Do I need to close my UK bank accounts when moving to Thailand?

Sep 12, 2024
3 months ago
Stephen **********
ORIGINAL POSTER
This is aimed at UK expats. I am moving to Thailand in November. I have the sufficient funds to qualify but I have been informed that leaving UK I must close all my UK bank accounts. I have looked at expat offshore bank accounts the rates are poor and their are additional fees. Thai bank accounts having made my 800,000 deposit offer poor interest rates on other cash I might deposit. Looking for advice please.
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TLDR : Answer Summary
The original post raises concerns about potentially needing to close UK bank accounts when moving to Thailand. Multiple comments clarify that it is generally not necessary to close UK bank accounts upon relocation. Many expats have maintained their accounts while living abroad, often using a family member's address in the UK for correspondence. Suggestions include consulting with a lawyer for proper advice and considering international banking options like HSBC's global services. There is significant advice regarding maintaining a UK address and mobile number to avoid complications with bank operations, along with various options for handling finances while living in Thailand.
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Andy *******
Some uk banks will not allow you to have a uk account without being resident in the uk...but HSBC has no problem with it
Dave ************
If you open a wise account, you get a decent exchange rate.

You can also put any surplus pounds in the account into the jar. That money earns interest. Not a great rate, but better than a thai bank.
Noa ********
Revolut
Roger ********
I've been here 20 years. Still have my UK bank accounts
David ********
Who told you that you must close your bank accounts if you move abroad?
Sally ***********
Just had this problem as we were with barclays have just swapped to HSBC fine with address abroad
Ken *******
I have had a natwest account with a Thai address since I came here to live 9 years ago and I use their banking app and get security sms messages to my Thai phone number. I've not had any problems.
Osian ********
Ok he's right in that if you tell the bank what you are doing they will tell you you must close account, but don't ask, don't tell, just find a 3rd party address that a friend/fam don't mind you using and give to bank and say nothing, simples!
Taz **********
Don’t close your UK accounts, surely you have a relative or friend who’s address you can use as your UK address, I have used my sister’s address as my residence for 14 years
James **************
You don't have to do that at all.
Chris ********
I use a family members address and have 3 bank/building society accounts. None of them told me I'd need to close them. I transfer money from pension into them monthly to keep them active. Also pay £6 monthly for cheapest GiffGaff sim in UK phone.
Bart **************
You don't need to close your accounts.
Jon ******
I don’t know who told you that one. I would have at least one bank account open in the uk
Chris ****
Keep your options open son
Russell *******
Don't close your UK bank accounts. Just use someone's address and inform the bank of new address. You can usually do it through online banking or a bank app. Think about putting spare money into fixed term bonds. If you keep to a maximum of 85 grand it's covered by FSA should it fail. Fixed rate bonds are not putting your money at risk. Only bring money into Thailand you need , as it's sounds like all will have to declare for possible tax . If you are not wanting to buy insurance, make sure you have funds available should something go wrong.
Bob **********
Been here a long time and my friends from the UK still have there bank accounts
Phil ********
Use Wise and have a virtual card.

Transfer to Thai account as and when needing cash.
Nick ************
@Phil *******
I have had a Wise virtual card for around two weeks. So far I have not been able to make on line payments, draw cash from an atm or make a purchase in a shop. It has therefore been completely useless. And yes I do have all the sttings correct.
Phil ********
@Nick ***********
Transfer to Thai bank account and use Thai ATM.
Nick ************
@Phil *******
I do that already but I wanted a backup for travelling SEA . It won't be a wise card.
Phil ********
@Nick ***********
Don't keep all your eggs in one basket.
Nick ************
@Phil *******
that is exactly what I have 3 Thai bank accounts. But my UK debit and credit cards are about to expire.
Phil ********
@Nick ***********
Just get new ones sent here.

But use those RFID cases.

My Mother's been sending mine that way for years.
Nick ************
@Phil *******
they will only send cards to Europe so can not get one sent to Thailand. Took a week and 7 emails to get that information. What is RFID?
Phil ********
@Nick ***********
Ive got these still from cards being sent here over the years.

Anything is possible, theres always a way to get something done if theres a will to do it.
Nick ************
@Phil *******
I've got easier options. Went to banks and got my Thai cards cleared for use overseas. Wise make it too complicated.
Phil ********
@Nick ***********
Get them sent to a friends house and get them to send them here.
Alan ******
Been here 4 years still have my Barclays bank account
Guddu *************
Rules have changed and are changing, they are becoming more greedy and full of trouble for retirement visa as well they won't give you more than 3 months and expect yourself maintain it
*****
0 all along. They also expect you to maintain a rental lease and pay out of your pocket without using your
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0 account so immigration really think you are dying to get retirement visa. Team up with your friend and keep moving between neighbouring countries stay few months there and few months in Thailand . Try to out smart the stupid immigration rules.
Kirsten *********
I have my UK account with Lloyds. I changed the address to Thailand online. I have no problems. I can change it back any time. I also have a Lloyds offshore account and a Wise account. I use Wise to transfer here because it’s cheaper and faster. You can have 2 numbers on your Loyds account. So I have one for texts and one for calls to do the codes. No problems so far
Gemma ********
If this is Santander it’s not surprising. For the 5 years I’ve lived in Thailand they have caused nothing but problems for me, restricting my account numerous times. Their one time passcodes don’t work with Thai numbers and UK numbers don’t work here so I can’t do any online banking. Recently they have also asked me many questions about why I’m living in Thailand, why I still have a UK account, and if/when I plan to return
Brian ********
I have been living here since 2006 and still have 3 accounts with First Direct in UK
Stuart ***********
I have lived in Thailand for 3 years and have 2 bank accounts in England.

I keep a family members address in England as my address with them.

They can close your account if they suspect you are living abroad and this does happen, even if there is activity on your account.

Both of my banks have suspended my accounts during the period I have been in Thailand, because they were suspicious I was living abroad. Luckily I managed to talk them into keeping the accounts open.

They do not know you are abroad, unless you either tell them or your financial activity makes it obvious.

I did some stupid things like using Western Union several times to transfer money to my account in Thailand (doh!).

Use Wise to transfer money, so they don't know where the money is going and keep quiet about moving abroad and you will be fine.

Make sure you have more than one UK account, so you can transfer your money there if one bank gets awkward.

It's not ideal, but cheaper than paying for an international account.
Kenneth *******
Yes Thai Bank rates are low. I do have all my accounts with Bangkok Bank of Thailand because all the transfer fees and poor exchange rates it actually is better.
David ********
No need to inform UK that you are moving, as it causes too many headaches especially as you try to return after being gone, for a while you won't even have access to the NHS. Just get a forwarding address for any item you need forwarded and keep your UK address. Also UK banks are picky about not having a UK address. Don't close any bank accounts as you can use them while abroad.
Nick ************
It is a requirement for most UK banks that you are uk resident to have an account. I made three monthly swift payments to Thailand and even though I have a UK address my account was closed. I opened another while in the UK and I am very careful not to give them the idea I live in Thailand. All transfers are made through Wise so my bank has no idea where they go.
Tim *********
In my case, my HSBC regular UK domestic current account has the option to add a 'Global Money' account. It's run from the app. It's free. It allows you to hold money in a variety if currencies (but not Thai baht). You can make purchases abroad, draw cash at foreign ATMs and transfer money abroad with no fees.
Tim *********
There is no requirement to close all your UK bank accounts, but we have seen reports of some banks closing accounts for people living here. Ideally, you should maintain an address in the UK and have that as your address with your bank. I have a domestic UK current account with HSBC and they have never suggested I need to close it, although they know I transfer funds to Thailand every month
Martin *********
Who ‘ informed’ you of that ? .. WALOB
Mike *****
This is true for US expats that move to Thailand (or anywhere outside the US).

To avoid it, use a residential address of family/friend and do not mention it.
Ally ************
Why does your bank need to know you are no longer intending to be a 'tax resident' of the UK.. you should change your correspondence address to your son's / daughter's address in the UK (with their permission of course) in order to give yourself an official or 'bone-fide' address for all your UK business.. then you get on with your life.. you can even maintain your UK mobile number by transferring it to a low cost expat telephony service.. so you will still be contactable on the same number.. and nobody needs to know where you choose to sleep at night ;)
Jason ***********
Move your money to a Bitcoin wallet in stable coins. You have full control, self custody.
Aake **********
Nikolai ****
Close bank accounts? What clown told you that? Can't believe you actually believe it 😂
Christopher *************
You don't need to close uk accounts at all and if you have HSBC account already apply for HSBC Expat account too on line.
Terry *******
Singapore…. Many other countries will welcome your business.
Andy **********
I think it depends on the bank, I remember in the news a few months ago, Barclays bank announced they would be closing all accounts with a foreign address and phone number, go and chat with a few different banks and see where you stand, the best thing to do is keep a UK address, and a uk mobile number, registered on your account (check out 1p mobile, it's £40 for one year, and free to receive text messages in Thailand) that way I don't think they would ever close it, if you put a Thai address on it, and the bank changes it policy in the future, they could close your account, set up any regular "payees" before you leave, because any suspicious transactions in Thailand and they block your account, most expats just transfer any money from there UK bank into wise, and then into there Thai account, you can earn 4.49% interest on GBP in wise, if you turn in interest, there is a small account management fee.
Rok ********
Closing UK accounts would be a mistake unless the banks de-bank you. The 800,000 baht must be deposited on a Thai account to qualify for (first) annual visa extension.
Stuart *******
Whoever told you that

Ignore it

I still have mine and know people who have lived here 20 years that still have a UK bank account
Nerissa *******
No that's definitely not right. You've probably got long standing bank accounts which gives you a good credit rating. Definitely no need to do that. Scam?
Adam ******
I have a UK bank, they even have my Thai address and mobile number to text me passcodes.
Neil ********
Keep all your uk accounts open, whoever told you to close them is wrong.
Ian *********
maybe u need rethink your move .
Camellia ************
Deb ********
Use a friend's address in the UK.
Colin ********
I stithave my UK banks
Marky *******
I earn interest off my Australian bank accounts that pay my expenses in Thailand.. who told u to close UK bank accounts?
Simon ********
Nonsense. No need to close UK bank accounts.
Phil ******
@Stephen *********
ok did you inform tax govt or bank you are moving to Thailand and UPDATE YOUR ADDRESS TI THAILAND? this is the really important question that requires answers from you.
David ******
@Phil *****
very true I told halifax they said if you don't have uk address I have to change to Lloyds international as halifax would close acount
Gary *******
Rubbish talk telling you that
Daisy *****
I’ve kept mine open for years 🤷🏻‍♀️
Leonard ******
No longer an expat but retained UK address, Bank accounts, NI contributions and GP registration, came back to the UK, no problem
Stephen **********
ORIGINAL POSTER
Further to my enquiry. I approached Raisin & Flagstone because of their favourable rates. They said no can do. Spoke with the other mainline banks, they said no. Spoke to my own bank, they sort of winked at me and said carry on know one will know. I've got income coming in pensions, property rent, of which I pay HMRC annually. I suppose I could use a close pals address for correspondence.
Peter *******
@Stephen *********
use Starling Bank no problem
Paul ********
@Stephen *********
I have a Revolut account that gives me interest and also you can have any other currency on there with a good exchange rates. I use it for golf here and card transactions using it as Apple Pay. Works great and rates better than transfer wise for spending money here
Lewis ********
@Stephen *********
You can use a mailing service that will give you an address. Open and scan all your mail to you via email. Small monthly fee
Mark *********
There is no universal answer. It depends on which UK bank. You won't successfully generalise. Beyond which bank it depends whether you keep a UK address or try to operate from the overseas one. Finally there is a question of whether the account is actually being operated or is a sum of money left there to keep the account open - an active account actually matters. Activiy is simply shown by number of movements into and out of the account, but it is said that a large account balance helps too.
Terry **********
Which nugget told you that?
Adnan *******
I was an expat in the UK and my bank account is still thee. Been 5 years outside already
Gordon ************
Just stay where you are, you’ve ok, get some bitcoin , some bonds , some silver , yo, bro 😭👍😭😭😭
Saher *******
Have an Account with big Banks and not local banks, international banks. Many European and UK banks have a branch in Thailand or at least in south east Asia.
Bryan ********
I have accounts with Halifax and NatWest. I explained to both I was moving to Thailand and no problem. Halifax uses mobile phone to confirm transactions by text and easy to change mobile phone number to Thai mobile on their app. This is what they advised me to do and works with Thai number. NatWest uses a card reader and I got two spares to bring.
Kevin ******
@Bryan *******
have you used magic jack phone? You an keep you Canadian number and use it anywhere in the world on your mobile cell. You can add texting as well just for $8/mon. The account is free for 1st year, and only $10/yr after. It is VOIP system.
Michael ********
@Bryan *******
probably do that when we move out here with our Nationwide Building society accounts and take a couple of spare card readers.
Sarah ******
A few years back, Banks in the UK were closing non resident accounts. If you open an account and subsequently move abroad, I believe some banks close your account. Not 100% what the score is now.
Steve *******
@Sarah *****
true,and they will get hotter on that too,under instructions from Liebour...as non UK based pensioners will not get the yearly uplift.....
John *******
@Sarah *****
About a month ago I told my bank that I was considering moving back to Thailand where I had lived before.They told me if I moved I would have to close my accounts.
Clive *********
Keep your bank acc or how can you get pension paid in although you are young right ??? I still have mine
Ivan *********
I think the advice about having to close a UK Bank Account is rather weird /Wrong ? What is your source for that comment ?
Julian *******
HSBC are fine.
Steve **********
You can have accounts anyplace you desire.

Don't deposit the 800k, use foreign deposit income method.
Kevin ******
@Steve *********
hi Steve, why use income instead? What about the 30%+ tax?
Steve **********
@Kevin *****
What 30% plus tax ,?

You pay zero tax on Pension or SS.
Kevin ******
@Steve *********
Thanks Steve. Are your sure? My understanding is any foreign income is tax unless there is some exeption. I could be wrong though. You live in Thailand right now Steve?
Steve **********
@Kevin *****
been here over 20 years, all friends here on pension or SS, noone pays Thai tax.

Taxes are on income generated while here.

Any funds at home in savings ( previously taxed in your old country ) same

no Thai tax.
Kevin ******
@Steve *********
great, thanks. On a different note, i got my retierment 1 yr visa complicated by the requiermemts from the embasy. What is the best alternative way to stay in Thailand for longer that the 2+1 month? I am retiered, 60 yo, and have sufficient pension and over the 800k bht in the bank? Thanks again.
Kev *********
@Steve *********
bad advice. UK embassy don't confirm your pension income. 800k is easiest
Mike *********
@Kev ********
Thoroughly agree with you. Best to play the game honestly. If you duck and dive, you’ll surely get caught out sooner or later. After all, we are guests in their country and it’s their rules. Be respectful. Cheers
Kirsten *********
@Mike ********
it’s not ducking and diving. Thai immigration suggest this method themselves. I went to immigration and asked what I needed to do to. They asked me which country and when I said UK they told me bring your bank account statement to show
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deposited from outside each year and a letter from your bank. As from this year though we are taxed on these monies brought in unless we can show tax paid already and a dual taxation agreement. For the OP because doing it this way requires a year, you’d have to go with the 800 deposit in your first year anyway
Mike *********
@Kirsten ********
My reply wasn’t targeted at you. It’s aimed at the many people who stay in Thailand using dodgy visa offices who put the 800,000 baht up in an account for you and fiddle the visa on your behalf. Immigration is trying to clamp down on this but unfortunately some of the officials are in on the operation.

Cheers
Steve **********
@Mike ********
corruption is not difficult to find !

Usually it's the corrupt causing the turbulence requiring services of the corrupt....sadly, but not restricted to Thailand.
Steve **********
@Kirsten ********
I think that's what I said.

Your UK bank wires 65k a month to Thai bank. Once a year your Thai bank gives you a letter confirming. CM immig occassionally want copies of BB pages showing 65k+ dep FFT to back up letter. ( happened twice in 20 years ).

Was a time when Consul, or Embassy prov norirized letter simplifying things.

Those days gone for many.

I don't remember ever dep 800k, but that was 22 years ago.

Everything here changes, and every IO is different.
Steve **********
@Kev ********
meant have your bank dep 65k each month to Thai bank.

Be it pension or whatever, as long as FFT.
Kev *********
@Steve *********
that's ok to show a receipt of 65k baht per month after the first year. Thai Embassy in London accepted my UK bank statement showing equivalent to 800k Thai baht for my OA visa which I transferred to a Thai Bank account soon after arriving in Thailand. A friend of mine showed 12 months receipts of 65k+ a few baht over. However 1 month was 64k- a few baht. Immigration pulled him on it. As I said, the British Embassy will no longer confirm your state pension income.
Sarah ******
All of you who are saying that you still have an operational UK account. Is that because you have been using a UK address?
Andi ***********
@Sarah *****
Halifax allows you to keep your account with an overseas address. Al Rayan Bank also. Santander International ís a good account to open with an overseas address. I use my overseas address with all of them.
Michael ********
@Andi **********
Nationwide have a similar policy
Julian ******
@Andi **********
Santander just closed my UK account after 30 years, after requesting Thai address receiving proof of funds and translated docs as requested and then still closed it after all that effort and refused to bother giving any reason.
Andi ***********
@Julian *****
Was that Santander International? It is different to the regular Santander. Based in Isle of Man specifically for UK non residents/expats
Julian ******
@Andi **********
it's what was Abbey National before Santander UK took it over. It's not some expat division.
Ernesto ********
Most banks in USA require a USA based address. They will close if not. Is that the same in UK?
John *******
@Ernesto *******
As far as I know you need an address in the UK to have a bank account.
Michael ********
@John ******
Nationwide Building society bank allow you to have any address.

Just need a UK phone number for verification.

Savings have to be in a Current Account only, no interest paid.
John *******
@Michael *******
Thanks for the info. My accounts are with Danske Bank.
Tin **********
Keep open
Kate *******
I’ll just be putting my parents address down on mine. Having my mum keep my SIM card in a phone with her too for when I need bank authorisation codes etc, by text. It will help keep my number when I’m gone for long periods too.
Osian ********
@Kate ******
ooh that's a good idea, but won't you have to keep sin contract going at a cost? Can't you assign authentications solely to an email address instead?
Kate *******
@Osian *******
a lot of things need phone numbers now and I really like my number so I will keep it on a really cheap sim only contract in the UK. I can use it every time we visit then too.
Mike *********
@Kate ******
Too right. You need to be sneaky smart about this stuff. Cover all bases and keep your options open.

Cheers
Terry ********
@Kate ******
You can have a UK sim in a Thai phone and receive SMS messages for free. I get them from nationwide all the time. I have a dual SIM phone.
Joe ******
You don't have to close your UK accounts 😉
Steve *********
Use your son or daughter or friend as Uk address.
Ian ********
No you don't have to close them, I still have mine open.
Brian ********
HSBC has a international bank account and it allows you to have a UK presence at the same time
Ivan *********
@Brian *******
I asked in my Local HSBC and they said I could not have an international account ... I think I need to dig deeper ?
John ********
Any bank could close an account in the UK if there is no activity for a long period of time. I had HSBC accounts, Hong Kong, Singapore and then UK. Never had any problems.
John ********
@Ivan ********
You can, but I believe you have to deposit quite a large amount to open one. Not sure how much.
Audie ******
@Ivan ********
absolutely dig deeper. Your getting bad information
Brian ********
@Ivan ********
have a look on their website, there's loads of information, I was invited to apply for a international account but I already have accounts in Thaiand already
Ivan *********
I went into the branch in Ashford Kent . I know that provincial branch,s can be ill informed . I had an experience where My Bank was telling me I needed IBN numbers for a Swift money transfer ( That is true for the EU but not Asia .
Nigel ***********
No you can keep uk banks open
Phil ******
@Nigel **********
but he's told them of his thai address. This is normal for banks overseas to cancel accounts. He needs to re-establishva PoP in UK
Colin ******
@Phil *****
that's right I was told the same last year by Lloyd's bank if I don't have a UK address
Kevin *********
You most certainly don’t have to close U.K. bank accounts. Where did that info come from? I kept U.K. accounts open for decades while living in a range of countries including HK, Thailand, Australia etc.
Michael *******
Agreed I haven’t lived in UK for over 30 years, but have a property there and manage through an account I have had with Lloyd’s for 40 years I use wise for transfers and thats a back up in the event of problems
Neil ********
@Kevin ********
perfect as I have done too. Just need to have UK address where you can use family or friends.

Also use Wise
Tore *********
Why would you need to close your uk accounts? Should not be necessary
Tractor *******
You don’t have to close your uk account
Ray ********
@Tractor ******
if you closed your bank account in the UK 🇬🇧 how would you get your pension I lived in Thailand 16th years had bank account enjoy your time in Thailand 🇹🇭 great country
Michael *********
Who told you that. I have lived in Thailand for 21 years and still have a UK bank account.Get proper advice from a lawyer when you come to Thailand and nobody else
Etincelle **********
@Michael ********
Situation for NL is same as mentioned by OP, when no longer having an address in the country. In case you remain in EU you can keep some bank account at extra costs but i.e. dont have credit cards anymore. If you leave EU a nd do not have an address in the country they close the accounts.
Piet ***********
@Etincelle *********
since when? We left Holland 3 month ago and all of us kept our bankaccount with Rabobank, creditcard and insurances are deleted, that's all. So bs that they close your bankaccount. BTW we don't have any address back in Holland, and the bank knows, not a single problem with it. We even get our letters from Rabobank in Thailand.
Etincelle **********
@Piet **********
That only works if you are still registered with municipality in the NL. Otherwise you'll find out mate. Just read your banks website, no need to believe me.
Piet ***********
@Etincelle *********
ik ben gewoon uitgeschreven in Nederland, de bank zal het ook wel niet weten, jij weet het beter dan iedereen,haha
Peter **********
@Piet **********
Right.

Rabobank, ING and AbnAmrotbank all have special arrangements (I.e. higher fees) for customers moving abroad. SNS also accepts Dutch clients who moved abroad.
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