Moving UK accounts abroad

baggyg

I am moving abroad in a month and looking at informing all the banks CC etc. In most cases you must call them to advise if it is overseas. I have some balances on CCs nothing huge but something I can't pay before going. From anyone's experience will the credit card companies suddenly say I need to settle the account or will they simply change the address and advise paperless billing? I'm actually still going to be employed by a UK company and receiving pay into a UK bank.

Many Thanks

jimbms

baggyg wrote: »

I'm actually still going to be employed by a UK company and receiving pay into a UK bank.

I suggest you seriously rethink that and instead change your account to an offshore branch of your UK bank one in the Channel islands or Isle of Man for example, this way your company can still pay to a uk branch but the Inland Pirates cannot "accidently" get your bank to pay out funds due in tax you do not owe and take 3 years to pay it back.

97trophy

seems to vary by bank, which banks and cc are you with?

baggyg

MBNA, Halifax and Barclaycard

97trophy

Barclaycard seem to have changed their policy very recently, a large number of expats have just had letters from them in the last 2 weeks. Barclaycard have cancelled the credit cards and stopped them from making new purchases.

baggyg

Does that mean that they have to pay the balance back straight away on or they just can't use the card?

jimbms

I can confirm HSBC will allow you to tranfer your account to any of its offshore branches and keep all cards you have with them. All you need to do is provide proof that you are leaving the UK and proof of employment/income.

twist-and-shout

You will also be allowed to keep your MBNA credit card when you move out of UK.

Voyager2002

jimbms wrote: »

I suggest you seriously rethink that and instead change your account to an offshore branch of your UK bank one in the Channel islands or Isle of Man for example, this way your company can still pay to a uk branch but the Inland Pirates cannot "accidently" get your bank to pay out funds due in tax you do not owe and take 3 years to pay it back.

I never heard of such a thing happening.

Do remember that the protection against bank failure (up to 50,000 pounds) does not apply to accounts held in offshore bank branches.

baggyg

Thanks for the responses. Guess Ill have to wait and see when I call them. Halifax terms look quite strong against and their change of address form doesn't allow foreign countries. If they dont allow it ill just transfer the balance to one who will or pay it off. Regarding Tax I am still actually employed by a UK firm being paid into a UK account so I guess I am liable for UK tax.

Its all a bit of a headache but will be worth it when I get there im sure !

jimbms

Voyager2002 wrote: »

I never heard of such a thing happening.

I can name at least a dozen people who this happened to when they moved here.

Do remember that the protection against bank failure (up to 50,000 pounds) does not apply to accounts held in offshore bank branches.

Yes it does, all accounts in banks in the Isle of Man are covered under Manx law by the £50k rule, in fact I would say the triple A rating here and the more stringent FSA rules actually make funds here a lot safer than the UK, one exeption being KSF but only due to the fact the UK treasury stole funds belonging to the IoM branch held in the UK, but the depositors still got the £50k plus some are getting more.