I have several UK accounts and my 3 children have one each (HSBC).

 

I've had them many years but have also had addresses in India, UAE, KSA and now Thailand. They say no problem changing address but you do need to send them the original singed form. Nowadays they may also ask you for proof of new address too.

 

But maintaining your existing accounts and cards and using your Thai address shouldn't be a problem. It's opening new accounts that requires a UK address.

[Baerboxer]

59 minutes ago, thai3 said:

whats the point if you are not as you can get better return with the tax deducted without them, waste of time now the rates are so low.

 

For cash ISA. If he has ISA in stocks and shares than he can enjoy the investment increases tax free. 

 

 

[Baerboxer]

6 hours ago, Oxx said:

Just received a message from Nationwide about their sending a credit card to Thailand:

 

"Unfortunately we are unable to mail to Thailand. I apologise for any inconvenience this may cause."

 

This appears to contradict what others have written about Nationwide.

 

Some banks, including many of the former building societies, do not want overseas expat customers. If they have them they will have to introduce lots of checks on identity proof, address proof, tax residence proof. They don't want the hassle and cost in complying with anti money laundering and tax evasion prevention. Some people have been notified they will have to close their accounts.

 

Banks are going backwards to the days when they liked to "select" their customer base and consider allowing you account a favor.

[scubascuba3]

 

There's no need to register for tax in Thailand if your only income is from offshore.

 

Thailand doesn't tax capital gains, even onshore.

 

There's a theoretical rule that if you bring income into Thailand in the same year as it's earned, but it's not actually implemented as far as I can tell.

 

So yes, Thailand really is a tax haven for many, including myself.  I pay zero income tax or CGT anywhere in the world, all quite legally.

Do you get your UK pensions paid gross also?

 

[Oxx]

56 minutes ago, scubascuba3 said:

Do you get your UK pensions paid gross also?

 

Yes.

[wordchild]

1 hour ago, scubascuba3 said:

Do you get your UK pensions paid gross also?

 

Probably because he has a QROP, I think he mentioned before. but most onshore UK pension funds cannot pay gross to Thailand as there is no tax treaty that covers most kinds of UK pensions.

   If you have moved your pension offshore then, in effect, it can be paid gross to you in Thailand; subject to the requirement not to bring in current years income in order to avoid a Thai tax liability. so hold the funds offshore until January  1 every year, then you can bring in tax free.

[Oxx]

13 minutes ago, wordchild said:

Probably because he has a QROP, I think he mentioned before. but most onshore UK pension funds cannot pay gross to Thailand as there is no tax treaty that covers most kinds of UK pensions.

   If you have moved your pension offshore then, in effect, it can be paid gross to you in Thailand; subject to the requirement not to bring in current years income in order to avoid a Thai tax liability. so hold the funds offshore until January  1 every year, then you can bring in tax free.

 

The UK state pension is paid gross.

 

The "hold the funds offshore" to avoid income tax in Thailand is a myth.  No tax to pay.  See http://www.thaivisa.com/forum/topic/973328-do-you-pay-thai-income-tax-on-your-pension/

[scubascuba3]

  The UK state pension is paid gross.

 

The "hold the funds offshore" to avoid income tax in Thailand is a myth.  No tax to pay.  See http://www.thaivisa.com/forum/topic/973328-do-you-pay-thai-income-tax-on-your-pension/

 

There must be a downside to no longer being a UK resident? Cannot use NHS maybe?

 

I think a lot of expats rely on going back to UK and use NHS if they need it

 

[koo]

On 25.3.2017 at 11:40 AM, trd said:

You have to be a UK resident initially to open a UK account but you don't have to give it up if you subsequently move overseas.

This has to be something from the past. I have an UK bank account and a debit card, never been a resident in UK, longest visit 2 weeks. Did not visit any physical office to open account, did it totally online.

 

http://www.revolut.com

"Open a free UK current account in 3 minutes, without a proof of address or credit check. Other countries are coming soon."

[Oxx]

12 minutes ago, koo said:

http://www.revolut.com

"Open a free UK current account in 3 minutes, without a proof of address or credit check. Other countries are coming soon."

 

This topic is about banking.  Revolut is not a bank.

 

Revolut is only available to legal residents of EU member states and some of its members' dependency territories, so irrelevant to a resident of Thailand.

 

It also specifically provides crappy exchanges rates for Thai baht (and Russian Roubles).

[scubascuba3]

This has to be something from the past. I have an UK bank account and a debit card, never been a resident in UK, longest visit 2 weeks. Did not visit any physical office to open account, did it totally online.
 
http://www.revolut.com
"Open a free UK current account in 3 minutes, without a proof of address or credit check. Other countries are coming soon."

It's a shame their thai baht exchange rate is so bad, i stopped using it. Hidden charges were laughable

[BWPattaya]

I have used my Thai address with the Coop bank for many years. They send letters,  credit card and debit cards here. No problem. 

[CharlieH]

Off topic removed.

[uptheos]

Lloyds definitely do.

A word of caution, if you are paying in a reasonable amount of money when you go back (if you go back for a trip etc), you need cast iron evidence where the money you are paying in came from, even if it's a money order. They want to see evidence where it came from and if you can't produce any, you might find your account going tits up.

[mommysboy]

17 minutes ago, uptheos said:

Lloyds definitely do.

A word of caution, if you are paying in a reasonable amount of money when you go back (if you go back for a trip etc), you need cast iron evidence where the money you are paying in came from, even if it's a money order. They want to see evidence where it came from and if you can't produce any, you might find your account going tits up.

Yes and no. I have a Lloyds account. Glad to hear you are ok.  I paid in significant sums recently in the UK without question.  Its a bit off topic or I would discuss more.

[robin33]

It's a shame their thai baht exchange rate is so bad, i stopped using it. Hidden charges were laughable

The Exchange rate is not bad at all (beter then xendpay or transfewise) just do not the atm


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[ResandePohm]

On 3/24/2017 at 10:37 PM, Andrew Dwyer said:

Interested to see how this works out for you, I've been out of the uk for 21 years and always used my fathers address for my NatWest account.

My Dad is 87 and not gonna live forever so I've been wondering what I should do when the inevitable happens ( god forbid).

My idea was just to change my address to my daughters but if I can use a Thai address even better .

 

There is no problem having an address outside the UK from the banks point of view as many here have stated. The disadvantages are with the UK authorities if they find out you live abroad, i.e. you will cease to get any increases to your pension also it can be difficult to renew your UK driving licence without a UK address.

[scubascuba3]

The Exchange rate is not bad at all (beter then xendpay or transfewise) just do not the atm


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When i and others have compared rates its been bad, weekend particularly bad with their hidden charge. There are better options

[robin33]

Indeed in the weekend. , but that is what revolut also saing. Why use it at a time even the company say don't ....and what are those better options


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[Jonmarleesco]

My Thai address was fine for some three years with HBoS. Then last year, my replacement debit card failed to materialise, something I hadn't realised was up for renewal until I checked the date and found my then card was already a month out of date. When I called them, their response as to why I hadn't received my replacement card was that Thailand was subject to sanctions, something of which no one I knew was aware, and something that proved unverifiable. Regardless, I needed to provide them with a UK address ... though my card somehow eventually found its way to my Thai address, and direct from the bank.

 

Lloyds, of course, owns HBoS. And Lloyds had Thailand down as a grey market many years ago. So it's doubtful your Thai address will work. And I'll give you others will have found no problem - so far. But with banks, who can tell.

[eddysmit]

On 3/25/2017 at 10:45 AM, Moonlover said:

They do, at least Nationwide do. I've just recently received my new credit card. What they do do, is block your account whilst the card is in transit as a security measure.

 

OP, I have had address' in Saudi Arabia, Egypt and now Thailand. It has never been an issue.

 

Good to hear that because I have just contacted them(my card runs out May) and they said they do not send cards, I take it because of still having an English address I'm using at this time but would prefer to use my Thai address if I can have cards sent here, so, when I have moved my address to Thailand they will do as you have said for security reasons, thanks for the information.

[SunsetT]

On 24/03/2017 at 10:37 PM, Andrew Dwyer said:

Interested to see how this works out for you, I've been out of the uk for 21 years and always used my fathers address for my NatWest account.

My Dad is 87 and not gonna live forever so I've been wondering what I should do when the inevitable happens ( god forbid).

My idea was just to change my address to my daughters but if I can use a Thai address even better .

 

It might be better to keep your options open and use your daughters address.  You would then be able, if necessary, to open new accounts or change your existing account. But not if u switch to your Thai address.

[mommysboy]

5 hours ago, Jonmarleesco said:

My Thai address was fine for some three years with HBoS. Then last year, my replacement debit card failed to materialise, something I hadn't realised was up for renewal until I checked the date and found my then card was already a month out of date. When I called them, their response as to why I hadn't received my replacement card was that Thailand was subject to sanctions, something of which no one I knew was aware, and something that proved unverifiable. Regardless, I needed to provide them with a UK address ... though my card somehow eventually found its way to my Thai address, and direct from the bank.

 

Lloyds, of course, owns HBoS. And Lloyds had Thailand down as a grey market many years ago. So it's doubtful your Thai address will work. And I'll give you others will have found no problem - so far. But with banks, who can tell.

 

Yes. I confirm Llloyds will not send a replacement card, but at least I get to keep the account.  I can transfer money online.

[mommysboy]

1 hour ago, SunsetT said:

It might be better to keep your options open and use your daughters address.  You would then be able, if necessary, to open new accounts or change your existing account. But not if u switch to your Thai address.

This is probably the way I would choose to solve the problem given the chance.

[Crossy]

On 26/03/2017 at 8:12 AM, pattaya1234was said:

Whilst in the UK last year I called in at my Branch to discuss the Current account situation with them. All I could get was that Barclays are in the process of cancelling current accounts of customers resident in some countries. They could not tell me whether Thailand was one of those countries or whether it was likely to be in the future.

By the way, I did manage to obtain a Credit card from Amex and they have been extremely helpful. 

 

Yup, despite using my parents address Barclays sussed I was living in Thailand and closed both my current account and Barclaycard

 

I have local card anyway (got a Work Permit) so no real issue, it's just nice to have backup.

[mommysboy]

2 minutes ago, Crossy said:

 

Yup, despite using my parents address Barclays sussed I was living in Thailand and closed both my current account and Barclaycard

 

I have local card anyway (got a Work Permit) so no real issue, it's just nice to have backup.

Barclays did indeed have some form of crackdown against expat accounts, but the issue seemed more about accounts that were not being used.  They said most of the accounts had not been used for up to 3 years.

 

It would be interesting to know if this was indeed the case or whether regularly serviced accounts also got closed.