UK banks closing accounts for expats

[Robinhood]

Burksida "I have two accounts in the UK and don't use a Thai address for either, if you don't tell them, they won't know. Will give Starling a go though."

I think the banks do know, maybe from the account transactions or from HMRC.

I'm thinking it creates more costs and work for the banks, which is why a lot of them seem to be discouraging new applications from outside the UK. Just speculating.

[caller]

Burksida "I have two accounts in the UK and don't use a Thai address for either, if you don't tell them, they won't know. Will give Starling a go though."

I think the banks do know, maybe from the account transactions or from HMRC.

I'm thinking it creates more costs and work for the banks, which is why a lot of them seem to be discouraging new applications from outside the UK. Just speculating.

I would imagine they would also undertake full credit rating check. That will include accounts held with other banks, current or otherwise. It would also include a check of the electoral register, if that contradicts data provided to the bank, that could be an issue. They wont get data direct from HMRC

It's then up to the banks own policy to determine whether the 2 UK accounts satisfy them. Just because other data is out there, it's not always regarded as a red flag.

Edited to correct error.

[buksida]

Starling Bank application still pending review the following day so maybe they know I'm not in the UK as well.

Or ... they don't have enough staff to check applications which seems to be the status quo for the UK these days.

[buksida]

Starling Bank account was approved today.

All relatively painless but you do need proof of UK address and a UK number that can receive an SMS (I got a pal to buy a SIM there, register it to me, activate it, stick a tenner on it, and mail it here.) Additionally, their debit card works overseas and has no fees.

Now have a backup bank account should the regular ones decide I'm no longer worthy to give them my money.

[Robinhood]

Buksida, have you received your debit card by post yet? I've been waiting over two weeks and I'm starting to worry something has gone wrong with my application.

[buksida]

The account application was only approved today after a five-day wait ... so I'm not holding my breath for the debit card! Will use the Wise card if needed.

[2/cb]

Burksida "I have two accounts in the UK and don't use a Thai address for either, if you don't tell them, they won't know. Will give Starling a go though."

I think the banks do know, maybe from the account transactions or from HMRC.

I'm thinking it creates more costs and work for the banks, which is why a lot of them seem to be discouraging new applications from outside the UK. Just speculating.

The banks’ algorithm will detect quite quickly where the account holder is living.
If you live in Thailand you need a Thai account for everyday matters, perhaps move money from the UK every couple of months.

[Robinhood]

Hi 2/cb

I agree the UK banks systems will notice that the cards are only used in the UK for short periods of time.
I do have a Thai bank account with Kbank, but can't use this account for a number of UK based transactions that repeat every month.

[buksida]

UK banks must really want to ditch their customers if they're going to lengths such as counting card usage, monitoring transactions on individual accounts, or liaising with immigration.

Are banks in other countries so restrictive?

[Green Nomad]

Couple of points on this subject.

I have been living and working overseas from UK for best part of 30 years, and in that time I have always been with Barclays. Recently (last summer), I spoke with a lady from the bank over the phone ref ordering a new pin reader and debit card, to be sent to me in Saudi. There was no mention ref closing, although she did say we cannot send card or reader to an overseas address, got round this by asking someone to bring back for me.

While I was on the phone with her I asked if there was any danger of my account being closed anytime soon?, she said Barclays has no intention of closing accounts for overseas clients at present, and anyway this has all been brought on due to Brexit, so really only affects European expats. However, I did see an article on an Expat forum listing banks and their plans etc, which was very differing in each banks ideas of what they were doing or intending. Was also talking with my financial advisor and he suggested opening an account with Wise, I have used Transfer wise for several years, so I did so. Buksida, I noticed you mentioned using a Wise card, is this in Thailand? I was of the understanding Wise were not offering cards in Thailand as yet.

[buksida]

Buksida, I noticed you mentioned using a Wise card, is this in Thailand? I was of the understanding Wise were not offering cards in Thailand as yet.

No, you can't get it in Thailand, I applied from the UK and only use it when I need USD in other countries - viewtopic.php?f=9&t=40894&start=15

[STEVE G]

Yes, it all started due to UK banks loosing the rights to offer banking services in Europe following the end of the Brexit transition period.
I think what has happened now is that UK banks compliance departments have started questioning where they are regulated to operate and banks have decided that it's just not worth the hassle to have non-UK accounts.

[Green Nomad]

Thanks buksida, I have read the thread you posted ref Wise card.

[Pagey]

Couple of points on this subject.

I have been living and working overseas from UK for best part of 30 years, and in that time I have always been with Barclays. Recently (last summer), I spoke with a lady from the bank over the phone ref ordering a new pin reader and debit card, to be sent to me in Saudi. There was no mention ref closing, although she did say we cannot send card or reader to an overseas address, got round this by asking someone to bring back for me.

Barclays sent my debit card and a replacement pin reader to Saudi although it was over 11 years ago.

[PET]

I have been living in Thailand since 2005 and have 3 UK bank accounts. They are all active (otherwise why have them?) and unlike many avoiding UK pension annual increases, I openly declare my Thailand address.

No bank has contacted me on this issue and with all I have Debit Cards or credit cards which are used - one card requires me to have my renewal card sent to a UK address - no problem.