keeping UK account but going abroad 4 good?

taxi97w

I'm skedaddling across to the continent in the very near future. :j I don't think I'll be coming back. :j I wish to keep my Nationwide account open for at least 3 months after I'm gone because some regular money will be paid into that account for that period of time. What is the banks' stance on expats and UK accounts? Will they allow me to keep the account open if I tell them of my plans?:cool: I will still be paying NI contributions into the UK state pension if that has anything to do with anything.
Thanks in advance.

techno_geek

My parents are expats (they moved to france 4 years ago). They still have their UK bank accounts and credit cards... just inform your bank and it should all be fine!

I reccommend you keeping your UK accounts open forever, even if you go abroad - they can be very useful, especially if you still receive the odd bit of money in Sterling. The Nationwide account will be especially useful for you while you're abroad... fee-free cash withdrawals etc.

When you go abroad, fill out a form R105 for each account (savings and current accounts) to get the tax paid gross of tax. As long as you don't receive a salary in the UK you won't pay tax or NI. You can, however, make voluntary NI contributions to top up your state pension.

Don't forget to talk to your local tax office about what your taxation requirements/obligations are when you move... you might be pleasantly surprised!

Your UK bank account will still be useful, even if you don't use it for a few months at a time!!

Good luck moving abroad!!

taxi97w

Thought this thread was doomed- thank god you replied Techno_geek.
This is great news. Think I will apply for internet banking, just so I can see what's happening to the accounts. I don't imagine NW will send statements to the continent otherwise.
Thanks especially for the bits about the tax office and the R105 form.
I've got more forms than you could stick a lighted match to- but forwarned is forarmed, or something like that.
Cheers
:beer:

rach29

Hi Taxi,

Natwest will send your statements abroad. They have done this for my parents for the last 10 years.

Where are you going to? no reason, just nosey

rach29

OOh just realised you meant Nationwide (dur)

Still, no reason to think they won't post your statements abroad either.

Good Luck with your move.

seven-day-weekend

We still have our UK Bank Accounts and a credit card, we are registered online, and they send the statements here to Spain.

We have accounts with Lloyds TSB, Co-OP, Portman and West Bromwich BS, and a Goldfish credit card.

Only 'awkward' one was West Bromwich BS who would not register a foreign address and we were told to close the account. Luckily however, we still have our UK house (our son lives in it), so we kept it registered there.

Be aware that if you have any ISAs you will not be able to invest in them while you are abroad; however you can receive the interest and make withdrawals.

.

Mrs_pbradley936

For at least a year you need to nothing just get the post office to forward your mail. I think you can do it for two year but not sure. You just fill in a form take ID along and pay the fee. They need about 5 days notice. You should have sorted yourself out by then.

Mrs_pbradley936

We have a bank account in the USA and they used to charge $5 each to send a statement to the UK, but since I have been doing online banking I have cancelled the paper statement

taxi97w

seven-day-weekend wrote: »

Be aware that if you have any ISAs you will not be able to invest in them while you are abroad; however you can receive the interest and make withdrawals.

.

I have a Nationwide ISA. I don't know what you mean SDW- how can you recieve the interest on an ISA if it is not invested? The answer is prob as clear as day, but with all the info in my head at the mo, it's as clear as mud.

taxi97w

pbradley936 wrote: »

For at least a year you need to nothing just get the post office to forward your mail. I think you can do it for two year but not sure. You just fill in a form take ID along and pay the fee. They need about 5 days notice. You should have sorted yourself out by then.

I'm going to do that for 12 months. I think everyone who I've had contact with should write within 12 months otherwise they're probable not that important.

techno_geek

Ah yes, mail forwarding... I thought I'd be a good son and go to my parents old house once a week and pick up any mail that was delivered there (the new occupants were very nice about it!) even though it meant a 30 minute train ride there and back... after the first three weeks I gave up and arranged forwarding with Royal Mail - much easier!!

Also, having just spoken to my folks, my dad suggested you get all your overdraft and credit card limits increased as the banks might refuse this once you're abroad!

HSBC were very accommodating for my Dad - they bumped his overdraft up to £5k, and his credit card up to £50k!!!! It's been useful as there have been a few direct debits that slipped his mind, and the credit cards are good for paying for stuff when my folks pop back to the UK every so often.

I would reccommend you apply for a Nationwide Credit Card if you don't have one already - it will save you having to transfer so much money over from the UK!
It's good for going shopping, buying furniture etc at home and abroad... and you get more foreign currency for your £ (which is always a good thing!)

On the ISA front, the interest doesn't count as "investment" so it remains tax-free. I believe you have until the end of the current tax year to use your allowance, regardless of when you move abroad during it. (hope that makes sense)

Hope all goes well - PM me if you find you have any other questions and I'll do my best!