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

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

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.

Revolut

I've been here 20 years. Still have my UK bank accounts

Who told you that you must close your bank accounts if you move abroad?

Just had this problem as we were with barclays have just swapped to HSBC fine with address abroad

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.

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!

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

You don't have to do that at all.

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.

You don't need to close your accounts.

I don’t know who told you that one. I would have at least one bank account open in the uk

Keep your options open son

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.

Been here a long time and my friends from the UK still have there bank accounts

Use Wise and have a virtual card.

Transfer to Thai account as and when needing cash.

Been here 4 years still have my Barclays bank account

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 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.

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

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

I have been living here since 2006 and still have 3 accounts with First Direct in UK

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.

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.

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.

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.

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.

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

Who ‘ informed’ you of that ? .. WALOB

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.

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 ;)

Move your money to a Bitcoin wallet in stable coins. You have full control, self custody.

Close bank accounts? What clown told you that? Can't believe you actually believe it 😂

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.

Singapore…. Many other countries will welcome your business.

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.

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.

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

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?

I have a UK bank, they even have my Thai address and mobile number to text me passcodes.

Keep all your uk accounts open, whoever told you to close them is wrong.

maybe u need rethink your move .

Use a friend's address in the UK.

I stithave my UK banks

I earn interest off my Australian bank accounts that pay my expenses in Thailand.. who told u to close UK bank accounts?

Nonsense. No need to close UK bank accounts.

@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.

Rubbish talk telling you that

I’ve kept mine open for years 🤷🏻‍♀️

No longer an expat but retained UK address, Bank accounts, NI contributions and GP registration, came back to the UK, no problem

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.

Which nugget told you that?

I was an expat in the UK and my bank account is still thee. Been 5 years outside already

Just stay where you are, you’ve ok, get some bitcoin , some bonds , some silver , yo, bro 😭👍😭😭😭

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.

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.

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.

Keep your bank acc or how can you get pension paid in although you are young right ??? I still have mine

I think the advice about having to close a UK Bank Account is rather weird /Wrong ? What is your source for that comment ?

HSBC are fine.

You can have accounts anyplace you desire.

Don't deposit the 800k, use foreign deposit income method.

All of you who are saying that you still have an operational UK account. Is that because you have been using a UK address?

Most banks in USA require a USA based address. They will close if not. Is that the same in UK?

Keep open

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.

You don't have to close your UK accounts 😉

Use your son or daughter or friend as Uk address.

No you don't have to close them, I still have mine open.

HSBC has a international bank account and it allows you to have a UK presence at the same time

No you can keep uk banks open

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.

Why would you need to close your uk accounts? Should not be necessary

You don’t have to close your uk account

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