Using bank and credit card accounts after emigrating

GlobeTrotter

​I have started this thread to ask you questions that I have tried to find the answers to online with no luck. The answers to these questions will help me decide what to do with the financial accounts I currently use after I emigrate from the UK to South Korea.

I currently receive rewards from my current, savings and credit card accounts. These accounts are for UK residents and the rewards I get include: the £3 monthly reward I get from my Halifax current account, the interest I get from my TSB Monthly Saver account and the cashback I get from my Capital One credit card account.

Considering I will not be telling any of my account providers I am moving abroad (in case they block my accounts), can I legally use these accounts and accept the rewards they provide me when I'm living in South Korea and working for a South Korean company? Will I have to declare to HMRC the rewards I will be continuing to receive from my UK accounts or will this still be done automatically?

meer53

If you're intending to use you accounts whilst abroad, prepare for your cards to be blocked and questions asked. If you're not a UK resident they will more than likely close your accounts. Not telling them isn't a good idea, you may find yourself with no access to your accounts. Declaring the rewards may be the least of your problems.

grumbler

Well, reportedly, some expats manage to keep their accounts in UK after informing their banks.

What sort of C1 credit card is it? Unless it's some 'limited edition' without foreign exchange load, I don't see how cashback can overweight the load.

GlobeTrotter

The C1 card I use is the Classic Extra, which still offers a 0% exchange load to some card holders who obtained one before Aug 2014.

meer53

grumbler wrote: »

Well, reportedly, some expats manage to keep their accounts in UK after informing their banks.

What sort of C1 credit card is it? Unless it's some 'limited edition' without foreign exchange load, I don't see how cashback can overweight the load.

If you call your bank and discuss it with them they might allow the accounts to remain open, just moving and not telling them isn't a good idea which is what the OP intends to do.

GingerFurball_2

Most banks are fine with existing account holders moving abroad, you're just restricted from opening new products. So if your bank suddenly launches a fantastic 20% regular saver, tough luck for you.

jonesMUFCforever

I agree having a current account with a debit card is not a problem (as long as any monies coming are kosher)but you will be restricted with savings accounts.
EG you cannot put any funds into an ISA whilst resident abroad and opening any new savings account will be problematic.

bigadaj

I wonder whether banks will still be relaxed about customers moving overseas.

From HSBC closing accounts to the issues around fatca and increasing paranoia about knowing your customer and risk of illegal payments then I would have thought that most banks wouldn't want the hassle.

SKMax

I am an expat living and working in Seoul, South Korea for 3.5 years, I have had no problem with my banks allowing me to keep my UK accounts and credit cards that existed before my move. I have even changed to my overseas address on my main account (Natwest), although I still do maintain a UK based address and you are allowed to remain on the electoral roll as an overseas resident.
Once a year I receive the forms to complete in regards to tax residency, this includes facta.
Whether this will continue amidst the growing paranoia of our banks, who's to say

AlisonVodden

Does anyone of you know what happens if one is no longer on Voters Registration in UK and hasn't changed the addresses with banks?

eskbanker

AlisonVodden wrote: »

Does anyone of you know what happens if one is no longer on Voters Registration in UK and hasn't changed the addresses with banks?

Being on the electoral roll is often useful in establishing residency or proof of address at the time of applying for financial products but it isn't relevant thereafter, so dropping off it shouldn't affect accounts you already have.

However, it's likely that the Ts & Cs of your account(s) will oblige you to notify banks of any change of address. If the address they have for you is still occupied by someone who knows you and can forward on post (e.g. parents) then you might get away with it but why take the chance? Or to put it another way, how much of an issue would it be for you if your bank(s) suspended access to your account(s) after realising that you've moved from the UK (it's easy for them to see where you're accessing your money from) and told you that to reinstate access would necessitate a visit to your branch, as has happened to posters on here before?