Why bank need a to know where i am

Cragster

Hello I'm new here so I maybe posting in the wrong section. Sorry for that .
I have a question I live in Greece I have lived here for over 20years. I'm a resident also. My question is , I bank with RBS and have done so for over 30years. I recently received a letter to my parents house where all my mail from the UK goes. Asking me to tell them where i am resident ? I don't know why they ask this? Can anyone tell me. I also have accounts in other UK bank accounts and they don't ask this question.
Thanks in advance
Craig

Browntoa

Money laundering regulations

DREKLY

Kalimera ! they just want to know if you still have any Drachmas !

[Deleted User]

Money laundering.

And probably also to confirm that you’re a uk resident in order to hold an account with them still.

If you live in another country then all your mail and accounts etc. should be at your current address.

trailingspouse

You don't have to be a UK resident in order to operate an account in the UK. You only have to be resident to open an account. In fact, there's no reason why the bank can't have your Greek address and send correspondence directly to you. We did this when we lived in the Republic of Ireland but still had UK bank accounts. And we do it still, as we're now back in the UK but we have an account in Ireland - they just send everything to our UK address.


There are three different things - nationality, citizenship, and residency. You are a Greek resident, but I'm guessing still a UK citizen?

Uxb

The banks don't like it though
1. You can hardly pop down to the local branch to verify your ID
2. Any documents sent to you or indeed legal papers served would have to go though a foreign postal service which the bank has less control over and give the recipient plenty of scope to "deny receiving".

Finally we in the UK benefit from having fee banking while in credit.
This is of course "paid for" by having higher charges for those with overdrafts. So in effect those with overdrafts are paying for giving free banking services to someone who is not resident in the UK!
While I'm sure this is all fine and dandy for you I suspect those paying overdraft rates would rather not also be contributing to your fee-free based banking if your not even here...

antrobus

Cragster wrote: »

...
I have a question I live in Greece I have lived here for over 20years. I'm a resident also. My question is , I bank with RBS and have done so for over 30years. I recently received a letter to my parents house where all my mail from the UK goes. Asking me to tell them where i am resident ? I don't know why they ask this? ....

More to the point; why do you have a problem in telling them?

ttoli

It is for money laundering , I live in Cyprus and haven't touched my UK accounts in years.

JuicyJesus

trailingspouse wrote: »

You don't have to be a UK resident in order to operate an account in the UK. You only have to be resident to open an account.

Not quite true, some banks refuse to operate accounts for people who are not resident in the UK.

jonesMUFCforever

IMO they need to know your financial circumstances for a number of reasons - money laundering being one but also to make sure that you are eligible for the accounts you hold with the bank.
For example if you are not resident in the UK for tax purposes you do not qualify to subscribe fresh monies into an ISA.

trailingspouse

Uxb wrote: »

The banks don't like it though
1. You can hardly pop down to the local branch to verify your ID
2. Any documents sent to you or indeed legal papers served would have to go though a foreign postal service which the bank has less control over and give the recipient plenty of scope to "deny receiving".

Finally we in the UK benefit from having fee banking while in credit.
This is of course "paid for" by having higher charges for those with overdrafts. So in effect those with overdrafts are paying for giving free banking services to someone who is not resident in the UK!
While I'm sure this is all fine and dandy for you I suspect those paying overdraft rates would rather not also be contributing to your fee-free based banking if your not even here...

I agree, that can be a problem - but it's never stopped us being able to operate the accounts.

And not all accounts in the UK are fee-free (Santander for example). I think this is a spurious argument. If people don't like paying overdraft charges, there's a fairly simple solution...


But I agree with other posters - why does the OP have an issue with being honest with his bank?