Sold house. Moving Abroad. Where to keep ££?

[Deleted User]

I have sold my inherited house here in the UK.  I will be heading to the states this fall and probably do some travelling in Thai/Vietnam as well.   I have a LLoyds account in the UK.   As the £ seems to be gaining against the $ i think i would rather keep my £ as £ until i need to use it.  .  I dont have any plans on returning to the UK anytime soon, so would it be safe to keep the money in Revolut & Monzo? They seem more user friendly when it comes to international conversions and moving your money around.   Im aware Revolut is still new to the UK regulations and not insured the same as Lloyds and Monzo but i think they are more flexible when it comes to foreign conversion rates, etc.  Any thoughts? Risks?   

Mark_d

You've sold an inherited house in the UK but you continue to maintain your main residential property in the UK?

I'm not too sure about Revolut. I'd spread the risk and have half the money with Revolut and half with Wise.

[Deleted User]

Mark_d said:

You've sold an inherited house in the UK but you continue to maintain your main residential property in the UK?

I'm not too sure about Revolut. I'd spread the risk and have half the money with Revolut and half with Wise.

No, i will have no more ties to the UK.  I rent atm.  I plan on getting a sailboat later next year but wanted my £ safe & sound while im bouncing around in the meantime.  I heard about Wise.  Is that similar to Revolut?

Hoenir

What address will you use in the UK?  

Might be worth opening an account in the Channel Islands with one of the major banks. 

The inherent risk is that any UK based bank might decide to terminate their relationship with you at any time as a non Resident.  Closing your account would no doubt be problematic. 

[Deleted User]

Hoenir said:

What address will you use in the UK?  

Might be worth opening an account in the Channel Islands with one of the major banks. 

The inherent risk is that any UK based bank might decide to terminate their relationship with you at any time as a non Resident.  Closing your account would no doubt be problematic. 

Well, i wont have a UK address.  I have UK/US passports so i expect i will reside in the states for the long term.  I will be closing a couple of my mothers accounts also, and i may just get a bank cheque and hold onto it until i decide where to put it.  I can open a US bank account and deposit it there later on.  I am expecting the £ to gain on the $ over the next year, so im in no hurry to convert the £.  I have had Lloyds for 15 years but i dont think it will be convenient trying to manage money with them when im all over the place.  Im just timid having £200K sitting in online bank accounts with no brick & mortar roots.   Channel Islands?   Is there some umbrella protection?     

Mark_d

[Deleted User] said:

Mark_d said:

You've sold an inherited house in the UK but you continue to maintain your main residential property in the UK?

I'm not too sure about Revolut. I'd spread the risk and have half the money with Revolut and half with Wise.

No, i will have no more ties to the UK.  I rent atm.  I plan on getting a sailboat later next year but wanted my £ safe & sound while im bouncing around in the meantime.  I heard about Wise.  Is that similar to Revolut?

Sounds exciting!

I've never used Revolut.  I've heard horror stories but I guess you get these with every company.

Wise is like a network of account in different countries.  So you can spend money where you like and hold balances in whatever currency you like.  It really is good and customer service is good too.  But it's not a full current account so I don't think you can do direct debits etc.

eskbanker

[Deleted User] said:

Hoenir said:

What address will you use in the UK?  

Might be worth opening an account in the Channel Islands with one of the major banks. 

The inherent risk is that any UK based bank might decide to terminate their relationship with you at any time as a non Resident.  Closing your account would no doubt be problematic. 

Well, i wont have a UK address.  I have UK/US passports so i expect i will reside in the states for the long term.  I will be closing a couple of my mothers accounts also, and i may just get a bank cheque and hold onto it until i decide where to put it.  I can open a US bank account and deposit it there later on.  I am expecting the £ to gain on the $ over the next year, so im in no hurry to convert the £.  I have had Lloyds for 15 years but i dont think it will be convenient trying to manage money with them when im all over the place.  Im just timid having £200K sitting in online bank accounts with no brick & mortar roots.   Channel Islands?   Is there some umbrella protection?     

UK financial institutions need to know where to find you (and not just by phone/email!), so if you're unable to provide a new address, and your non-resident status is detected, then anticipate issues, hence the recommendation to make alternative arrangements rather than expecting to continue with your UK accounts....

[Deleted User]

eskbanker said:

[Deleted User] said:

Hoenir said:

What address will you use in the UK?  

Might be worth opening an account in the Channel Islands with one of the major banks. 

The inherent risk is that any UK based bank might decide to terminate their relationship with you at any time as a non Resident.  Closing your account would no doubt be problematic. 

Well, i wont have a UK address.  I have UK/US passports so i expect i will reside in the states for the long term.  I will be closing a couple of my mothers accounts also, and i may just get a bank cheque and hold onto it until i decide where to put it.  I can open a US bank account and deposit it there later on.  I am expecting the £ to gain on the $ over the next year, so im in no hurry to convert the £.  I have had Lloyds for 15 years but i dont think it will be convenient trying to manage money with them when im all over the place.  Im just timid having £200K sitting in online bank accounts with no brick & mortar roots.   Channel Islands?   Is there some umbrella protection?     

UK financial institutions need to know where to find you (and not just by phone/email!), so if you're unable to provide a new address, and your non-resident status is detected, then anticipate issues, hence the recommendation to make alternative arrangements rather than expecting to continue with your UK accounts....

OK. Yes i was going to just leave a few pounds in the UK LLoyds for misc. bills if they pop up.  But Revolut & Monzo shouldnt care if i am transient, should they? Wise too?  Where do people who dont claim a residence anywhere keep their coins?  When i get a sailboat im likely going to be all over the place. 

eskbanker

[Deleted User] said:

eskbanker said:

[Deleted User] said:

Hoenir said:

What address will you use in the UK?  

Might be worth opening an account in the Channel Islands with one of the major banks. 

The inherent risk is that any UK based bank might decide to terminate their relationship with you at any time as a non Resident.  Closing your account would no doubt be problematic. 

Well, i wont have a UK address.  I have UK/US passports so i expect i will reside in the states for the long term.  I will be closing a couple of my mothers accounts also, and i may just get a bank cheque and hold onto it until i decide where to put it.  I can open a US bank account and deposit it there later on.  I am expecting the £ to gain on the $ over the next year, so im in no hurry to convert the £.  I have had Lloyds for 15 years but i dont think it will be convenient trying to manage money with them when im all over the place.  Im just timid having £200K sitting in online bank accounts with no brick & mortar roots.   Channel Islands?   Is there some umbrella protection?     

UK financial institutions need to know where to find you (and not just by phone/email!), so if you're unable to provide a new address, and your non-resident status is detected, then anticipate issues, hence the recommendation to make alternative arrangements rather than expecting to continue with your UK accounts....

OK. Yes i was going to just leave a few pounds in the UK LLoyds for misc. bills if they pop up.  But Revolut & Monzo shouldnt care if i am transient, should they? Wise too?  Where do people who dont claim a residence anywhere keep their coins?  When i get a sailboat im likely going to be all over the place. 

Why would Revolut and Monzo be any different from other FCA-regulated institutions such as Lloyds, all of whom are subject to Know Your Customer regulations, etc?

Emmia

[Deleted User] said:

Hoenir said:

What address will you use in the UK?  

Might be worth opening an account in the Channel Islands with one of the major banks. 

The inherent risk is that any UK based bank might decide to terminate their relationship with you at any time as a non Resident.  Closing your account would no doubt be problematic. 

Well, i wont have a UK address.  I have UK/US passports so i expect i will reside in the states for the long term.  I will be closing a couple of my mothers accounts also, and i may just get a bank cheque and hold onto it until i decide where to put it.  I can open a US bank account and deposit it there later on.  I am expecting the £ to gain on the $ over the next year, so im in no hurry to convert the £.  I have had Lloyds for 15 years but i dont think it will be convenient trying to manage money with them when im all over the place.  Im just timid having £200K sitting in online bank accounts with no brick & mortar roots.   Channel Islands?   Is there some umbrella protection?     

You're timid, but thinking of using Revolut and Wise to hold a fairly large sum of money?!

I think you need to look at expat bank accounts with places like HSBC. I probably wouldn't just hold all the money with a cheque that could be lost.

[Deleted User]

eskbanker said:

[Deleted User] said:

eskbanker said:

[Deleted User] said:

Hoenir said:

What address will you use in the UK?  

Might be worth opening an account in the Channel Islands with one of the major banks. 

The inherent risk is that any UK based bank might decide to terminate their relationship with you at any time as a non Resident.  Closing your account would no doubt be problematic. 

Well, i wont have a UK address.  I have UK/US passports so i expect i will reside in the states for the long term.  I will be closing a couple of my mothers accounts also, and i may just get a bank cheque and hold onto it until i decide where to put it.  I can open a US bank account and deposit it there later on.  I am expecting the £ to gain on the $ over the next year, so im in no hurry to convert the £.  I have had Lloyds for 15 years but i dont think it will be convenient trying to manage money with them when im all over the place.  Im just timid having £200K sitting in online bank accounts with no brick & mortar roots.   Channel Islands?   Is there some umbrella protection?     

UK financial institutions need to know where to find you (and not just by phone/email!), so if you're unable to provide a new address, and your non-resident status is detected, then anticipate issues, hence the recommendation to make alternative arrangements rather than expecting to continue with your UK accounts....

OK. Yes i was going to just leave a few pounds in the UK LLoyds for misc. bills if they pop up.  But Revolut & Monzo shouldnt care if i am transient, should they? Wise too?  Where do people who dont claim a residence anywhere keep their coins?  When i get a sailboat im likely going to be all over the place. 

Why would Revolut and Monzo be any different from other FCA-regulated institutions such as Lloyds, all of whom are subject to Know Your Customer regulations, etc?

I thought Revolut would be more convenient since their user interface is geared towards international type of spending.    Im not sure they are equal to Lloyds as far as if they go insolvent or something collapses the company.  Monzo is protected by the UK more so than Revolut, or thats what i read.