liljeab

Hi, Can anyone help please? We are planning to rent out our property in the UK when we move to Thailand permanently. We've just been told by many banks that we can't keep our UK bank accounts active when we become a non-resident. Is this correct? And if it is, how do other people deal with their income from the rented property?

We also understand that we can opt to receive our pension to be paid into the UK bank account or abroad. What happened then if we are unable to keep our UK bank accounts active?

Does anyone also know of any bank who are very flexible with expats?

SanDiegogirl

Use Wise to obtain and transfer your money......

Lot of people have had their bank accounts closed in the UK and now use WISE

HLJ

If you still have access to another UK address (a friend or relative), most people now are opting not to tell their bank that they have moved overseas. Even if your bank says now that it's fine, they can change their mind later (i.e., Barclays) and suddenly you are in a mess.

Before you leave the UK, set up other accounts with the new online banks like Starling and Monzo, so that you have a backup. They are better for overseas spending anyway. Open an account with Wise, and you can transfer money to Thailand from there. However, most UK pension companies will not pay into Wise even with a UK Wise account because it is not actually a bank. You can have your State pension paid into an overseas account, but not directly into Wise.

Natwest shut my account down some years ago for being expat, having initially told me it was fine. I have an account with another major UK bank, so that is now my primary account, and I have rent from my UK property paid in there. I transfer it out into my Starling account. Then I either spend on my Starling card, or I transfer money from my Starling account to Thailand via Wise. I avoid making any international transactions through my primary UK account so as not to draw attention to myself.

Am I overly paranoid about it? Probably, but I've been burned once, and it will be disastrous for me if I lose access to UK banking, so for me, jumping through a few extra hoops is well worth it.

The other option is to go for a legitimate expat or international account. HSBC offers them, but others do as well. However, they tend to be expensive and have high minimum balances.

enjoythesun

I bank with HSBC and have been a non resident for the last 7 years. I didn't ask the bank, just changed my address to an overseas location and updated my tax residency status. As mentioned by someone else you can use Wise and have a UK bank account that way, and get better exchange rates when transferring money overseas.

fidobsa

I'm using Virgin Money, although it was Clydesdale Bank when I opened the account. It has worked OK so far although I did have a problem earlier this year. I lost my debit card and the new one took 3 months to reach me in Croatia. Statements do come by post but are typically 2 months out of date.

vingar

I have lived in New Zealand for 20 years and still have my British bank account (Santander). They send a statement every month to my New Zealand address. I have a direct debit going out every month (children's charity) so the account is still active. Maybe that is why they let me keep the account. That is all the account is used for and probably all it will ever be used for although I am expecting to receive an employee pension from when I worked in the UK this year. It may come in handy then.

HLJ

Banks can (and do) close inactive accounts all the time, regardless of whether you are an expat. Having active payments makes no difference when they have or bring in a non-resident clause. Barclays shut accounts that had pensions going in and mortgages going out every month.

vingar

Then I am at a loss as to why I am still getting statements. I have changed address a couple of times in New Zealand, informed Santander and then received statements to the new address. I should just close the account myself to be honest. I don't need it. I have had the account for over 40 years in various guises. Girobank, Alliance and Leicester and now Santander. Call me a sentimental fool but it would be the end of an era to let it go.

HLJ

Santander currently supports expat accounts. If your account isn't inactive, there's no reason for them to close it. If someone is planning a move, they could open a Santander account before they leave and continue using it overseas. The problem is that once you tell them you've moved, you can't take that information back. They could change their policy overnight, and then they would be screwed. So do you take the risk and use it as an overseas account while you can, or do you avoid telling them anything in case they shift the goalposts later? With so many banks opting for a no-expat policy these days, I've opted for the latter.