Changing bank accounts to move to another country

StephenEJGuy

Hi all,

I am looking to move to Thailand to teach in the next couple of months. But I have an exsisting loan with the cooperative bank of £1100 which works out at £41 a month. I was concerned with the currency exchange on this as the pound is much stronger than the baht. So this £41 pounds would have a huge impact on my earnings.

I would appreciate it if anyone could maybe shed some light on the situation. e.g Is it possible to move bank and consolidate so the loan would convert into baht......

Thanks

Steve

Voyager2002

No, whatever happens you still owe the 1100 pounds sterling. I cannot believe that a Thai bank would lend money to a recently-arrived foreigner, and if they did so the interest rate is likely to be far higher than what you are currently being charged.

See if you can earn some money working in a bar or driving a minicab before you leave, so that you can get rid of this worry and enjoy being in Thailand.

barak

StephenEJGuy wrote: »

Is it possible to move bank.....

You don't say how long you will be away, but disregarding the loan, it doesn't seem like a good idea to close a bank account when leaving the UK. These forums have countless messages from expatriates complaining how difficult it is to open an account with a UK bank.

Hang on to yours!

Inactive

StephenEJGuy wrote: »

I am looking to move to Thailand to teach in the next couple of months. But I have an exsisting loan with the cooperative bank of £1100 which works out at £41 a month. I was concerned with the currency exchange on this as the pound is much stronger than the baht. So this £41 pounds would have a huge impact on my earnings.

The exchange rate has nothing whatsoever to do with the amount that you owe, you owe 1100GBP.

Not quite sure how you worked out that the pound was stronger than the baht, surely they are both relative to the exchange rate on any given day.

Will you be teaching maths?;)