Where to keep my money after leaving UK

strummerjoe

Hello all,

I am looking for some advice. I am planning to sell my house/car etc... and move initially to South America before doing some extended travelling (mid-life crisis time:)). After clearing my debts i should have around £60k left. What i would like to do is use a very small amount of this money to open up a local account in my new country. However I am not sure what to do with the rest. Ideally I would like to keep it in a bank where I can transfer money to my local account but I would like to sever all my ties with the UK before I go and therefore I am not sure what my options are. I have looked at offshore bank accounts etc... but it is all a little confusing.

Does anyone have any advice?

Thanks all

Strummerjoe.

HappyMJ

Just keep a bank account open so that you can easily transfer money around. Save in the highest interest account you can find...fill out an R85 from with the bank to get your interest paid gross and enjoy your travelling adventure.

strummerjoe

Thanks for the reply. This is the problem, as I do not plan to ever return to the UK I do not want to keep a UK bank account as i will not have a permanent address in this country.

I just don't know if there is any way to have a bank account without having a permanent residence anywhere. It doesn't have to be a traditional account, just somewhere I can keep my money and be able to transfer sums out to my new local account.

I understand it would be easier just to keep an account here but if i don't have to than I would rather not do it.

Thanks again for the reply though.

Strummerjoe.

HappyMJ

strummerjoe wrote: »

Thanks for the reply. This is the problem, as I do not plan to ever return to the UK I do not want to keep a UK bank account as i will not have a permanent address in this country.

I just don't know if there is any way to have a bank account without having a permanent residence anywhere. It doesn't have to be a traditional account, just somewhere I can keep my money and be able to transfer sums out to my new local account.

I understand it would be easier just to keep an account here but if i don't have to than I would rather not do it.

Thanks again for the reply though.

Strummerjoe.

You said you wanted to keep your money in pounds.

Try RBS in the Channel Islands. They have GBP accounts for non UK residents. They pay zero interest though.

You'll need an address somewhere. Use a friends address if you can.

innovate

If you move your money out of the UK, you will lose your £85K FSCS protection. That could leave you without a penny overnight. Channel Islands are not part of the UK, nor is Isle Of Man.

Keep an address in the UK, keep your money in a UK account with online access and FSCS protection, and preferably some interest potential, until you have found your feet in your new country. That secures your capital (minus any inflation) in the case of a banking disaster.

Lloyds and BoS Vantage current accounts presently pay 3% interest, for balances between £3K and £5K. You are allowed 3 each. So you could shelter £30K in there. They have internet access, so you just need to tell them before you leave that you will be abroad for many months, so they don't block your online access.

For the rest of your money, have a look at Punjab National International - - they offer relatively good rates for any fixed-term savings. Not sure how 'online' they are but you can find out.

missile

I found LTSB Offshore very friendly and helpful for my foreign money transactions. You can hold cash in whichever currency you like with a debit card facility and they have a range of tax free savings accounts.

dalesrider

strummerjoe wrote: »

Thanks for the reply. This is the problem, as I do not plan to ever return to the UK I do not want to keep a UK bank account as i will not have a permanent address in this country.

I just don't know if there is any way to have a bank account without having a permanent residence anywhere
Strummerjoe.

Do you have any family you could use as a forwarding address to start with.
I would keep your current bank account to start with and see how you go.
If at some point in the future you decide that you no longer want to comeback to the UK. Then look at a change of banking.

Perhaps have a chat in a branch with one of the bigger banks that have affiliates worldwide.

innovate

missile wrote: »

I found LTSB Offshore very friendly and helpful for my foreign money transactions. You can hold cash in whichever currency you like with a debit card facility and they have a range of tax free savings accounts.

No FSCS protection on any offshore account. Is there any other useful protection?

strummerjoe

Thanks all for your replies.

Unfortunately I have no family left in the UK, one of the reasons I am looking to leave, so I cannot use an alternate address for forwarding my mail. So if i keep my current account open it would mean mail coming to my old address and I am not sure the new owners of my house would be happy with that.

I could explain the situation to my current bank and ask them not to mail anything out but I am not sure how they would react to me admitting I no longer live at the address my account is registered to.

I looked at offshore and it was a bit daunting if i am honest, however it may be my best option. Although as it has been pointed out i lose a bit of security if i go offshore. Plus i face the same issue with a lack of permanent residence.

Short of shoving 60k in the bottom of my rucksack i think i am going to have to find a solution that involves somehow keeping a UK bank account or an offshore account and maybe using prepaid credit cards to fund my travel.

Thanks again for all your replies and advice.

Strummerjoe.

Rufus_Dufus

strummerjoe wrote: »

Unfortunately I have no family left in the UK, one of the reasons I am looking to leave, so I cannot use an alternate address for forwarding my mail. So if i keep my current account open it would mean mail coming to my old address and I am not sure the new owners of my house would be happy with that.

You can have your mail forwarded by Royal Mail.

HappyMJ

strummerjoe wrote: »

Thanks all for your replies.

Unfortunately I have no family left in the UK, one of the reasons I am looking to leave, so I cannot use an alternate address for forwarding my mail. So if i keep my current account open it would mean mail coming to my old address and I am not sure the new owners of my house would be happy with that.

I could explain the situation to my current bank and ask them not to mail anything out but I am not sure how they would react to me admitting I no longer live at the address my account is registered to.

I looked at offshore and it was a bit daunting if i am honest, however it may be my best option. Although as it has been pointed out i lose a bit of security if i go offshore. Plus i face the same issue with a lack of permanent residence.

Short of shoving 60k in the bottom of my rucksack i think i am going to have to find a solution that involves somehow keeping a UK bank account or an offshore account and maybe using prepaid credit cards to fund my travel.

Thanks again for all your replies and advice.

Strummerjoe.

You don't "need" a permanent address. Surely you know at least one person in the UK who can receive mail for you. If anything just use your local post office as your mailing address.