HSBC in UK don't like me living in Thailand?

[BuffaloRescue]

I got a recent letter from HSBC in UK asking for various forms of ID and specifically proof of residency in the UK.

Im not living in the UK.

 

I don't want to lose my credit card, and I can't get one in Thailand. Also ill return to UK one day possibly and don't want to lose my bank account.

 

Should I tell them I'm in Thailand? Will they close my account? Or maybe they just limit it by reducing credit limits. What should I do

[vogie]

Sure, why not, I bank with the HSBC in the UK, they have all my details of my address in Thailand etc. All credit cards get sent to my Thai address, bank statements would be sent here too, but I prefer to get electronic mail.

[BEVUP]

23 minutes ago, vogie said:

Sure, why not, I bank with the HSBC in the UK, they have all my details of my address in Thailand etc. All credit cards get sent to my Thai address, bank statements would be sent here too, but I prefer to get electronic mail.

I'm just shocked , My origin is Aus & having to deal with Visa cards

I may have to join that bank as i was trying to get a credit card sent to me on the other side of Auss after ringing them for the third time to verify that the address was what they seen on their screen BUT to no evail 

That was a Visa card & after they had sent 3 cards all left unactivated not even a reply from them so much for fraud

So now i have a credit account only online because i had to join another bank due to the fact they also stuffed up my savings account that was on the same card after they told me it will be ok it's only your credit account that was compromised 

Typical Auss complete idiots 

 

[Crossy]

I cannot speak for HSBC, but Barclays pulled my credit card and closed my current account simply because they "thought" I was not resident in the UK.

 

OK, they were correct, but still more than somewhat annoying.

 

If at all possible I suggest our OP keep some form of UK address, (parents, sibling, kids) which can be used as a UK residence.

[bamukloy]

I suspect is not the bank but the government that dont like people living overseas.

Goverments all over are pushing laws on banks, pressuring them to foreclose information of money sent overseas.

One of my banks send email threatening closing accounts if it was the case i am a non citizen for tax in that country.

Dont know why this poses a threat to banks as they get 3% of my money and various charges.

 

I guess its government interferance with the excuse of anti money laundering BS they come up with

[vogie]

22 minutes ago, Crossy said:

I cannot speak for HSBC, but Barclays pulled my credit card and closed my current account simply because they "thought" I was not resident in the UK.

 

OK, they were correct, but still more than somewhat annoying.

 

If at all possible I suggest our OP keep some form of UK address, (parents, sibling, kids) which can be used as a UK residence.

Probably a good idea keeping an UK address, not going to hurt, but in my case I don't have one.

[NanLaew]

All banks have to comply with government directives aimed at money laundering called '"Know Your Customer" or KYC. There are no specific guidelines as to how the banks must comply with this, hence the differing experiences noted here with banks either requesting ID and home address information and others arbitrarily closing accounts solely on their assumption that you are not UK resident.

 

For the OP and his concerns with HSBC, according to vogie's post, it appears they have no issues with domestic UK account holders living in Thailand. HSBC used to market themselves as a truly global bank with ease of moving money between branches or opening accounts in any country where they had operations. I understand that new regulations played a large part in their dropping this as a prime incentive to bank with them. This was made worse by their closing or selling a lot of their overseas operations such as the one in Thailand which left some expatriate account holders here scrabbling to find local banking alternatives.

 

My experience with two other UK banks and their compliance with KYC rules is that in addition to a government issued photo ID such as passport and/or DL, for a UK domestic account, they require a UK address and may request proof of living there. For an international account they will need a Thai (or foreign) address and will request proof of living there.

 

A bit of advice to the OP; if he has acceptable provenance of UK residency and he still travels to the UK, open a new account with another bank there while maintaining the HSBC one. The rules and regulation changes make having all your eggs in one basket while living mostly overseas all a bit perilous.

Edited June 7, 2017 by NanLaew

[BEVUP]

18 minutes ago, NanLaew said:

All banks have to comply with government directives aimed at money laundering called '"Know Your Customer" or KYC. There are no specific guidelines as to how the banks must comply with this, hence the differing experiences noted here with banks either requesting ID and home address information and others arbitrarily closing accounts solely on their assumption that you are not UK resident.

 

For the OP and his concerns with HSBC, according to vogie's post, it appears they have no issues with domestic UK account holders living in Thailand. HSBC used to market themselves as a truly global bank with ease of moving money between branches or opening accounts in any country where they had operations. I understand that new regulations played a large part in their dropping this as a prime incentive to bank with them. This was made worse by their closing or selling a lot of their overseas operations such as the one in Thailand which left some expatriate account holders here scrabbling to find local banking alternatives.

 

My experience with two other UK banks and their compliance with KYC rules is that in addition to a government issued photo ID such as passport and/or DL, for a UK domestic account, they require a UK address and may request proof of living there. For an international account they will need a Thai (or foreign) address and will request proof of living there.

 

A bit of advice to the OP; if he has acceptable provenance of UK residency and he still travels to the UK, open a new account with another bank there while maintaining the HSBC one. The rules and regulation changes make having all your eggs in one basket while living mostly overseas all a bit perilous.

Many foriegn banks try to enter the asian market but fail as they have no idea about the way they do buisness here - you actually have to pay people to provide a service

Also i notice here you can simply get a new savings account card over the counter not like the west (or maybe only Auss ) where you have to wait for it in the mail then activate it on computer (idiots again ) - good for older citizens 

[elliss]

2 hours ago, Crossy said:

 

 

If at all possible I suggest our OP keep some form of UK address, (parents, sibling, kids) which can be used as a UK residence.

    UK residential address, 

 payment of poll tax / community  tax ? , maybe worth  paying  it.   

   Big  Brother , has  IT toys , only a matter of time , before they close this  loop hole .

Edited June 7, 2017 by elliss

[KittenKong]

1 hour ago, BEVUP said:

Also i notice here you can simply get a new savings account card over the counter not like the west (or maybe only Auss ) where you have to wait for it in the mail then activate it on computer (idiots again ) - good for older citizens 

 

Metro Bank in the UK issues cards in the branch while you wait. They have a rather neat card embossing machine. Other UK banks do seem to do it all by post from some central card issuing facility. Presumably for cost/security reasons.

[topt]

3 hours ago, elliss said:

    UK residential address, 

 payment of poll tax / community  tax ? , maybe worth  paying  it.   

   Big  Brother , has  IT toys , only a matter of time , before they close this  loop hole .

Currently it seems all the banks have different policies. Nothing yet to do with loop holes or Big brother although I see where you are coming from.

 

As vogie previously said HSBC know he is in Thailand and not currently an issue. Lloyds know I am in Thailand and apart from not being able to send me any bank cards does not seem to be an issue either. Barclays seem to have made a different decision.

 

If you do not already have an account then yes according to the Ts and Cs you are normally meant to be resident in the UK to open one. Good advice from NanLaew to open up another account as back up if you are able.

[GuiseppeD]

7 hours ago, BuffaloRescue said:

I don't want to lose my credit card, and I can't get one in Thailand. Also ill return to UK one day possibly and don't want to lose my bank account.

It's so easy to get a credit card by applying online.  As long as you have a reasonable credit rating it's no problem and a UK address to have it sent to, of course.

 

You could apply for a Halifax Clarity Card [no charges on foreign purchases and the excellent Mastercard exchange rate] and obviously don't have to be a Halifax customer and have it sent over in the mail by a relative if push come to shove.

 

Just an idea.

 

 

Edited June 7, 2017 by GuiseppeD

[Tchooptip]

My bank HSBC In Nice, south of France, they now perfectly I am living in Thailand for five years no problem...till now. 

[alanrchase]

My bank have told me I am not allowed to have an onshore account in the UK. Still have the account on my Thai address. Bit of a gray area.

[Chicken George]

HSBC were fined millions for allowing money to be laundered through their bank. So they have to do the jib of the police and UK gilovernment to keep their house in order. Ive had a telephoned interview from the HSBC thEd ladt two years checking on my personel details. They wanted to know my address income what I own here etc. I had to supply proof of my address certified along with my passpoet certified. I used my userfuk lease from the local government certified to prove where I live.. No big deal. They even re enbursed the money it cost me.. I would suspect they could close your acvount futher along the line if you do not tell them the truth

[ehw200]

In Canada if you are a non resident for tax purposes

The Government rules .say that you can not have a bank account in your name

As well as not being able to own land

In your name

AND you give up.rights to health insurance

ETC

[mduras01]

UK and US banks are not expat-friendly. If you constantly login from Thailand, your IP gave you away. 

[ResandePohm]

OP you are panicking over nothing. They need to know where you are because of the money laundering laws and whether they need to tax your bank interest

 

[thaiguzzi]

8 hours ago, vogie said:

Sure, why not, I bank with the HSBC in the UK, they have all my details of my address in Thailand etc. All credit cards get sent to my Thai address, bank statements would be sent here too, but I prefer to get electronic mail.

Ditto on all the above.

I've been with HSBC since they were still called the Midland Bank. Still have a UK address, but the main one is here, and they know that.

[Muhendis]

I joined HSBC many years before moving to Thailand. Gave them my new address of before I moved and never had any problem for the past five years. Financial institutions are left to interpret the money laundering laws for themselves so there are bound to be variations between these institutions. For example My investment co. will only release funds to a UK bank but the law says they can pay direct into an overseas account if they want.

Footnote: HSBC (Hongkong and Shanghai Banking Company) is not a UK bank but is licenced to trade in the UK.

[manarak]

I would advise caution, my bank wanted to close my account when they learned I live in Thailand.

I gave them a proof of address and the matter stopped, but don't count on a bank to keep your account if you move to Thailand.

 

It's one of those areas where regulation is needed IMO, nationals living abroad should be entitled to an account and debit card in their home country.

Edited June 7, 2017 by manarak

[Blueboy88]

When HSBC start asking questions like that, you are on a list for account closure. I know from 1st hand experience. HSBC in particular are actively closing UK accounts for non-UK residents as they offer their HSBC Expat product as a replacement and they are under pressure from the US to show they are closing accounts that may be involved in money laundering, so they use this as their smoke and mirrors trick. To have an HSBC Expat account you will need to prove residency and tax registration (where applicable) in your new country and maintain a high minimum balance.

 

Not all UK banks are the same, but in principle only UK/EU tax residents may have "free" UK bank accounts. Some banks ask more questions than others. Barclays now specifically ask (twice) to confirm you are full time UK resident and NOT resident in another country, when you open a new account. ALL other banks will still ask for proof of UK address when you open a NEW account.

 

Some banks have previously offered UK accounts to UK citizens who are currently non-EU-resident (usually for work reasons) and they may or may not charge you for this. This practice is now getting closer attention - be warned. Just because your banking is working now, they can see your transactions, your IP when you login, and this will eventually lead to questions from your bank.

 

The only solution that "seems" to work for now is maintaining a UK address (family will do) but get as much as you can sent by post to that address. Electoral roll helps as does council tax.

 

 

[clive dunstan]

Clydesdale/Yorkshire bank do not require you to live in uk to open account according to their account opening requirements

[NoshowJones]

1 hour ago, mduras01 said:

UK and US banks are not expat-friendly. If you constantly login from Thailand, your IP gave you away. 

Many expats spend some time every year in the UK, say six months, and six months here in Thailand, are any banks

going to care if you are logging in from Thailand for around half the year, or even  three months of the year in the UK?

[NoshowJones]

31 minutes ago, clive dunstan said:

Clydesdale/Yorkshire bank do not require you to live in uk to open account according to their account opening requirements

I have been in Thailand for nearly 12 years, and logging in regularly with the Clydesdale bank, and never a problem.

[Baerboxer]

9 hours ago, vogie said:

Probably a good idea keeping an UK address, not going to hurt, but in my case I don't have one.

 

I bank with HSBC too. The HSBC UK have my address in Thailand. All correspondence is addressed to Thailand and new credit cards are sent direct to me here. All statements etc are electronic, as I use on-line banking.

 

From what I here, trying to open a new account is a no-no if you don't have a UK address. Some banks have been closing non UK domiciled clients UK accounts but not HSBC AFAIK.

 

All banks are under pressure to make sure that they have up to date proof of ID, current address, and sources of income from their customers. Overseas customers also attract attention from the tax authorities.

 

 

[vogie]

1 minute ago, Baerboxer said:

 

I bank with HSBC too. The HSBC UK have my address in Thailand. All correspondence is addressed to Thailand and new credit cards are sent direct to me here. All statements etc are electronic, as I use on-line banking.

 

From what I here, trying to open a new account is a no-no if you don't have a UK address. Some banks have been closing non UK domiciled clients UK accounts but not HSBC AFAIK.

 

All banks are under pressure to make sure that they have up to date proof of ID, current address, and sources of income from their customers. Overseas customers also attract attention from the tax authorities.

 

 

I pay my tax every year, so should have no concerns from the taxman. I have a house I rent out, so technically it is not my house for living in, please correct me if I'm wrong?

[Baerboxer]

1 hour ago, Blueboy88 said:

When HSBC start asking questions like that, you are on a list for account closure. I know from 1st hand experience. HSBC in particular are actively closing UK accounts for non-UK residents as they offer their HSBC Expat product as a replacement and they are under pressure from the US to show they are closing accounts that may be involved in money laundering, so they use this as their smoke and mirrors trick. To have an HSBC Expat account you will need to prove residency and tax registration (where applicable) in your new country and maintain a high minimum balance.

 

Not all UK banks are the same, but in principle only UK/EU tax residents may have "free" UK bank accounts. Some banks ask more questions than others. Barclays now specifically ask (twice) to confirm you are full time UK resident and NOT resident in another country, when you open a new account. ALL other banks will still ask for proof of UK address when you open a NEW account.

 

Some banks have previously offered UK accounts to UK citizens who are currently non-EU-resident (usually for work reasons) and they may or may not charge you for this. This practice is now getting closer attention - be warned. Just because your banking is working now, they can see your transactions, your IP when you login, and this will eventually lead to questions from your bank.

 

The only solution that "seems" to work for now is maintaining a UK address (family will do) but get as much as you can sent by post to that address. Electoral roll helps as does council tax.

 

 

 

Are you suggesting there is a marketing policy with HSBC to move non UK domiciled British customers with HSBC UK bank accounts to HSBC Expat?

 

I have accounts with both and IME they don't really work together and stand alone.

 

[Baerboxer]

Just now, vogie said:

I pay my tax every year, so should have no concerns from the taxman. I have a house I rent out, so technically it is not my house for living in, please correct me if I'm wrong?

 

Correct sir. I do the same. You presumably complete a tax return each year and then pay any tax due? 

 

Regardless of where you live, you are still subject to tax arising from earnings in the UK - house rental, investment income etc. But you are also still entitled to the full personal allowance.

 

There are some discussions about more changes to the UK tax reporting system which will require quarterly returns as well as the annual one. Lovely!

 

 

[Baerboxer]

2 hours ago, Muhendis said:

I joined HSBC many years before moving to Thailand. Gave them my new address of before I moved and never had any problem for the past five years. Financial institutions are left to interpret the money laundering laws for themselves so there are bound to be variations between these institutions. For example My investment co. will only release funds to a UK bank but the law says they can pay direct into an overseas account if they want.

Footnote: HSBC (Hongkong and Shanghai Banking Company) is not a UK bank but is licenced to trade in the UK.

 

Also has it's HQ in the UK.