JOHN CHAN

Transfer money to Thailand for Retirement

82 posts in this topic

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:

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ID: 77   Posted (edited)

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
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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.

 

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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.

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ID: 80   Posted (edited)

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

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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.

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I have just removed a post that was a personal attack on a member.

Since topic has gone way off topic and has turned into a topic about banks  it is now :mfr_closed1:

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BANGKOK 20 July 2017 23:53
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