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

Emmia

[Deleted User] said:

Hoenir said:

[Deleted User] said:

Emmia said:

[Deleted User] said:

eskbanker said:

[Deleted User] said:

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. 

I fear you may be missing the point!

Convenience and user interfaces really don't form part of any discussion about whether a financial institution is required to comply with KYC regulations, and being 'geared towards international type of spending' is likewise irrelevant.

I wasn't making any comment about the outcome of any insolvency, which again has no relevance to KYC, but it is true that, unlike Lloyds and Monzo, Revolut doesn't offer FSCS protection, which would be seen by most as a reason not to use them for depositing significant sums.

I see. Well i have all 3 accounts.  Basically i want a place thats secure for my money until im ready to use it for any significant purchase. Car, Boat, etc.  Im anticipating the pound to strengthen against the dollar over the next few months. And a 1c gain, if i hold sterling, is quite a decent amount. So i suppose Monzo would be fine for a larger sum of savings, and just have Revolut for smaller everyday spending abroad.  I just have not used either Revolut or Monzo as i only got them a few months ago as a future form of overseas spending.     

Looking at the Monzo T&C's you can't hold an account with them if you move abroad, and doing so can lead to the immediate closure of your account(s).

As you won't have a UK address permanently I think you'll be quickly in breach of their T&Cs

Yes i see that.  Im not sure how they determine that you have permanently left the UK. Im sure there are people that go out of the country for months at a time. 

Lack of any UK communication address is something of a red flag waving........ look at me. Need a replacement card for any reason where is it sent to? 

 Do you want to take the risk of your accounts being frozen and the money inaccessible?  If the account is subsequently closed and you are given a cheque where would deposit it? 

Im not really fussed where i keep the money.  I just dont want it in $$ until i need $$.  I have no family left in the UK as both my parents have passed away recently, so no address can be used here anymore.  When i goto the states, i will likely be bouncing around a bit, and will be in southern asia for a little bit, and then back to the states where i will be shopping for a sailboat. (which will be my primary home)   I want to keep my assets in sterling because it is gaining on the dollar and i expect it will continue doing so.  HSBC has an expat account which i may look into.  Revolut is also in the US.    Mostly i just want the bulk of the £ in a secure account while i sort out my affairs in the next few months.  I would likely just put a small amount in Revolut or Monzo for my day to day living expenses when needed.  

I think if you're leaving the UK permanently, you shouldn't keep UK bank accounts that require you to have a UK address which will be closed once the provider realises you're no longer in the UK. 

Why are you so keen to have Monzo, given their T&C's indicate it's not a suitable option for your needs?

Personally in your position I'd close my UK accounts, move my money to an expat account like the HSBC one, and then sort out US banking facilities once I'd moved over there for my day to day spending, keeping money in Sterling until I wanted to convert it. Which you can with the HSBC account.

Emmia

Hoenir said:

[Deleted User] said:

Emmia said:

[Deleted User] said:

eskbanker said:

[Deleted User] said:

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. 

I fear you may be missing the point!

Convenience and user interfaces really don't form part of any discussion about whether a financial institution is required to comply with KYC regulations, and being 'geared towards international type of spending' is likewise irrelevant.

I wasn't making any comment about the outcome of any insolvency, which again has no relevance to KYC, but it is true that, unlike Lloyds and Monzo, Revolut doesn't offer FSCS protection, which would be seen by most as a reason not to use them for depositing significant sums.

I see. Well i have all 3 accounts.  Basically i want a place thats secure for my money until im ready to use it for any significant purchase. Car, Boat, etc.  Im anticipating the pound to strengthen against the dollar over the next few months. And a 1c gain, if i hold sterling, is quite a decent amount. So i suppose Monzo would be fine for a larger sum of savings, and just have Revolut for smaller everyday spending abroad.  I just have not used either Revolut or Monzo as i only got them a few months ago as a future form of overseas spending.     

Looking at the Monzo T&C's you can't hold an account with them if you move abroad, and doing so can lead to the immediate closure of your account(s).

As you won't have a UK address permanently I think you'll be quickly in breach of their T&Cs

Yes i see that.  Im not sure how they determine that you have permanently left the UK. Im sure there are people that go out of the country for months at a time. 

Lack of any UK communication address is something of a red flag waving........ look at me. Need a replacement card for any reason where is it sent to? 

 Do you want to take the risk of your accounts being frozen and the money inaccessible?  If the account is subsequently closed and you are given a cheque where would deposit it? 

For a chunky fee Monzo will send a new card anywhere outside of the UK - this is ideal if you're travelling, on a gap year or whatever but will be returning to the UK afterwards.... And have a UK address in that period. But the OP isn't coming back to the UK.

[Deleted User]

I am currently a Lloyds account holder.  I see that they offer a Lloyds International Plus account which they indicate is tailored for expats.   It is based in the Channel Islands so i think it may be similar to HSBC Expat.   I have read the HSBC can be quite a chore to open if you are not already an existing Premier customer. I need this done before i leave in a couple of months.  Anyone have experience with Lloyds International? 

Speedbird676

HSBC Expat isn't a chore to open, it just has eligibility criteria. You must meet one of the following criteria, the first of which you should be able to:

1. Deposit £75k within 3 months of account opening
2. Have an annual salary of £120k+ paid into the account
3. Be an existing HSBC Premier customer

It should be noted that HSBC Expat is covered by the Jersey Bank Depositors Compensation Scheme which is limited to £50k of protection in the unlikely event they go bust.