UK banks closing accounts for expats

[caller]

Here we go again. I thought we had discussed this before, but can't find anything.

Before, TSB in the UK, asked me to provide proof I was real and alive, ultimately with a selfie holding my passport and proof of address. These items also had to be loaded separately onto a secure link. Despite doing this, I received a letter within about 10 days telling me that I hadn't complied and my account would be closed.

It wasn't. It turned out all the staff in that section were working from home because of covid, which led to delays in processes and hence the error in my case. It was sorted over the phone.

Fast forward to today and another letter from TSB, simply dated 'May 2021' full of apologies and explanations, but with the upshot that they can no longer live with the hassle of so many accounts held by expats living abroad and that a few Countries have to be sacrificed for their own sanity, or words to that effect, and Thailand is one of them.

Anyone else affected?

This is so much hassle at such a difficult time and the timescale is tight. Closure date 'must be' by July 13th. There's a lot to do. Tomorrow I will be on skype asking for an extension. I do have another UK bank, but access is difficult at the moment for various reasons, but will be sorted.

But the big question is, does anyone know if it possible to open an account with a new UK bank from Thailand? It's not as if I can just hop on a flight to the UK to sort myself out.

[dtaai-maai]

Can they do this? Just close your account for no reason other than it suits them to? Is it worth contacting the Financial Ombudsman?

https://www.financial-ombudsman.org.uk/ ... s-can-help

[dtaai-maai]

What about opening an HSBC account in Thailand, would that work for you?

Also, have a look at these websites:
https://www.which.co.uk/news/2017/08/as ... -can-i-do/
https://internationalservices.hsbc.com/ ... t-opening/

https://www.expatica.com/uk/finance/ban ... uk-103992/
https://www.wizzaccounting.co.uk/blog/h ... -resident/

[Big Boy]

I read somebody else talking about TSB closing their account a few days ago. The way around it was to give them a UK address. All of my stuff (NatWest) goes through my brother's address.

[caller]

Thanks DM. That's much appreciated. But too much of a headache now and I will review what you have sent in the morning. But thanks so much for what you have done.

And of course, after about 3 re-reads of the letter I spotted something that could be important that I had missed. Partly because the letter from the bank was photographed and sent to me by line. So need to magnify on my phone to be able to read the letter moving it left and right and up and down, and that is they refer specifically to deposit accounts. Which I guess means savings accounts are still okay? Although that isn't mentioned in their letter. Anyway, I will find out tomorrow.

[Big Boy]

I spotted something that could be important that I had missed. Partly because the letter from the bank was photographed and sent to me by line. So need to magnify on my phone to be able to read the letter moving it left and right and up and down, and that is they refer specifically to deposit accounts. Which I guess means savings accounts are still okay? Although that isn't mentioned in their letter. Anyway, I will find out tomorrow.

Yes, the guy I talked about did say it was only deposit accounts. I think he said current accounts were fine.

[caller]

Yes, the guy I talked about did say it was only deposit accounts. I think he said current accounts were fine.

Thanks BB, that's very interesting. I will check my accounts in the morning, to see what I actually have, they do keep changing the names and the terms. will call the bank and report back. Damn, should have made sure I had really read that letter extremely carefully.

[Big Boy]

I've tried to find the bit I'm talking about, but haven't found it yet. I'll keep looking.

[lomuamart]

Caller, I know this doesn't help you directly but it's to show that you're not alone.

I collected my post from a box number up by the airport last week and letters included one from Legal and General who administer my private pensions. It was asking for info so as to show that the monies were being paid to the right person. I've only been getting these pensions for two years and don't recall having to do this before although I did realise that the some form of confirmation was likely at some point in time.

Then, I looked at when the letter was sent - 18th March 2021. It stated that if I didn't send back the completed forms, my pensions would be suspended. The deadline for the forms? 30th April 2021. Because of what I'm about to also describe below, the Post Office had already told me that normal airmail is taking 2-3 months to get here and vice versa.

There wasn't much point in sending the forms back to the UK so I emailed a rudimentary reply covering all their questions and am still awaiting a reply that all's OK. I did get the pensions in May but they're due again this Friday - time will tell.

The second point is my Barclays debit card that I only use here with the card reader to transfer money every month. That expires at the end of June. My father got the new one - all bank correspondence goes through him - and he sent it off last Monday. Wonderful. Maybe I'll get that sometime in September??

In the meantime, I've got one more go with the current card next week to transfer money at the usual monthly time. I could transfer a trillion, gazillion GBP - I wish - but that doesn't help me with transfers every month to satisfy Imm for my retirement extension.

There's a way around that but I haven't asked my father to help out yet. That won't be necessary until mid July.

Thank you Covid 19. I thought I was pretty untouched by all that, until problems started cropping up in areas that I didn't foresee.

Sorry for hijacking your thread a bit, but to re-iterate, you're not alone out there!!

[caller]

I read somebody else talking about TSB closing their account a few days ago. The way around it was to give them a UK address. All of my stuff (NatWest) goes through my brother's address.

I used a friends UK address. But I don't think the address is the issue here. They know I am in Thailand as I told them when I moved and the only requirement then, was to have a UK phone number for contact purposes. That's no longer the case. I ship money here regularly. They know that. Even if I didn't, the fact I am not spending in the UK would alert them. But it's okay to bank in the UK from Thailand. However, I will ask if the closure will be removed if I start using a UK address again.

And even though their letter specifically states deposit accounts have to be closed, they have listed all 5 of my accounts for closure, one of which at least, is a savings account.

I am about to phone them now.

[Big Boy]

I was here before you, but they insisted I needed a UK address - NatWest, of course.

I met with them before I moved, and explained everything, including how to move large sums to Thailand when house purchase was about to happen. They most definitely know that I am here.

[HHTel]

I'm with Lloyds with a UK address (my mother's). Although my contact details state a Thai phone number and they know 100% that I've been in Thailand for many years. On the odd occasion I need to call them "My voice is my password!", they agree to call back on my Thai phone. Only last week I spoke to them regarding authorisation for quite a large purchase on my credit card. No problems and no mention of any upcoming closure.
The early reports from last year were about closing 'Brexit' accounts in Europe. i.e. If you lived in the EU then your UK back account will be closed.
Fingers crossed it's not going to affect me. (My pensions are paid direct into my UK bank).

[caller]

The issue here is that this is a policy decision made by this particular bank, based on cost.

In their letter, they state: 'They are a UK only bank.........when customers move overseas, the increased legal and regulatory complexity and risk means it can be difficult for a UK bank to continue providing bankin g services.

In other words, they don't want to do it.

So, after a 1 hour 10 minute skype call, I am stuffed.

Apparently, the term 'Deposit Account' is a legal catch-all that covers current, savings and any other account. This is apparently explained in the other papers enclosed with the letter and which Pam never thought to send to me. I have them now, I will look at them later.

So now I am reduced to seeking an extension, as seemingly, I should have been given 60 days notice. The initial batch of letters were posted in early April, mine is dated 'May 2021' - sadly there is no date stamp on the envelope. They are going to look into that.

Edit - I raised the question about changing my address and was told that's not the issue here. It's all to do with where you reside. The letter actually states, 'our records indicate that you are living in Thailand'.

But this is just TSB, who now declare themselves a UK only bank. It's a small bank and simply put, if their costs outweigh any profit, that's the bottom line.

[HHTel]

Well my thanks go to TSB for splitting with Lloyds. If it had remained Lloyds-TSB then it would either have never happened at all or would have pulled in all the Lloyds customers too.

Actually just to correct that. It was Lloyds who split TSB into a separate entity then sold it off, subsequently delisted off the stock exchange. Now it's just a small high street bank.

[caller]

Actually just to correct that. It was Lloyds who split TSB into a separate entity then sold it off, subsequently delisted off the stock exchange. Now it's just a small high street bank.

Thank the EU, some EU regs were broken when 20bn of Government money was received after the 2008 crisis. We weren't in the Euro and they couldn't shaft the UK like they did Ireland et al. But they did what they could.

Helped me as well, when the two banks split, I ended up having accounts in both Lloyds and TSB - until now.