Keep UK bank account open!

Old Jul 28th 2008, 9:45 am
  #16  
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Default Re: Keep UK bank account open!

Originally Posted by Robbo25
So unless you have a burning need to keep one open, it is best to shut them down?

As I said, you may never want to return to the UK, but I've learned never to say Never. When we left nearly four years ago it was with the intention of never coming back........but here we are, and I'm sooo glad we kept that account open.
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Old Jul 28th 2008, 2:35 pm
  #17  
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Default Re: Keep UK bank account open!

Originally Posted by oldbag
A word of warning to any of you thinking of making the Big Leap away from the UK.....keep a UK bank account open. Why, if you're leaving? Because you just never know when the homing instinct will kick in and you get the urge to come back. Okay, so some of you never will return, but for those who do, trying to open a bank account is a nightmare. Fortunately Mr Oldbag and I kept one going....if we hadn't I honestly don't know how we would have transferred our funds back from Canada. All banks and building societies have to comply with such rigorous rules regarding identity, it makes it difficult if you cannot provide proof of who you are and where you live. Proving who you are isn't so bad......a passport will do that, but it's the address thing that can prove awkward. So my advice would be to keep an account open, even if it's only got £5 in it.....it'll save a lot of frustration later IF you come back.

An afterthought.....maybe this should be posted in the other forums for people to see before leaving the UK! Maybe there should be a forum called Before You Leave The UK......how about it?


I totally agree. My brother in law (who's french) went to live in manchester earlier this year after he had found himself a very well paid job on a permanent contract & he found it to be a real nightmare. He had a job, but in order to rent a house he had to have a bank account so that his salary could be paid into it. No address and he couldn't have a bank account etc etc!!! - a real catch 22 situation.

In the end he was able to open one, (HSBC was the only one to accept him),but he has no cheque book or visa - he had to make do with a simple withdrawl card which had a low daily maximum. A real pain to deal with but he learnt to make do with it. He managed to find a flat but had to pay 6 months rent in advance & so he had to have savings sent over from france to pay 6 months rent in advance, but because of the low withdrawl limit he had to withdraw every day until he had 6 months rent EVEN IF THE FUNDS WERE IN THE ACCOUNT!!! Ridiculous way to carry on!!


After he had explained all that I was very pleased that I kept mine open with just a few quid in. I use my parents address and they send me over the odd statement from time to time.

So yep, this is really good advice because moving back seems to be just one big hassle (even from europe) and not having that hurdle to jump is a great relief

Last edited by le plumber; Jul 28th 2008 at 2:37 pm.
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Old Jul 28th 2008, 2:37 pm
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Default Re: Keep UK bank account open!

Originally Posted by oldbag
A word of warning to any of you thinking of making the Big Leap away from the UK.....keep a UK bank account open. Why, if you're leaving? Because you just never know when the homing instinct will kick in and you get the urge to come back. Okay, so some of you never will return, but for those who do, trying to open a bank account is a nightmare. Fortunately Mr Oldbag and I kept one going....if we hadn't I honestly don't know how we would have transferred our funds back from Canada. All banks and building societies have to comply with such rigorous rules regarding identity, it makes it difficult if you cannot provide proof of who you are and where you live. Proving who you are isn't so bad......a passport will do that, but it's the address thing that can prove awkward. So my advice would be to keep an account open, even if it's only got £5 in it.....it'll save a lot of frustration later IF you come back.

An afterthought.....maybe this should be posted in the other forums for people to see before leaving the UK! Maybe there should be a forum called Before You Leave The UK......how about it?
Kept both my UK bank accounts open, the personnal one and business one.

Thankgod i did!!!! I never underestimate my conscience
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Old Jul 28th 2008, 2:48 pm
  #19  
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Default Re: Keep UK bank account open!

Kept our bank accounts, building society accounts and credit card accounts open. Also kept my daughter's bank account and building society accounts. Although every year when we come to file our taxes my husband wants me to close most of them down because the UK tax year doesn't correspond with the US tax year to declare the interest.
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Old Jul 28th 2008, 4:36 pm
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Default Re: Keep UK bank account open!

Originally Posted by Bijilo123
These days it is difficult to change address - you need the same standard of proof as for opening a new account!! I've just gone through this. Keep the account at your address and just tell them no more post! They can handle that.
I just told Lloyds I would be resident in Australia for a couple of years, they have no problem with it, cashpoint and visa cards are always sent here with no problem

Originally Posted by Robbo25
If you leave a UK bank account open does it cause any potential issues with the UK taxman as in essence are you leaving a taxable presence?
Maybe I'm missing something, but surely just having a UK account with a couple of £ in it doesn't constitute a taxable presence? I'm not earning anything from it?
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Old Jul 28th 2008, 9:28 pm
  #21  
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Default Re: Keep UK bank account open!

Originally Posted by oldbag
Ah - but were you able to provide proof of where you live? That's the key......being able to tie yourself to an address, metaphorically speaking, as well as proving who you are. You can open an account with as little as £1 as long as you satisfy the list of criteria. This applies to banks and building societies in England.......not sure about Scotland, but I suspect it would be the same.
As to the taxman being interested.....not sure as it's never been an issue with OH and me as we didn't have an income from the UK whilst living in Canada.
Strangely, although similar safeguards are in place in Canada (I used to work for Scotiabank and did all the anti-money laundering courses, so understand the whys and wherefores), we didn't have to provide proof of address.....just proof of the source of funds.
Well no! I had only been in the country 2 weeks and staying with my daughter.I have no home here. All i did was tell the lady manager i needed an account as i was starting work. Gve her my passport and Australian driving licence. She went off did a credit check, came back and opened the account on the spot.
Maybe i just got lucky
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Old Jul 28th 2008, 10:17 pm
  #22  
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Default Re: Keep UK bank account open!

Originally Posted by Fleaflyfloflum
Well no! I had only been in the country 2 weeks and staying with my daughter.I have no home here. All i did was tell the lady manager i needed an account as i was starting work. Gve her my passport and Australian driving licence. She went off did a credit check, came back and opened the account on the spot.
Maybe i just got lucky
Hiya Flea......wow! You did get lucky. I wanted to open a couple of savings accounts to spread our dosh around, and had endless trouble, because we were no longer using my sister's address ( she'd looked after the account while we'd been away, and I didn't want to burden her with it any longer) Thankfully we had the one account still open with the A&L, but every other bank and building society was a no-go, until I switched the old address to our new one and got a paper statement from A&L to tie us in to that address. So, maybe you caught the woman at LloydsTSB (was it? I used to work for them too!) on a day when she was asleep!

Hope you're feeling better, by the way!
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Old Jul 29th 2008, 12:52 pm
  #23  
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Default Re: Keep UK bank account open!

Originally Posted by robin1234
However, folks who do not live in the UK can open a sterling account in the Isle of Man or the Channel Isles. They need a certified copy of your passport, proof of address, utility bill etc. Then, if you return to the UK to live, you can transfer the offshore account to a UK bank - once you're established in the UK with a permanent address and utility bills etc.
This is true if you have a spare 500,000+ as most of the private banks who take on foreign accounts won't even look at you as their criteria is so strict.
Most of them won't touch you if you live in the states, due to banking regulations. Also Natwest Bank told us that if we hadn't already had an account with them, we wouldn't have been able to open one as we were moving off island and this was deemed illegal.

My DH worked in private banking before we moved here and knew the regs inside out........ We kept our offshore accounts open and have no plans to close them...

HTH
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Old Jul 29th 2008, 8:11 pm
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Default Re: Keep UK bank account open!

I have also discovered that certain staffing agencies require two proofs of address as well! apparently it is now a legal requirement to take a copy of your passport, but some have said they need two utility bills and they won't accept anything else. Fortunately I don't need to use the services of such an agency, but I thought it was worth pointing out.
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Old Jul 30th 2008, 12:27 am
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Default Re: Keep UK bank account open!

Originally Posted by Robbo25
If you leave a UK bank account open does it cause any potential issues with the UK taxman as in essence are you leaving a taxable presence?
I've been out of the UK for eight years. I have maintained my UK bank accounts and still do UK tax returns. Barclays are quite happy with the situation (my statements come to Canada). The UK taxman is quite happy too. The bank knocks tax off the interest I make. The UK taxman gives it back to me because I'm not resident and then I give it to the Canadian taxman. I could probably simplify the process by not claiming the UK tax back and then using that as a credit on my Canadian tax return.
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Old Jul 30th 2008, 12:31 am
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Default Re: Keep UK bank account open!

What if you have really bad credit in the UK and need to open a bank account?
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Old Jul 30th 2008, 1:08 am
  #27  
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Default Re: Keep UK bank account open!

Originally Posted by Emma M
What if you have really bad credit in the UK and need to open a bank account?
All I can tell you is that my friend's son has a dreadful credit history; his bank closed his account and he cannot open another one anywhere. His wage has to be paid into his father's account, who then doles the dosh out to him.
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Old Jul 30th 2008, 2:30 am
  #28  
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Default Re: Keep UK bank account open!

Originally Posted by blueeyes2002
This is true if you have a spare 500,000+ as most of the private banks who take on foreign accounts won't even look at you as their criteria is so strict.
Most of them won't touch you if you live in the states, due to banking regulations. Also Natwest Bank told us that if we hadn't already had an account with them, we wouldn't have been able to open one as we were moving off island and this was deemed illegal.

My DH worked in private banking before we moved here and knew the regs inside out........ We kept our offshore accounts open and have no plans to close them...

HTH
My experience is different. I wanted a bank account in the UK, and walked into a few banks in England and asked about the options. All told me that I'd be able to open one at their Isle of Man affiliate. At Lloyds I was actually able to fill out the applications and show my passport and other docs and he sent my application off to Lloyds in the IoM. I successfully opened the account with no money, and funded it later -- with much much less that 500,000!!!

Lloyds (for instance) steers customers from the rest of the world to Jersey, and from the USA to the IoM. I've always assumed that is because banking regulations in the IoM have been designed to comply with the stringent US requirements, but I could be wrong...

But just to reiterate - IoM accounts are for everyone, not just the rich. (in my experience.)
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Old Jul 30th 2008, 2:43 am
  #29  
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Default Re: Keep UK bank account open!

Originally Posted by Emma M
What if you have really bad credit in the UK and need to open a bank account?
Your best of getting an answer is to ask at the Dealing With Debt board at the Motley Fool - www.fool.co.uk
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Old Jul 30th 2008, 8:58 am
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Default Re: Keep UK bank account open!

Originally Posted by Emma M
What if you have really bad credit in the UK and need to open a bank account?
I was advised to keep a credit card going in the UK and to use it every so often so as to keep my credit rating up. I am so glad I took this advise as I am now aware it is essential to be able to obtain a mortgage, loan etc if I were to return to the UK.
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