Jump to content

Transfer money to Thailand for Retirement


Recommended Posts

37 minutes ago, Flustered said:

Everyone a blog or rumour with no actual facts behind it. Some not even about UK banks situated in the UK. We know the US is different but still no proof of UK banks doing this. Did you even read these links you posted?

 

Not one actual incident of a UK citizen having a UK bank account, becoming non resident and then having it closed for that reason.

 

Potential money laundering...... yes. legitimate non resident........no.

 

P.S.

 

Just carried out a TV search for "my UK bank account closed"....No hits or references at all in TV.

I really don't know how much proof you need that UK banks have been closing expat accounts, you've been given articles on the subject from the major UK papers and individual first hand accounts, what do you expect, a list of people's names and addresses!

 

As for searching TVF under the strictly defined criteria you used I wouldn't expect to find much at all, if you really want to find something try searching TVF using HSBC, Nationwide or expat bank accounts and be prepared to trawl through lots of posts for peoples stories.

  • Like 2
Link to comment
Share on other sites

1 hour ago, Flustered said:

Everyone a blog or rumour with no actual facts behind it. Some not even about UK banks situated in the UK. We know the US is different but still no proof of UK banks doing this. Did you even read these links you posted?

 

Not one actual incident of a UK citizen having a UK bank account, becoming non resident and then having it closed for that reason.

 

Potential money laundering...... yes. legitimate non resident........no.

 

P.S.

 

Just carried out a TV search for "my UK bank account closed"....No hits or references at all in TV.

As said nothing to justify your unsubstantiated claims?

 

1 hour ago, simoh1490 said:

I really don't know how much proof you need that UK banks have been closing expat accounts, you've been given articles on the subject from the major UK papers and individual first hand accounts, what do you expect, a list of people's names and addresses!

 

As for searching TVF under the strictly defined criteria you used I wouldn't expect to find much at all, if you really want to find something try searching TVF using HSBC, Nationwide or expat bank accounts and be prepared to trawl through lots of posts for peoples stories.

OK if they are there tell all WHERE????

Have to ask the same question have you actually read the links you are posting???

  • Like 1
Link to comment
Share on other sites

2 hours ago, simoh1490 said:

I really don't know how much proof you need that UK banks have been closing expat accounts, you've been given articles on the subject from the major UK papers and individual first hand accounts, what do you expect, a list of people's names and addresses!

 

As for searching TVF under the strictly defined criteria you used I wouldn't expect to find much at all, if you really want to find something try searching TVF using HSBC, Nationwide or expat bank accounts and be prepared to trawl through lots of posts for peoples stories.

You have not given any proof at all, just some links to articles that are not about closing existing bank accounts of non UK residents. Not a single first hand account from any forum member or anyone else. Nothing, no proof, nothing.

 

Go to any UK bank website and look at their terms and conditions for non resident UK citizens, they are the same as the Lloyds Bank I linked.

 

Add halifax as well

 

https://www.halifax.co.uk/savings/help-guidance/non-uk-residents/

 

 

Edited by Flustered
  • Like 1
Link to comment
Share on other sites

3 minutes ago, Flustered said:

You have not given any proof at all, just some links to articles that are not about closing existing bank accounts of non UK residents. Not a single first hand account from any forum member or anyone else. Nothing, no proof, nothing.

 

Go to any UK bank website and look at their terms and conditions for non resident UK citizens, they are the same as the Lloyds Bank I linked.

 

 

You also can believe what you wish. If the information provided thus far by way of links to a previous thread, news paper articles describing the problem, first hand blog style description, confirmation by other members, if those things don't help you believe there's an issue here for many people, I certainly can't help you.

  • Like 2
Link to comment
Share on other sites

33 minutes ago, simoh1490 said:

You also can believe what you wish. If the information provided thus far by way of links to a previous thread, news paper articles describing the problem, first hand blog style description, confirmation by other members, if those things don't help you believe there's an issue here for many people, I certainly can't help you.

The only issue here that I can see is your inability to see that the issue you perceive that

exists doesn't. 

Link to comment
Share on other sites

My best advice to the OP is to make sure that your existing bank in the West (or where ever) is happy to continue to service your bank account after a permanent  move to Thailand and that they will allow funds transfers between your home country and Thailand - if that raises problems, are there other banks that you can switch to easily who will permit those things. The same issue exists with credit cards issued by banks in the West, will those banks/issuers be happy to allow you to continue to use them when you live in Thailand on a full time basis, (without maintaining a convenience address back where ever!)  Asking those questions before your move will save problems downstream.

Link to comment
Share on other sites

1 minute ago, simoh1490 said:

Asking those questions before your move will save problems downstream.

Asking those questions of your current US financial institutions is a good way to cause the problems he should be trying to avoid.  In my opinion the best policy is "don't ask, don't tell."

 

Link to comment
Share on other sites

1 minute ago, skatewash said:

Asking those questions of your current US financial institutions is a good way to cause the problems he should be trying to avoid.  In my opinion the best policy is "don't ask, don't tell."

 

Indeed there is an argument in favour of that. But those questions can also be asked on a "what if" or anonymous basis. I imagine many retirees want predictability as a feature of their retirement, not surprise upsets they should not have ignored.

Link to comment
Share on other sites

Indeed there is an argument in favour of that. But those questions can also be asked on a "what if" or anonymous basis. I imagine many retirees want predictability as a feature of their retirement, not surprise upsets they should not have ignored.

Useless. Policies change over time.

 

Better use of time is to open multiple backup accounts at different places.

 

 

  • Like 1
Link to comment
Share on other sites

1 minute ago, simoh1490 said:

Indeed there is an argument in favour of that. But those questions can also be asked on a "what if" or anonymous basis. I imagine many retirees want predictability as a feature of their retirement, not surprise upsets they should not have ignored.

 

Just now, Jingthing said:

Useless. Policies change over time.

 

Better use of time is to open multiple backup accounts at different places.

 

 

Not only do they change, but the direction of change is very clear:  toward greater regulation and stricter enforcement.  A "no, we don't care if you reside outside the US" is likely to change to a "yes, we can't afford to have non-resident customers" in the future,

  • Like 2
Link to comment
Share on other sites

2 minutes ago, skatewash said:

 

Not only do they change, but the direction of change is very clear:  toward greater regulation and stricter enforcement.  A "no, we don't care if you reside outside the US" is likely to change to a "yes, we can't afford to have non-resident customers" in the future,

Over 15 years living here permanently I have transitioned my financial affairs to where I am no longer reliant on just one country - I have UK and Thai (and other) based bank accounts, credit cards and investments to the point where if I lost access to one country's products, the other would compensate equally as well. But it takes some intestinal fortitude to be able AND willing to do that, mostly I think it takes time to cut loose of the dependency to the mother country aprons strings and I accept that's not always easy. Soooo, change in future policy, I'm very OK with that, today.

Link to comment
Share on other sites

Over 15 years living here permanently I have transitioned my financial affairs to where I am no longer reliant on just one country - I have UK and Thai (and other) based bank accounts, credit cards and investments to the point where if I lost access to one country's products, the other would compensate equally as well. But it takes some intestinal fortitude to be able AND willing to do that, mostly I think it takes time to cut loose of the dependency to the mother country aprons strings and I accept that's not always easy. Soooo, change in future policy, I'm very OK with that, today.
Depends on your personal financial situation. Generally people coming to Thailand to retire are going to need financial links to their home nation for life. But if it pleases you to feel morally superior in your situation have a blast.
Link to comment
Share on other sites

1 minute ago, Jingthing said:

Depends on your personal financial situation. Generally people coming to Thailand to retire are going to need financial links to their home nation for life. But if it pleases you to feel morally superior in your situation have a blast.

Nothing to do with morality, it's purely practicality.

 

Higher interest rates on investments, no punitive taxation, no worries about exchange rates and funds transfer costs, reduced risk of governement legislation risk and on and on.

Link to comment
Share on other sites

2 minutes ago, Jingthing said:

Dude many retirees have income streams from home country. Impossible to change the source.

I'm not suggesting they do, I also have overseas income streams from the US and the UK which I cannot and wouldn't wish to change.

 

The point I'm making is that by having multiple strings to your bow, by having accounts in the home country and in Thailand, adds flexibility and opportunity to better manage your financial affairs. For example, having a pension source in the UK/US and banking those payments there whilst living off savings here, transferring funds annually, means you are much better equipped to react to legislative changes in either country, assuming there are savings that can be utilised. For me it's all about having options but for others, banking in say Thailand is something they are afraid to do.

 

But, we're so far off topic now that I see this discussion as being mostly unproductive now, and ended, from my perspective. But it's been great talking with you JT, even though you said you never would. :post-4641-1156694572:

  • Like 1
Link to comment
Share on other sites

34 minutes ago, Jingthing said:

Dude many retirees have income streams from home country. Impossible to change the source.

You are debating with a financial wizz kid who has been unable to back up a single claim he has made.

 

Quote Barclays.."

Non-resident bank account services

With our International Bank Account, you can locate your account in the UK, or in an offshore centre, depending on which is best for your financial planning needs.

"

 

The States are always hard when it comes to living overseas and having bank accounts. If you need to keep a US bank he best way is to somehow keep an address Stateside and not tell the Government you are non resident. Risky but otherwise it's a hard life.

 

The UK is easy. Provided you have a bank account before becoming non resident that is OK (despite what the wizz kid states, Lloyds, Halifax and other main banks do not agree with him). It is not possible to open one after leaving, just an offshore account.

 

Edited by Flustered
  • Like 1
Link to comment
Share on other sites

27 minutes ago, Flustered said:

You are debating with a financial wizz kid who has been unable to back up a single claim he has made.

 

Quote Barclays.."

Non-resident bank account services

With our International Bank Account, you can locate your account in the UK, or in an offshore centre, depending on which is best for your financial planning needs.

"

 

The States are always hard when it comes to living overseas and having bank accounts. If you need to keep a US bank he best way is to somehow keep an address Stateside and not tell the Government you are non resident. Risky but otherwise it's a hard life.

 

The UK is easy. Provided you have a bank account before becoming non resident that is OK (despite what the wizz kid states, Lloyds, Halifax and other main banks do not agree with him). It is not possible to open one after leaving, just an offshore account.

 

So now you're telling us there's no problem with expat US bank accounts, as long as you, "not tell the Government you are non resident"! Ok gottit, break the law and you'll be fine!!!

 

I'm sure in many cases in the UK it was that same philosophy that caused expat bank accounts to be closed because people were telling their banks they lived in the UK, courtesy of an accommodation address (gotta get that free NHS and pension state pension increases), but were later found to be living in Thailand.

 

And yes, today it is possible to open an onshore UK bank account and then become non-resident, whether or not your bank will be happy if you don't tell them you're suddenly non-resident and what they will do if they find out, is another issue!

 

G'night.

 

Link to comment
Share on other sites

10 minutes ago, simoh1490 said:

So now you're telling us there's no problem with expat US bank accounts, as long as you, "not tell the Government you are non resident"! Ok gottit, break the law and you'll be fine!!!

 

I'm sure in many cases in the UK it was that same philosophy that caused expat bank accounts to be closed because people were telling their banks they lived in the UK, courtesy of an accommodation address (gotta get that free NHS and pension state pension increases), but were later found to be living in Thailand.

 

And yes, today it is possible to open an onshore UK bank account and then become non-resident, whether or not your bank will be happy if you don't tell them you're suddenly non-resident and what they will do if they find out, is another issue!

 

G'night.

 

I think you have trouble reading. I stated it was RISKY,  I never said anything about there being no problem. They are your words, not mine.

 

I see you are quickly changing your stance on UK banks.

 

You seem to be getting very confused over the issue. No one has suggested not telling their UK bank they have become non resident. You stated that the banks were closing down non resident accounts but could not back this up. We all proved otherwise.

 

Do you not understand, UK banks allow you to KEEP your UK accounts and have your PRIME address overseas as a non resident. No one has to resort to an accommodation address for a bank account. You just cannot open a domestic UK bank account after becoming non resident. You can open a UK bank offshore account after you become non resident. It's on all of the major banks web sites as linked.

Link to comment
Share on other sites

15 hours ago, Flustered said:

If anyone is concerned, Lloyds clearly state in this link that your existing accounts are good as a non resident, it is just accounts opened while a non resident that are closed.

 

https://www.lloydsbank.com/savings/help-and-guidance/non-ukresidents.asp

 

 

You also wrote about not telling your bank, a wholly bad idea if ever there was one.

 

And no, I am not changing my views on UK banks, the problem is that you are comparing what I wrote at the outset with the current rules, all without understanding the part in the middle.

 

You quoted from Lloyds: "it is just accounts opened while a non resident that are closed". And that was exactly the reason HSBC initiated Project Safeguard a couple of years ago and the reason why expat accounts were closed. The reasons for that are:

 

Long standing onshore HSBC (and others) accounts required no proof of ID or address when first opened years ago. I opened mine in 1985 and operated it in the UK for twenty years without the bank asking for any proof of my identity. Even in 2004 when I changed the address on my account to Thailand I was never asked and again, I continued to operate that account without problems.

 

But In 2015 when HSBC got heavily fined for money laundering in the USA, all banks changed their method of operating and interviews and positive ID was required from any account holder with a foreign address, many of those people had never been UK resident but had simply managed to open an account - it was those HSBC account that were closed, as reported previously, just in the same way Lloyds did exactly the same thing, as your quote above shows.

 

It is the above that was called fiction by one poster when clearly it is fact. The above is also what is being compared against todays bank account rules for overseas accounts by another poster - apples and oranges

 

The take away from all of this: if you have a long standing/legacy account and you move to Thailand, tell your bank. Gone are the days I think when an account address could be changed at will to overseas without the bank checking up first. And if you want a new onshore bank account whilst living in Thailand, you can get one, that has never been disputed. At HSBC UK the expat account is called just that, "expat account", it is in fact a Jersey account which is administered from the mainland, previous Jersey based  accounts for expats having been closed for non-Jersey residents at the time of the Safeguard program (as already reported previously) - the US position on these things is however very different, as JT has confirmed, the issue in the case of both countries is tax avoidance and money laundering.

 

Edited by simoh1490
Link to comment
Share on other sites

7 hours ago, simoh1490 said:

You also wrote about not telling your bank, a wholly bad idea if ever there was one.

 

Conveniently missing out the part where I said it was RISKY. Now several of us have shown you with links that you can have a UK bank account while non UK resident, you ignore all of this and try to twist and spin your way out.  You should be a spin doctor for a political party.

You started off by stating you had proof of accounts closed because people were non UK resident and failed to supply any proof.

You stated that you could not have a UK based bank account while non UK resident and failed to provide any proof.

You obviously have no experience with UK banking while being a non resident like many of us have. Have you had your existing UK bank account closed because you are non resident....NO.

Do you know of any bank that has closed an existing UK account because the person became non UK resident....NO.

So do not suggest to others that their bank accounts are in danger of being closed.

America is different and non resident US citizens have their own problems. The UK is perfectly OK with overseas non residents having UK based bank accounts.

  • Like 1
Link to comment
Share on other sites

Guest
This topic is now closed to further replies.
  • Recently Browsing   0 members

    • No registered users viewing this page.





×
×
  • Create New...